News

FSO BCM holds second leg of webinar series    The SGV Financial Services Organization Banking and Capital Markets (FSO BCM) sector conducted the second part of the FSO BCM Webcast Series titled “Planning for the Complexities of an Uncertain Future: Stress Testing and Stimulus Transmission Framework” on 1 June. The session presented pandemic scenarios in banks’ stress-testing exercises that could help financial institutions understand the pandemic’s level of impact on their asset quality, profitability, capital levels and liquidity, and the tactical and strategic planning considerations for financial institutions.   Financial Services Organization Consulting (FSO Consulting) and Government and Public Sector (GPS) Partner Christian Lauron welcomed participants composed of finance, risk management, internal audit and compliance professionals from different financial institutions. He also presented the current key themes in the BCM sector and the stimulus transmission framework and its monetary, regulatory, and fiscal policies and actions. FSO Consulting Senior Manager Janice Joy Agati discussed the global and local policy responses to the pandemic.     Speakers at the FSO BCM webinar  FSO and Tax Partner Allan Exclamador discussed the salient features of the Bayanihan to Heal as One Act (Republic Act No. 11469) and other pending legislation, including their tax and economic implications. FSO Consulting Manager Saldy Cabarubias demonstrated how to use the stress testing method to analyze the impact of COVID-19 on risks faced by the banks. He also discussed scenario modelling according to industry, geographical and value chain perspectives. FSO Consulting and GPS Senior Manager Christian Edmund Chua shared the tactical and strategic planning considerations for the restart, recovery and reconfiguration phases of the economy.     The webinar is among a series of webinars conducted by the SGV FSO team. The succeeding webinars will cover related topics on the insurance, health and pension, wealth and asset management, and BCM sectors. Those interested may contact Mary Catherine M. Biliran at Mary.Catherine.M.Biliran@ph.ey.com.   

FSO conducts Insurance webinar     The SGV Financial Services Organization (FSO) Insurance sector held a webinar titled “Impact of COVID-19 on Insurance Companies” on 3 June. The session provided valuable insights on the financial effects of the pandemic on the insurance industry. Financial Services Organization Consulting (FSO Consulting) and Government and Public Sector Partner Christian Lauron moderated the session. Participants included finance, risk, and actuarial professionals from various insurance companies.      Speakers at the FSO Insurance webinar  Strategy and Transactions Services Partner Marie Stephanie Tan-Hamed provided an overview of the local economic impact of the pandemic and discussed its effects on the financial services industry. FSO Senior Manager Redgienald Radam discussed the accounting considerations for financial instruments, including the classification, reclassification and impairment of financial assets under PAS 39 given the recent sharp decline in financial markets and the stressed economic environment, and the tainting rule applicable to held-to-maturity financial assets. He also explained the PFRS 9 requirements on business model assessment and the expected credit losses to consider in assessing the pandemic’s impact on insurers that adopted the standard prior to the pandemic. FSO Consulting Senior Manager Catherine Laigo discussed the impact of COVID-19 on financial and regulatory reporting, including the business area focus for insurance companies.  The webinar is the first among a series of webinars on the insurance industry conducted by the SGV FSO team. Those interested may contact Catherine R. Laigo at Catherine.R.Laigo@ph.ey.com or Mary Catherine M. Biliran at Mary.Catherine.M.Biliran@ph.ey.com.  

FSO Consulting holds Cluster Quiz Night  SGV’s Financial Services Organization Consulting (FSO Consulting) Team recently conducted its first- ever online quiz night. The activity aimed to bring the team closer together virtually and strengthen the team members’ relationship during the quarantine through fun games.    The team was divided into six groups and answered general-knowledge trivia questions. The quiz consisted of three rounds with questions about a wide range of categories such as pop culture, mathematics and analogy. The game used a right-minus-wrong point system.      Members of the FSO Consulting Team during the cluster quiz night   The quiz night’s organizing team included FSO Consulting Associates Patricia Bernadas, Abegail Verdadero, Ronnie Anasco, Rafael III Estrellas, and Senior Associates Jacqueline Lim, Larisa Jane Salaysay, and Sophia Manelle Uy. FSO Consulting Partners Christian Lauron and Francis Lumbres also attended the quiz night.    The two-hour activity concluded with members of the top three teams receiving cash prizes. Consolation prizes were also given to the other teams because, as quipped, “Sa FSO Consulting, lahat panalo!” Members of the FSO Consulting Team can look forward to more fun and exciting virtual activities soon.    

