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Tax Principal Jules E. Riego (JER) was a speaker at a webinar hosted by Security Bank’s Trust and Asset Management Group on 23 February. Over 75 participants joined the event where JER and Security Bank Trust and Asset Management Group Sales and Client Acquisition Head Carmela Lim discussed how participants can enhance their estate and wealth planning by establishing a Personal Management Trust. JER shared insights on how the COVID-19 pandemic has shifted people’s perspectives on wealth planning, sharing that most now prefer to plan early. He also provided tips on how participants can plan their estate and grow their wealth for retirement and ensure fairness among receiving family members. Ms. Lim then encouraged participants to appoint a trustee who will serve as the non-partisan holder of an estate, emphasizing that this will help better protect their assets and reduce conflicts among family members.

The Subic Bay Freeport Chamber of Commerce (SBFCC) organized a webinar titled Mixer: Updates on the Newly Ratified Bicameral Version of the CREATE Bill on 3 March. SBFCC President Benjamin E. Antonio III delivered the opening remarks and welcomed over 90 participants from SBFCC member companies, including SGV Clark Head Jose Pepito E. Zabat (JEZ). SBFCC Director Peter Tumanda introduced Tax Partner Hentje Leo L. Leaño (LLL), who led a discussion on the salient provisions of the Corporate Recovery and Tax Incentives for Enterprises (CREATE) bill, its proposed adjustments in corporate tax and rationalization of fiscal incentives. Emphasizing the bill’s salient provisions and possible impact on Subic Bay Metropolitan Authority (SBMA) locators, he shared insights on how businesses can prepare for and maximize the incentives of the proposed tax reforms. The webinar concluded with an open forum where LLL and Mr. Antonio addressed participants’ questions. SBFCC Executive Director Donna May Tamayo hosted the event.

SGV Talent Associate Director Luisa Hebron was among the speakers at the #ForwardThinkingFlex: Making Flexible Work, Work webinar hosted by the Philippine Business Coalition for Women Empowerment (PBCWE), the Philippine Women’s Economic Network (PhilWEN), the Management Association of the Philippines (MAP), and Investing in Women (IW) last 16 February. Other speakers included human resources executives and managers from government agencies and business organizations. They discussed the value of a Flexible Work Arrangement (FWA) in promoting workplace gender equality and diversity & inclusion. They also identified practical recommendations to help companies develop sustainable and effective FWA policies and practices. Luisa began her presentation with an overview of SGV’s commitment to diversity & inclusion, sustainability, and people development. She shared how the Firm has embraced the concept that the ability to work flexibly is a key differentiator for recruitment and critical to employee retention, productivity and engagement. She then explained how the Firm’s FWA policies are aligned with our Purpose and diversity & inclusion goals. Luisa also provided tips on how participants can build a culture of flexibility in their own organizations. The webinar is the fifth installment of the PBCWE’s #WEECanDoIT​ webinar series. To watch the webinar, please visit https://tinyurl.com/LAHebronPBCWE. SGV is a Founding Member of the PBCWE. The Firm received its EDGE Certification in August 2018, making it the first multidisciplinary professional services firm in the Philippines to receive this certification for meeting the EDGE standards for gender equality. EDGE stands for Economic Dividends for Gender Equality.

SGV’s Tax Team conducted a public webinar titled Thrive amidst a BIR audit: a survival guide on 26 February. Speakers discussed the latest BIR enforcement strategies and recent issuances, rulings and court decisions involving tax audit issues. Over 300 tax and financial executives from various industries attended the event. Tax Partner Thyrza F. Marbas (TFM) discussed the technicalities of the BIR audit program, including the taxpayers covered by the program and the revised BIR organizational structure and the BIR’s primary jurisdiction. She also explained the tax assessment procedure and the applicable BIR issuances. Tax Partner Cheryl C. Ong (CCO) then discussed common tax issues and presented a comparison of BIR-related documents and specific tax assessment items. The discussions were followed by a Q&A portion led by CCO and TFM. The webinar’s organizing team included Tax Managers Virnee Joy Agot and Aiza Giltendez, and Senior Associates Crisanta Esgana and Monica Marie Miciano.

SGV Chairman and Country Managing Partner Wilson P. Tan (WPT) was one of the panelists at a tax webinar hosted by the Tax Management Association of the Philippines (TMAP) last 18 February. WPT and other panelists discussed the implications, implementation, and industry issues of the Corporate Recovery and Tax Incentives for Enterprises (CREATE) bill. As a member of the Association of Certified Public Accountants in Public Practice (ACPAPP), WPT represented the organization and discussed the financial reporting considerations and implications of the bill, particularly on the proposed retroactive adjustments in corporate income tax rate. WPT, who is the Chairman of the Philippine Interpretations Committee (PIC), also covered the salient provisions of a new guidance recently issued by the PIC on the financial reporting implications of the CREATE bill and its anticipated passage into a law.

