News

SGV Tax Principal and EY Asean Business Tax Services Leader Atty. Jules E. Riego (JER) was one of the guest speakers at the German-Philippine Chamber of Commerce and Industry (GPCCI) Economic Forum 2023 entitled Philippine Outlook: The Road to Re-Emergence, Recovery, and Rebuilding.The forum was held on 19 January 2023 at the German Club Manila in Makati City. Jules at the GPCCI Economic Forum 2023 Jules shared his knowledge and expertise on the impact of the Corporate Recovery and Tax Incentives for Enterprises (CREATE) Act and recent regulatory updates for 2023. He also shared his insights on upcoming local legislation such as the Real Property Valuation and Assessment Reform Act, the Comprehensive Tax Reform Program, Tax on Digital Transactions, and the Ease of Payment of Taxes Act. SGV Assurance Leader Martin C. Guantes (MCG) and SGV Market Group 3 Leader Henry M. Tan (HMT) also attended the event. 

The SGV Tax team led by EY Asean Tax Diversity, Equity, and Inclusiveness (DE&I) Lead Victor C. De Dios (VCD), together with Indirect Tax (IDT) Senior Director Atty. Alden Patrick C. Labaguis, was represented by IDT Senior Associate Atty. Andrea Nicole Loreno in SPARK! Philippines’ #RightsforAllRightsforEquality human rights forum on 9 December 2022 at the Ateneo Law School, Rockwell Center in Makati City. Atty. Nicole with SPARK! Philippines President Imelda Nicolas and Executive Director Maica Teves, and International Association for Human Values Foundation (IAHV Philippines) Director Suzanne Faelnar at the forum U.S. Ambassador to the Philippines MaryKay L. Carlson gave the opening remarks, followed by Makati City Mayor Abigail Binay who delivered the keynote address. Panelists Ann Dumaliang, Kaye Brier, Princess Jacel Kiram, and Police Lieutenant Colonel Mary Grace Riego Madayag tackled topics on women’s involvement in environmental advocacy and climate change, LGBTQIA+ inclusion, the participation of women in the peace process, and violence against all genders during the panel discussion. Former Commissioner of the Commission on Human Rights Karen Lucia Gomez-Dumpit served as the moderator. Atty. Nicole asked the panelists to share their insights on how to advocate for diversity, inclusivity, and equality (DE&I) in workplaces during the Q&A session. The panelists shared their firsthand experiences, suggestions on how to raise awareness, and examples of their own programs that could help further develop the participants’ own DE&I programs. Author of gender-responsive ordinances and gender equality advocate Mayen Juico delivered the discussion synthesis. SPARK! Philippines President Imelda Nicolas gave the closing remarks. The #RightsforAllRightsforEquality human rights forum aimed to raise awareness on how the advancement and security of respecting human rights for all is forging mechanisms and tools which contribute to gender equality.

The Climate Change and Sustainability Services (CCaSS) team hosted the second episode of the SGV SAVE Council's WebCCaSS for FY23 on 25 November 2022. The session, titled "Beyond Consumerism: Building a Circular Economy through Stewardship," aimed to educate SGVeans on what a circular economy is and how it can change the current linear economic model. The presenters also gave a brief overview of the Extended Producer Responsibility (EPR) Act of 2022 and discussed how it can address and help solve the country’s plastic pollution problem. 640 participants attended the session. The CCaSS team talks about a circular economy Business Consulting and CCaSS Partner Conrad Allan M. Alviz (CMA) kicked off the session with his opening remarks. CCaSS Associates Michelle Joan C. Ferrer and Dawn Louise G. Lim and CCaSS Manager Carla J. Capistrano discussed the current plastic problem, circular economy principles, the EPR Act of 2022, and local and global circular economy practices. SGVeans answer how they could help contribute to a circular economy To keep the participants engaged in the discussions, CCaSS Senior Associate Keith S. Celebre handled a series of interactive activities, asking the audience which circular practices they should choose in their daily-life scenarios and how they can establish a new habit in their daily lives to contribute to achieving a circular economy. The session concluded with a Declaration for Call-to-Action called “A Plan Towards A Responsible Action” that aims to lead individuals to take a step towards responsible waste management. 117 SGVeans expressed their commitment to this endeavor. Carla also thanked the organizers and participants and encouraged them to practice circular economy habits.  The SAVE Council’s WebCCaSS initiative is a quarterly one-hour webcast that covers concepts, trends, regulations, and industry practices around sustainability and climate change.

