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SGV Consulting Partners Christiane Joymiel C. Say-Mendoza (CSM), Joseph Ian M. Canlas (JMC), and SGV Senior Adviser and Asian Confederation of Institutes of Internal Auditors (ACIIA) President Rebecca G. Sarmenta (RGS) were among the presenters at the Institute of Internal Auditors' (IIA) 2021 International Virtual Conference last 14-18 June. They discussed the results of the Internal Audit Transformed survey conducted by the ACIIA and SGV. The survey explored the emerging role of Internal Audit (IA) and the future of the IA profession in the Asia-Pacific (APAC) region. They discussed how internal auditors from different industries across APAC perceive the role of IA in identifying and addressing risks in their respective organizations, how internal auditors adapt to new ways of working, and how organizations are focusing on employee well-being.  The poster of the IIA Conference CSM and JMC highlighted that as business operations become more complex and digitalized, internal auditors are in the best position to guide businesses in navigating the risks in their industry and organizations. To meet management’s expectations, IA needs to revisit its procedures and adapt to the rapid changes in the business landscape by recalibrating its methodology, operational model, technology and talent. They also emphasized that “IA’s role is vital and the momentum to transform should start now.” With the theme Scaling new Heights, the Conference gathered more than 1,000 IA professionals from over 100 countries to share leading practices in IA. The event’s local organizing team included CSM, JMC and RGS; Consulting Managers Eudes Joshan Dural and Ruma Cris Faltado; and Associate Cloyd Edrei Reyes. 

Former Secretary of Foreign Affairs and SGV Senior Adviser Ambassador Delia D. Albert (DDA) joined the Philippine Women's Economic Network (PhilWEN) Meet Our Boards Socials last 27 May. The event aimed to strengthen the relationships among the PhilWEN’s member organizations and board members. All six member organizations presented an overview of their respective organizations, including their membership profiles, and relevant projects and activities.  In her keynote speech, DDA spoke about the positive developments for women and discussed the local and international laws that support women’s rights and protection. She also discussed the crucial role Filipino women play in the community, emphasizing their contributions in different aspects of society – the household, government and foreign service.  She then shared that the country’s rank in the World Economic Forum's Gender Gap Index dropped to 17th place in 2021 due to the decrease in the number of women in Congress and in the Cabinet. Since the survey was first released in 2006, the Philippines consistently ranked as one of the top ten countries in the Index. She then challenged participants to develop solutions that can further help the Philippines narrow the gender gap and regain its position in the Index. 

Tax Partner Hentje Leo L. Leaño (LLL) was a guest speaker at the Far Eastern University - Junior Philippine Institute of Accountants Manila (FEU-JPIA) Annual Convention titled The Closing Entry. With the theme Epic of Greatness: A Legacy in the Odyssey, the event recognized the accomplishments of the organization and its members who have shown outstanding performance during the past year.  LLL presenting at the conventionLLL led a session on his personal leadership journey and discussed his experiences as a student leader in FEU and a Partner at SGV. He shared the challenges he faced and how he overcame each adversity, emphasizing the value of commitment, competence, growth and holistic development. He encouraged the participants to further develop their skills and competencies beyond tax and accounting, highlighting that well-rounded individuals remain more relevant, agile, and are better able to adapt to a rapidly changing business landscape. 

SGV Partners honored retiring former Market Group (MG) 2 Leader and Strategy and Transactions (SaT) Leader and current Transactions Diligence Head Ramon D. Dizon (RDD) with a special virtual retirement program last 11 June. Assurance Partner Mariecris N. Barbaso (MNB) and SaT Partner Marie Stephanie Tan-Hamed (MTH) hosted the program which was webcast from the SGV Development Center. Some of SGV’s leadership team were physically present at the venue and observed proper social distancing and required health and safety protocols. Other partners virtually participated in the celebration from their own offices or homes.  MNB and MTH at the retirement programChairman and Country Managing Partner Wilson P. Tan (WPT) delivered the opening remarks and recognized RDD’s outstanding contributions to strengthening client relationships and developing the skills and competencies of our people. This was followed by a special video presentation featuring RDD’s SGV journey with his colleagues, friends and staff and a fun trivia game about RDD’s career.  RDD’s family, clients, former staff, and colleagues, including several SGV Alumni Partners also prepared video messages for him, sharing stories about his inspiring work ethic and charming personality. The program also featured a special musical performance by MG 2, MG 6 and SaT Partners and staff.  RDD at the retirement programRDD then expressed his gratitude to the Firm and its people, emphasizing the lessons he gained and the wonderful memories and friendships he formed throughout his career. He then encouraged all SGV Partners to continue to diligently serve their clients and nurture their people.  RDD’s token of appreciation  In honor of his 40 years of service to the Firm, RDD was presented with a token of appreciation – a sculpture titled Beyond the Horizon. It depicts a man standing on the roots of a tree, looking out at the horizon for untapped possibilities. The sculpture symbolizes his remarkable foresight and deep understanding of the Firm’s values, culture, and Purpose. Best wishes on your retirement, RDD! 

