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The Institute of Internal Auditors Philippines (IIAP) held the IIAPRisk Summit 2021 on 11-13 August. With the theme Risk Reset: Respond, Recover, Reimagine, speakers of the summit encouraged participants to reevaluate their companies’ risk management practices and develop strategies that can better mitigate the risks caused by the pandemic. JMC presenting at the summitConsulting Partner Joseph Ian M. Canlas (JMC) was one of the speakers at the plenary session on Risk Mapping: Then, Now & Beyond. He discussed the results of the EY Global Board Risk Survey 2021, which revealed how some board members view enterprise risk management and the need to reframe risks as opportunities. He encouraged participants to reframe the future of their organizations by thinking beyond today’s challenges to understand how they and their organizations can bolster risk management to drive growth and build resilience against future disruption.   JMC also shared the top risks for 2021 based on the survey. He explained that COVID-19 is not only a major risk event — it accelerated risks that were already omnipresent such as cybersecurity attacks, supply chain disruption and other external threats. He then discussed how organizations were able to adapt to the latest disruptions, emphasizing the value of organizational stress testing and contingency planning to ensure business continuity and resilience.

The Subic Bay Metropolitan Authority (SBMA), in coordination with the Business and Investment Department for Manufacturing and Maritime, organized a tax webinar for SBMA board members and officers. MAA led the briefing on the Corporate Recovery and Tax Incentives for Enterprises (CREATE) Act (Title XIII) and VAT updates. SBMA Chairman and Administrator Atty. Wilma T. Eisma delivered the opening remarks. AA presenting at the webinarMAA discussed the recently released implementing rules and regulations of the Act, specifically Title XIII. She then explained the amendments and tax reduction rates it introduced. She also provided VAT updates per the newly released Revenue Regulations No. 9-2021. SBMA Senior Deputy Administrator for Business and Investment Mr. Renato W. Lee III delivered the closing remarks.Engr. Panfilo S. Jurilla, SBMA Representative to the TWG-SIPP, CREATE and Head of the Business and Investment Department for Information and Communications Technology, hosted the webinar. SGV Tax Associate Director Michael Ray Lapasaran, Senior Associates Atty. Maria Clara Theresa David and Atty. John Marti Duya, and Associate Brevin Perez were part of the organizing team.

Tax Partner Margaux A. Advincula (MAA) was a speaker at the American Chamber of Commerce in the Philippines (AmCham) North Luzon Virtual Kapihan on 30 July. Nearly 100 participants from AmCham member companies, other companies in Northern Luzon, and community partners attended the session, including AmCham North Luzon President Francisco Villanueva, Jr., and Board Members Erlinda Pamintuan, Evelyn Yumul and Cesar Ocampo. MAA with participants at the Virtual KapihanMAA discussed the new rules relevant to Value Added Tax (VAT). She covered the salient provisions of Revenue Regulations (RR) No. 9-2021, which provides new rules on the application of VAT on certain categories of transactions, and the issuance of RR No. 15-2021, which sought to suspend the implementation of RR No. 9-2021.MAA also led an open discussion on the impact of RR Nos. 9-2021 and 15-2021 and potential amendatory RRs, on businesses and communities in Northern Luzon. 

Metro Pacific Investments Corporation (MPIC) held its Sustainability Summit 2021 on 6 August and among the speakers were EY Climate Change and Sustainability Services (CCaSS) Leader Mathew Nelson and CCaSS Partner Joseph Ian M. Canlas (JMC). The event included global environmental, social and governance (ESG) resource speakers who talked about key issues such as climate change, sustainability reporting standards, investor expectations and emerging global trends. Over 300 participants attended the event, including the Board of Directors and Senior Management of MPIC. Mathew presenting at the summitMathew discussed the results of the 2021 EY Global Climate Risk Disclosure Barometer, a report which provides a global snapshot of the increasing corporate focus on climate risks and opportunities. He emphasized that climate risks and opportunities should be more than a reporting or disclosure matter. These should be at the center of a business’s growth strategy as understanding climate-related issues can help accurately assess their potential impact on an organization. JMC presenting at the summitJMC then discussed local and global developments on sustainability reporting, as well as the highlights of SGV’s Beyond the Bottom Line: Sustainability Reporting in the Philippines publication. He discussed how publicly listed companies in the Philippines are complying with the Philippines SEC's requirements on sustainability reporting that were implemented in 2019.Both sessions concluded with a Q&A portion where the speakers addressed the participants’ questions. The summit was part of MPIC’s commitment to elevate its sustainability initiatives across all its businesses under the group.

Consulting Leader Rossana A. Fajardo (RAF) was among the speakers at the 8th Philippine Institute of Certified Public Accountants (PICPA) Cebu Chapter Summit. She led the plenary session on Embracing the New Reality: Growth Mindset for Transformative Times and emphasized the importance of possessing the right mindset to lead teams, reimagine new opportunities, and thrive in uncertain times. RAF with PICPA Cebu officers at the summitRAF shared, “transformative leaders are purpose-driven and bring out the best in themselves and in others” by fostering a culture of trust, belonging and teaming. She compared two types of mindsets: the fixed mindset where individuals are focused on proving and demonstrating their abilities; and the growth mindset where individuals leverage on their past growth and success to find ways to improve their abilities and skills. She then provided tips on how participants can lead with a growth mindset using if-then plans – the habit of setting specific actions and goals to effectively visualize success.