SGV’s Consulting Team joined the 5th annual summit organized by the Business Continuity Managers Association of the Philippines (BCMAP) titled “Resiliency and Sustainability: Our Path to the Future.” The summit featured sessions on how organizations can navigate their future by embracing resiliency and sustainability in their portfolios and programs. It was held from 1 to 2 December 2022.  Alvin presenting at the BCMAP Summit Senior Director Alvin G. Manuel talked about cyber response and resiliency in the Philippine context on the first day of the Summit. He discussed how organizations can use cyber resiliency principles to manage and respond to complex disruptions.  Judd and Sheena presenting at the BCMAP Summit Associate Directors Judd P. Tablazon and Sheena E. Borlaza talked about decarbonization towards a climate-resilient and sustainable future. They discussed the current landscape of climate change in the Philippines, as well as the role of Business Continuity Managers and Risk Managers in approaching the response to manage climate change and implement decarbonization. CCaSS team members Paula Cecilia Camille Rodriguez and Gregory Ryan Tan assisted in preparing the materials for the talk on sustainability and decarbonization.  Consulting Associate Director Jay S. Yabes served as a panelist for the second day. In the members’ meeting held after the summit, Alvin and Jay were also elected as Directors of the BCMAP for 2023. BCMAP is a non-profit organization established to promote best practices and standards for business continuity and disaster recovery.

SGV Davao held its first in-person alumni cocktails event in over two years since the pandemic began. The event was held at the new SGV Davao office on 12 December 2022. Over 70 SGV Davao alumni attended the event. SGV Partners and Leaders with SGV Davao Alumni SGV Chairman and Country Managing Partner Wilson P. Tan (WPT) welcomed everyone to the event and the new SGV Davao office. He gave a recap of the Davao office’s accomplishments over the past two years, and he shared how glad he was to have the opportunity to reconnect with old friends and colleagues as the country recovers from the challenges brought by the COVID-19 pandemic. SGV Tax Leader Fabian K. delos Santos (FKS) and Market Group 4 Leader Veronica R. Pore (VRP) delivered their respective messages before the toast led by SGV Davao Partner-in-charge Jose Raoul J. Balisalisa (JJB), to the deep friendship and professional relationship between SGV Davao and its Alumni. Alumni were also given a brief guided tour of the new office. Other partners who were present during the cocktails were Jhoanna Feliza C. Go (JCG), Alvin M. Pinpin (AMP), Saha A. Bulagsak (SAB), and Thyrza F. Marbas (TFM). SGV Global Compliance and Reporting (GCR) Associate Anne Eiko Gizelle C. Lumbayon was the emcee for the event while Assurance Senior Manager Dexter Allan Noel N. Madamba led the opening prayer. The SGV Davao Stellars also gave a dance performance during the event.

SGV Global Compliance and Reporting (GCR) Senior Manager Meynard L. Sardalla received the EY Asia-Pacific Tax Award under the Exceptional Talent category during the EY Asia-Pacific Executive Tax Update held on 1 and 2 December 2022.  Exceptional Talent awardee Meynard L. Sardalla The Exceptional Talent Award is given to exceptional individuals who demonstrate inclusive leadership and embody the EY Purpose and values. The selection process for the awards began with nominations which were assessed by an Asia-Pacific Tax jury. The winners were announced as part of the opening plenary of the Asia-Pacific Executive Tax Update on 1 December. Meynard has spearheaded various initiatives to foster diversity and inclusivity in the workplace, promote work-life integration and professional development, and empower and inspire others. The APAC Tax Awards - Celebrating You, Inspiring Others is the APAC Tax campaign to celebrate behaviors and contributions of individuals and teams that have made a substantial difference in various aspects. The event was attended by Tax Executives from EY member firms in the Asia-Pacific Region. Congratulations, Meynard!