SGV Davao Partner-In-Charge Jose Raoul J. Balisalisa (JJB) and Tax Partners Thyrza F. Marbas (TFM) and Saha A. Bulagsak (SAB) led a webinar titled Navigating BIR Audit Amidst Pandemic with Updates on 11 February for members of the American Chamber of Commerce of the Philippines (AmCham) Mindanao. JJB welcomed participants to the webinar, emphasizing the importance of tax compliance during the pandemic. TFM discussed the BIR audit program and the tax audit process, particularly latest tax practices and guidelines that may impact key business functions. She also shared insights on how taxpayers can better prepare for a BIR audit by leveraging on innovative solutions and practical methods. SAB then provided updates on recent BIR developments and releases. The webinar concluded with a Q&A portion led by the speakers and Market Group 4 Leader Carolina A. Racelis (CAR).

Former Secretary of Foreign Affairs and SGV Senior Adviser Ambassador Delia D. Albert (DDA) was among the speakers at the Southeast Asia Women’s Watch (SEAWWatch) Beijing on my mind series: Breaking the Glass Ceiling - Watch Out for the Broken Glass last 28 January. The webinar focused on the Beijing platform for Action, a critical area for women in power and decision-making. Speakers discussed female representation in public leadership and the difficulties women face at various stages of their careers. DDA spoke on her experience as a career diplomat who broke the glass ceiling  as the first woman Secretary (Minister) of Foreign Affairs in Southeast Asia and the challenges women face in foreign service. She emphasized that men and women should progress together as gender equality is not a zero-sum game.

EY hosts ASEAN Tax Webcast Series   On 5-6 May, EY hosted an ASEAN Tax Webcast Series that provided participants with tax, finance and legal insights to help them understand the tax implications, risks and opportunities arising from the COVID-19 pandemic. The first webcast of the series discussed the specific COVID-19 related challenges affecting the tax functions in ASEAN markets. Speakers then presented a case study to examine common tax and business issues affecting organizations with regional operations. Speakers included CCO, EY ASEAN and Malaysia Tax Leader Amarjeet Singh, and EY Tax Partners Sockalingam Murugesan, Chester Wee, Nick Muhlemann, Tracey Kuuskoski and Su San Leong.     FKS and CCO presenting at the ASEAN Tax Webcast  In the second webcast, the speakers discussed stimulus measures and other changes introduced by governments across ASEAN to alleviate the impact of the ongoing COVID-19 disruptions. They shared strategies to help participants navigate key government measures and implications for companies with regional operations; manage increasingly complex tax compliance obligations amidst new policy changes and leverage government support for businesses; and manage payroll issues arising from the disruption. Speakers included FKS, EY ASEAN Global Compliance and Reporting Leader Julian Wong, and EY Tax Partners Nathanael Albert, Farah Rosley and Chai Wai Fook. 

The EY Ripples Team in SGV held two mentoring sessions last 8 and 29 January through the JA Business Skills Pass program. Co-organized with Junior Achievement Philippines (JAPI), the program allows senior high school students (Grades 11-12) 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. Volunteer mentors included Assurance Leader Martin Guantes, Consulting Leader Rossana Fajardo, Assurance Partners Christine Vallejo and Shane Tanguin, FSO Partner Veronica Balisi, and Consulting Partner Allan W. Ocho (AWO). In the second session, AWO and Consulting Senior Associate Cora Gonzales led a plenary session on the role of technology in business enterprises. The plenary session was followed by breakout sessions where the students presented their business plans, and the mentors provided feedback and insights for the success of their businesses. Once their business plans are established, the students will sell their products in an online marketplace managed by JA and compete for the title of Best Company. Two group winners will then represent the country to compete in the Asia Pacific finals for the JA Asia Pacific Company of the Year Award. 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 the mindsets and skills to find and sustain meaningful work.

SGV’s Government and Public Sector (GPS) Team and the Southeast Asian Regional Center for Graduate Study and Research in Agriculture (SEARCA) held a forum on unlocking the potential of financial technology and innovations in advancing agricultural development in the Philippines last 29 January. The forum featured sessions on financial systems and FinTech applications in agriculture of major financial and government institutions. SEARCA Director Dr. Glenn Gregorio welcomed participants from financial institutions, government agencies, farmer associations and cooperatives, NGOs, and the agricultural industry and academe. SGV FSO Consulting Partner and GPS Leader Christian G. Lauron (CGL) discussed financial services challenges and opportunities in agriculture, emphasizing the importance of smallholder access to financial services. He described technological innovations in agriculture and credit risk assessments for agricultural value chains. He also spoke on how machine learning and spatial techniques and satellite imaging can be embedded for agricultural credit granting and investing. FSO Consulting Associate Director Larisa Jane Salaysay led a discussion on green financing and provided an overview of the ASEAN green bond market. She explained the Philippine landscape for green financing and the role of FinTech in green finance. FSO Consulting Senior Director Christian Edmund Chua then discussed blockchain technology and how it can help drive the agenda of the agricultural sector, increase efficiency and support digital transformation. He also spoke on the challenges in implementing blockchain applications.  The discussions were followed by an open forum moderated by FSO Consulting Associate Director Paul John Gesta. Other speakers at the webinar included Land Bank President and CEO Cecilia Borromeo who gave an overview of the Philippine agricultural financial system, and DOST Supervising Science Research Specialist Roel de la Cruz who discussed the different space technologies for mapping and monitoring of agricultural areas. SEARCA’s Operations Consultant and UP Los Baños Associate Professor Dr. Rico Ancog delivered the closing remarks and discussed the ongoing digital divide and the importance of finding financial systems and solutions to improve access to capital, information systems and cost efficiency of supply chains.