Strategy and Transactions (SaT) Associates Gabriel Luis A. Danguilan and John Carlos A. Plata recently passed the Chartered Financial Analyst (CFA) Level 1 examination. They are now one step closer to completing the CFA program.Gabriel DanguilanJohn Carlos PlataOffered by the CFA Institute, the CFA credential is the standard of choice for investment professionals with real-world analytical skills, technical competence, and high ethical and professional standards. Level 1 tests a candidate’s knowledge and comprehension of investment tools, while Level 2 focuses on the application of these tools and analysis for asset valuation. Finally, Level 3 synthesizes all learnings in the portfolio management context and incorporates a constructed response component. Candidates who have completed all three levels of the exam may seek to earn the CFA Charter after meeting the required professional work experience. Congratulations, Glad and JC!

The Subic Bay Freeport Chamber of Commerce (SBFCC) organized a webinar on VAT updates last 7 July. Tax Partners Hentje Leo L. Leaño (LLL) and Margaux A. Advincula (MAA) discussed the VAT provisions under the CREATE Act and Revenue Regulations No. 9-2021. They explained their respective tax implications and provided insights on how they will impact Subic locators. The session was moderated by SBFCC Executive Director Donna Tamayo. Over 500 representatives from company members and non-members of the SBFCC attended the briefing, including Subic Bay Metropolitan Authority (SBMA) Chairman and Administrator Atty. Wilma Eisma and SGV Clark Head Jose Pepito E. Zabat (JEZ).LLL and MAA with Donna Tamayoand other members of the SBFCCThe session concluded with an open forum where the speakers addressed the participants’ questions. The webinar’s organizing team included Tax Associate Director Michael Lapasaran, Senior Associate Virly Tiare and Associate Brevin Perez.

The Philippine Institute of Certified Public Accountants (PICPA) Batangas Chapter in partnership with the Association of Certified Public Accountants in Public Practice (ACPAPP) Batangas held a webinar titled CREATE Law and Latest Tax Updates last 20 August. Don Don with participants at the joint PICPA and ACPAPP webinarSGV Tax Senior Director and ACPAPP Chairman of the Tax and Advisory Committee Don Don T. Mojica led the discussion on the CREATE Act and its Implementing Rules and Regulations. He also covered the latest tax issuances from the BIR. The discussion was followed by an open forum where Don Don addressed the participants’ questions. Over 100 PICPA and ACPAPP members joined the session. Tax Associate Jose Gabriel Domingo assisted in the preparation of the webinar materials.

Tax Partners Fidela I. Reyes (FIR) and Maricris U. See (MUS) spoke at Tax Talk, a webinar held on 29 July hosted by JCI Senate Manila (JCI). Senior Associate Clarissa Cristelle Chua assisted in organizing the webinar.MUS and FIR with participants at the webinarFIR and MUS explained the salient features of the Corporate Recovery and Tax Incentives for Enterprises Act (CREATE Act), related new tax incentives, and the amendments to the Estate Law Tax Amnesty. Afterwards, they facilitated a  discussion with the audience on the possible impact of the tax laws on their respective industries and organizations. The session was followed by a discussion between the JCI team headed by Winston Laurence Wu and the SGV team with FIR and MUS. Both teams agreed to work closely towards future partnership, including future webinars for JCI.

The Korean Chamber of Commerce Philippines (KCCP), in cooperation with SGV’s Korean Business Network (KBN) and the Philippine National Bank (PNB) organized a webinar titled Economic Outlook, CREATE and other Tax Updates. Tax Partners Josenilo G. Mendoza (JGM), Cheryl Edeline C. Ong (CCO) and Reynante M. Marcelo (RMM) participated in the webinar to discuss the Corporate Recovery and Tax Incentives for Enterprises Act (CREATE Act) and transfer pricing regulations. Other speakers included representatives from PNB and the Tourism Infrastructure and Enterprise Zone Authority (TIEZA). KCCP President Ho Ik Lee delivered the opening remarks and welcomed representatives from member companies of the KCCP. PNB Chief Executive Officer and President Wick A. Velasco opened the discussion of PNB Vice President and Head of Research Alvin Arogo, who provided an overview of the economic outlook of the Philippines amidst the COVID-19 pandemic. TIEZA representatives, Janeth Ocampo and Cate Sta. Clara, then discussed the tourism investment opportunities and relevant areas of the tourism infrastructure project.SGV Chairman and Country Managing Partner Wilson P. Tan (WPT) began the next session, with a message emphasizing the importance of being updated on the newly issued regulations. JGM and CCO then discussed the CREATE Act’s salient features, particularly the income tax rates to be used by domestic and foreign corporations. They also covered other corporate tax adjustments, Bureau of Internal Revenue (BIR) issuances and the rationalization of fiscal incentives, such as the incentives available to investors and transitory provisions for existing registered activities. WPT during his video message at the webinarRMM then led the discussion on transfer pricing regulations and explained the Transfer Pricing Audit Guidelines under Revenue Audit Memorandum Order No. 1-2019 as well as the forms and documentation required by the BIR. At the end of the session, the SGV KBN team sent electronic copies of the Korean translation of the SGV Tax Bulletin to the participants. The bulletin discusses the important provisions and updates under the CREATE Act.SGV Partners with the other speakers at the webinarSGV Assurance Partner Alvin M. Pinpin (AMP) led the webinar’s organizing team with other members of the SGV KBN team, Manager Roweena Jane Neri and Senior Associate Franchezka Bhea Belarmino.