SGV General Santos and the General Santos City Government launched its first edition of the Doing Business in General Santos City publication on 19 January 2023 at the Avior Hotel, General Santos City.  SGV Chairman and Country Managing Partner Wilson P. Tan (WPT) with OIC Mayor, City Councilor Richard Atendido during the Doing Business in GenSan launch SGV partners and leaders, GenSan CEMCDO officials, and representatives from the GenSan Chamber of Commerce and Industry, South Cotabato Filipino-Chinese Chamber of Commerce, the LGU, and national government agencies pose with a copy of the Doing Business in GenSan brochure Developed by SGV in close collaboration with the General Santos City Economic Management and Cooperative Development Office (CEMCDO), the publication is a brief guide for potential foreign and local investors looking to set up business operations in GenSan. The publication aims to promote and highlight the developments in GenSan, as well as the reforms and initiatives set forth by the government and the private sector that would benefit locators and investors alike. On behalf of General Santos City Mayor Lorelie G. Pacquiao, Executive Assistant III Johnrex Galdo delivered the opening remarks. This was followed by an opening message from SGV Chairman and Country Managing Partner Wilson P. Tan (WPT). SGV Davao and General Santos Partner-In-Charge Jose Raoul J. Balisalisa (JJB) provided a short introduction of the Doing Business in General Santos City brochure before it was officially launched. To conclude the program, City Government Department Head II Dr. Leonard V. Flores and SGV Market Group 4 Leader Veronica R. Pore (VRP) delivered their respective closing messages. SGV Business Tax Partner Thyrza F. Marbas (TFM), SGV Global Compliance and Reporting Partner Saha P. Adlawan-Bulagsak (SAB), and SGV Assurance Senior Associate Kenneth John E. Alimosa were also present during the event. They were joined by OIC Mayor Councilor Richard Atendido, CEMCDO Department Head Dr. Leonard V. Flores, and representatives from the GenSan Chamber of Commerce and Industry, the South Cotabato Filipino-Chinese Chamber of Commerce, the LGU, and national government agencies. The Doing Business in General Santos City publication is the latest issue in SGV’s Doing Business in the Philippines series. The brochure presents an economic overview of GenSan, its taxation rules, investment policies, incentives for investors, and essential information on GenSan’s assets.

SGV Financial Accounting Advisory Services (FAAS) and Climate Change and Sustainability Services (CCaSS) Partner Benjamin N. Villacorte (BNV) and CCaSS Director Diana Sadili-Chu represented SGV in a policy change discussion organized by the French Embassy and makesense Asia in November 2022 at the Sunset Pavilion in Sofitel Philippine Plaza Manila. The conference was held to discuss proposed changes in Food and Drug Administration (FDA) regulations and fast-moving consumer goods (FMCG) industry practices to broaden the use of mainstream refilling for personal care products. Benjamin and Diana at the Mainstream Refilling conference The event initiated crucial conversations, sparked innovative ideas, and discussed points of collaboration in addressing the urgency of plastic pollution in the Philippines, particularly the case of single-use plastics. It highlighted findings, recommendations, and opportunities for government agencies, major businesses, and other vital organizations to advance the mainstreaming of refill and reuse systems for personal care products in the country through policy change and innovations in terms of operations. makesense Philippines President and Global Senior Director Lea Klein with UNDP Climate Action Programme Analyst Gwyneth Palmos, L’Oréal Country Managing Director Yannick Raynaud, and Human Nature President & Co-founder Ana Meloto-Wilk Human Nature President & Co-founder Anna Meloto-Wilk and L’Oréal Country Managing Director Yannick Raynaud shared their respective companies’ experiences and challenges in implementing sustainability initiatives, specifically their refilling initiatives. United Nations Development Programme (UNDP) Climate Action Programme Analyst Gwyneth Palmos talked about the adoption of extended producer responsibility (EPR) and the impact of product refilling systems for retailers. NOYPI Coalition members pose for a group photo In May 2022, SGV signed a Memorandum of Understanding (MOU) with makesense to be part of the No Other Year for Plastics Initiative (NOYPI) 2025 Coalition, hence the Firm’s participation in the Mainstream Refilling conference. SGV’s CCaSS team has also signed a manifesto with the Coalition and has actively participated in the Coalition’s activities for the past few months.  NOYPI 2025 is a multi-stakeholder coalition launched by makesense Asia to develop collaborative upstream solutions that address the challenges of single-use plastic waste in the Philippines. The coalition convenes leaders and organizations from the public and private sectors, academe, civil society, and circular economy actors— collaborating in mapping, rethinking, and designing the strategies and transition towards an environmentally-friendly system of consumption.