SGV Tax Partners Josenilo G. Mendoza (JGM) and Cheryl C. Ong (CCO) led a public webinar titled An In-Depth Guide to the CREATE Act last 26 May. Tax Leader Fame K. delos Santos (FKS) welcomed almost 500 tax and finance professionals to the webinar.  FKS, JGM and CCO at the webinarJGM began the session with an overview of the tax reform packages of the Department of Finance and the objectives and salient features of the Corporate Recovery and Tax Incentives for Enterprises Act (CREATE Act). He then discussed its adjustments in corporate tax & other taxes for different types of corporations. Afterwards, CCO explained the Act’s rationalization of fiscal incentives and the qualified enterprises and activities. She also shared the transitory and vetoed provisions as well as the available tax incentives under the law, including VAT and customs duty incentives.  The webinar concluded with an open forum where the speakers addressed the participants’ questions. Tax Senior Director Anne Margaret Momongan, Director Virnee Joy Agot and Senior Associates Ana Rose Movido, Ala Mei Domingo and Timothy James Yambot were part of the webinar’s organizing team. 

Tax Principal and American Chamber of Commerce of the Philippines, Inc. (AmCham) Financial Services Taxes and Tariffs (FSTT) Committee Co-Chair Jules E. Riego (JER) and Tax Senior Director Kate Fernandez helped organize an AmCham webinar titled Understanding Biden's Tax Agenda and Transfer Pricing Updates. AmCham Executive Director Ebb Hinchcliffe delivered the opening remarks and welcomed participants from AmCham member companies.  JER and Kate with speakers and members of the AmChamFSTT Committee Co-Chair Rombit Co introduced the session’s speakers EY US Tax Desk Executive Director Josh McKniff, Senior Manager Michael Xiang and Director Ashley Fedyshyn. Josh provided an overview of the Tax Cuts and Jobs Act (TCJA), highlighting its key corporate provisions and potential costs and opportunities. Michael then discussed the Made in America Tax Plan, its corporate income tax incentives, priority areas, general corporate tax changes and international taxes. He also explained the Biden administration’s impact policies, including its COVID-19 legislation, jobs and economic recovery plan, social justice and equity and climate policies. Afterwards, Ashley discussed the updates on the US Transfer Pricing regulations and shared insights on the global tax risk environment based on the findings of the EY Tax Policy and Controversy Outlook report.  The discussions were followed by a Q&A portion, moderated by JER, where the speakers addressed the participants’ questions. JER then concluded the webinar by thanking the speakers for their extensive discussions and the participants for a productive session. 

Financial Services Organization (FSO) Partner Veronica Mae Arce Balisi (VAB) conducted the second run of Session 3 of the Capital Markets and Fixed Income Securities Course of the Financial Executives Institute of the Philippines (FINEX) Academy on 24 May. Over 50 sales, finance, compliance and legal professionals attended the session, some for professional development and others in preparation for their SEC certification exam. VAB and Lindza presenting at the training sessionVAB discussed the basic concepts of Anti-Money Laundering (AML) and Counter Terrorist Financing (CTF) and provided an overview of global regulators. She shared updates on local AML/CTF regulations, such as the recent amendments on the RA No. 9160, as Amended and certain provisions on its 2018 Implementing Rules and Regulations. She then explained the preventive measures of covered persons/institutions for capital markets and the fixed income securities industry. FSO Associate Lindza Julao also facilitated quick knowledge checks throughout the session where the participants assessed their learning progress through pop quizzes on the topics discussed.  