SGV Business Consulting Partner Conrad Allan M. Alviz (CMA) and Climate Change and Sustainability Services (CCaSS) Director Diana Sadili-Chu conducted an online webinar on Environment, Social, and Governance (ESG) Reporting titled “Sustainability and Integrated Reporting: Leading Beyond the Numbers” on 18 November 2022. The webinar was organized by members of the Philippine Institute of Certified Public Accountants (PICPA) in Doha, Qatar.  Conrad and Diana receive their Certificates of Appreciation Conrad and Diana talked about creating long-term value with sustainability, sustainability reporting and assurance, global developments and the regulatory landscape for sustainability reporting, and how accountants can lead on sustainability and climate action. They also encouraged the attendees to participate in the webinar through interactive polling questions.

SGV Financial Services Organization (FSO) Partner Veronica Mae Arce Balisi (VAB) was a resource speaker at the Financial Executives Institute of the Philippines (FINEX) Anti Money Laundering (AML) webinar held on 2 December 2022 via Zoom. SGV sponsored the webinar. Event poster Veronica was joined by FINEX Professional Development Committee Chairman Editha V. Estacio (EVE), who delivered the welcome remarks and was part of the organizing team. Anti-Money Laundering Council Executive Director Atty. Matthew M. David was the keynote speaker. Veronica talked about AML and how the Philippines can get out of the grey list. She said that building a strong AML culture would enhance compliance, reduce regulatory risks, and improve AML efficiency. She added that it is also important to hold people accountable for the compliance framework.   Veronica talks about fighting money laundering Veronica shared five key takeaways during the session: 1. Covered institutions should be more involved in conducting institutional risk assessments (IRAs) to determine appropriate mitigating controls and identify heightened or emerging risks; 2. Know-your-client (KYC) and customer due diligence (CDD) should be linked with the transaction monitoring exercise; 3. AML/CTPF programs should not be seen as merely a compliance matter; instead, covered institutions should harness their benefits to have a better understanding of their customers and recognize that a good AML/CTPF risk management framework creates a good brand and reputation for the company; 4. Financial institutions and law enforcement agencies alike don’t just need new technology — they need to adopt a new way of working; and 5. Building a strong AML culture will enhance compliance, reduce regulatory risk, and improve efficiency in AML/CTPF.  She concluded her talk by encouraging the attendees to fight money laundering, which may also be related to online sexual exploitation of children (OSEC), prostitution, human trafficking, and drug dealing. She said that one should not compromise one’s profession, firm, or company by accepting clients that may be involved in money laundering. Association of Certified Anti-Money Laundering Specialists (ACAMS) Philippine Chapter Co-Chairman Atty. Karla Denise Frias led the panel discussion and the webinar concluded with a message from FINEX Professional Development Committee (PDC) Co-Chair Paul San Pedro. PDC Liaison Director Ronald Luis Goseco served as the Master of Ceremonies.