EY Ripples volunteers from SGV were recognized at the JA Philippines (JAPI) awarding ceremony held last 4 May for volunteering as mentors during the JA Business Skills Pass program. SGV Chairman and Country Managing Partner Wilson P. Tan (WPT) and EY Ripples Head for the Philippines and Assurance Partner Christine G. Vallejo (CGV) represented the Firm as the program’s sponsor.  Co-organized by SGV and JAPI, the JA Business Skills Pass program allows senior high school students to create registered mini companies and gives SGV volunteers the opportunity to mentor them by providing insights on accounting, raising capital, marketing and selling their products. Once their plans are executed, the students will sell their products in an online marketplace managed by JA and will compete for the title of Best Company. Two group winners will then be sent to represent the country to compete in the Asia-Pacific finals for the JA Asia Pacific Company of the Year Award. WPT and CGV at the awarding ceremonyList of EY Ripples Volunteers for the JA Business Skills Pass program  Martin Guantes Rossana Fajardo Christine Vallejo  Maria Pilar Hernandez Allan Ocho Shane Dave Tanguin Ailyn Santiago Veronica Arce-Balisi Alexander Bughaw Jamie Uy Alma Angeli Placido Jennifer Jeanne Uyking   Alyssa Binongcal Jobelle Castillo Arjay Louis Bautista Kevin Dominic Garcia Betheena Dizon Kristine Camille Maghirang Catherine Chua Loubelle Mendoza Charmaine Joy De Leon Richard Ragragio Cora Marie Gonzales  Samantha Mabalot Crystal Aleli Cornell Van Ancla Em Araceli Reyes Vhilan Onato Francis Patrick Lim Xandra Jizelle Reyes Glenda Anisco-Niño Jahaziel Mark Bahan  EY Ripples is a global corporate responsibility program that provides EY professionals with opportunities to use their knowledge, skills and experience to positively impact millions of lives by working with impact entrepreneurs and supporting the next generation to develop mindsets and skills to find and sustain meaningful work.

Financial Services Organization (FSO) Consulting Partner and Government and Public Sector Leader Christian G. Lauron (CGL), Senior Director Anchor Asistin, Director Aeron Ramos, and Senior Associate Melle Tengco were speakers at the 4th FSO Banking and Capital Markets (BCM) webinar titled Trusted Intelligence: Model Management of the Future, Bias and Fairness on 7 May. Over 230 chief risk officers, risk management specialists, model development and validation specialists and auditors from the banking, insurance, consumer and retail, and real estate industries attended the webinar. FSO Partner Veronica A. Balisi (VAB) and Tax Partner Margarita D. Mallari-Acaban (MDM) also attended the webinar. Anchor, Aeron, and Melle with VAB and MDM  and other participants at the webinarThe speakers discussed developments, advantages, and challenges in the adoption of Artificial Intelligence (AI)-based models. They shared strategies and approaches that financial institutions can consider in the incorporation and enhancement of model risk management, trust in AI, and the consideration of bias and fairness in business operations. They also highlighted the impact of evolving regulatory expectations and the progression of trust and reliance on technology and AI. They then presented a demo on bias and fairness in AI and machine learning.  The session was followed by an open forum where the speakers addressed the participants’ questions. FSO Senior Director Glaiza Escaño hosted the webinar and Senior Director Mary Catherine Biliran, Senior Associate Maureen Bautista, and Associates David Rodriguez, Abegail Verdadero, and Ronnie Añasco were part of the webinar’s organizing team. 

The Philippine American Chamber of Commerce, Inc. (PACC), in cooperation with the Philippine Consulate General in New York and the Philippine Department of Trade and Industry, conducted a three-part webinar series on Philippine investment opportunities and tax developments. Tax Partner Margaux A. Advincula (MAA), who managed the EY Philippines Tax Desk in 2016 in EY New York, was the moderator and speaker at the first session titled Investment opportunities in Clark, Subic, and Bataan on 12 May.   MAA presenting with the other resource speakers at the webinarPACC President Aureo A. Sales and Consul General of the Philippines in New York Hon. Elmer G. Cato delivered the opening remarks. Executive Director of the Subic-Clark Alliance for Development, Atty. Carminda Z. Fabros then provided an overview of the Subic-Clark-Bataan Corridor.  President and Chief Executive Officer of the Clark Development Corporation PBGen. Manuel R. Gaerlan and Subic Bay Metropolitan Authority Chairman and Administrator Atty. Wilma T. Eisma then discussed the investment opportunities and major plans and projects in Clark and Subic, respectively. They presented relevant statistical data for investors such as the present locators and cost of doing business in Clark and Subic, as well as each area’s response to the COVID-19 pandemic. Members of the SGV webinar organizing team with the PACC officersAfterwards, MAA discussed the profile of the Freeport Area of Bataan (FAB), investment opportunities, and the major plans and projects of the FAB. She also explained the salient fiscal and non-fiscal incentives provided to investors in Clark, Subic and Bataan, particularly the impact of the recent rationalization of fiscal incentives under the Corporate Recovery and Tax Incentives for Enterprises (CREATE) Act. MAA also moderated the webinar’s open forum where the speakers addressed participants’ questions.  PACC Executive Director Ledy Almadin was also present at the event. The webinar’s organizing team included current EY Philippines Tax Desk Senior Manager Michelle Arias, former Tax Desk Senior Manager Betheena Dizon, and Senior Associates Maria Clara Theresa David and Albertson Otchengco.