SGV honors retiring partner  SGV partners celebrated the retirement of Assurance Partner Josephine H. Estomo (JHE) on 19 June at the Washington SyCip Development Center. Assurance Leader Martin Guantes and Talent Leader Julie Mateo hosted the program. Country Managing Partner Wilson P. Tan (WPT) delivered the opening remarks and commended JHE’s outstanding contributions to the Firm, emphasizing her efforts in strengthening client relationships and developing the skills of generations of SGVeans.  WPT, JHE and ARB during the retirement program  Consulting Partner Leonardo J. Matignas prepared a video musical number and Assurance Partners Albert R. Bon (ARB), Shane D. Tanguin (SDT) and KC S. Catalan (KSC) shared their heartfelt messages for JHE. Assurance Partners Dhonabee Señeres, Jennifer Ticlao, Wanessa Salvador, John Villa, ARB, SDT and KSC presented a special video featuring JHE’s SGV journey with her colleagues, friends and staff.   Alumni Partners Pong Villamayor, Vic Ibe, Mar Aguas and Cynthia Manlapig also prepared messages for her. Chairman Itos Cruz delivered the closing remarks and emphasized her remarkable stewardship that has helped nurture SGV’s current and future leaders.  JHE’s token of appreciation  In honor of her 39 years of invaluable service to the Firm, JHE was presented with a token of appreciation – a sculpture titled A New Chapter. It depicts a woman reading a book under a tree, in her constant pursuit of new knowledge. The program concluded with a message from JHE who expressed her gratitude to SGV, her staff and colleagues.    Best wishes on your retirement, JHE! 

SGV Partners hold first virtual PPC  SGV Partners held the first ever virtual Partners’ Planning Conference (PPC) last 19-20 June with the theme: Now…Next…Beyond. Members of the leadership team attended the virtual meeting from the Washington SyCip Development Center (WSDC) and observed social distancing while the other Partners participated from their own offices or their homes.  Members of SGV’s leadership at the WSDC during the PPC  

TFM leads NordCham Tax webinar    Tax Partner Thyrza F. Marbas (TFM) conducted a tax webinar for the Nordic Chamber of Commerce Philippines (NordCham) titled “Let’s Talk about CREATE” on 2 June. The webinar aimed to orient participants on the salient features of the Corporate Recovery and Tax Incentives for Enterprises Act (CREATE).     TFM presenting at the NordCham tax webinar  TFM discussed the bill’s recent developments in Congress and provided an overview of the corporate income tax rates and average duration of incentives among ASEAN countries. She also explained the bill’s significant provisions in comparison with the existing provisions and the Senate and House versions of the Corporate Income Tax and Incentives Rationalization Act (CITIRA).     Mr. Svenningsen and participants at the NordCham tax webinar with TFM and other members of the SGV Tax Team  NordCham Executive Director Jesper Svenningsen moderated the webinar and welcomed participants who included executives and representatives from the private and public sectors. The event’s organizing team included SGV Tax Leader Fame delos Santos and Tax Senior Director Gecel Codera-Ong. 

Back to the Office reminders  As we transition to general community quarantine (GCQ) and gradually reopen our offices, SGV has issued the following guidelines to ensure the health and wellbeing of staff during the pandemic.   SGV Health and Location Tracker  All SGV partners and staff are required to report their health status and work location on a daily basis (excluding personal and rest days) via the SGV Health and Work Location Tracker. All are required to accomplish the form at the start of each working day, whether working from home or reporting physically to SGV or a client’s office.   Those who have been approved by their Partners-in-charge (PICs) to report to SGV or a client’s office (including meetings outside the office and meetings with government agencies) should fill out the form upon entering their work location and indicate their temperature reading as captured by the security or health officer at the entrance to the premises. Those who are working from home are not required to indicate their temperature.  Compliance will be monitored and those who fail to accomplish the form will be called for disciplinary action classified under offenses against security, safety and public order. All the information requested in the form will be regarded as private and confidential in compliance with the Data Privacy Act of 2012 and its implementing rules and regulations.  Flexible Time Schedule (FlexTime)  The SGV Talent Team has also implemented the FlexTime schedule which is an arrangement where employees are required to complete the standard work hours (9.5 hours, including 1.5-hour lunch break) in the office but are free to determine their arrival and departure time. This schedule will take effect upon the reopening of our offices and is subject to the approval of one’s manager and Partner-in-charge (PIC). Adopting an intermittent routine to fulfill the 8 working hours in a day is not allowed. As our business hinges on our service to clients, we must be available during the Firm’s core working hours and continue delivering exceptional client service.   The SGV Talent Team would also like to remind all of the Flexible Attire policy aimed to balance professionalism and comfort. Below are the only acceptable office attires for men and women inside the SGV offices:      Everyone is encouraged to remain vigilant and follow the health and safety precautions advised by the World Health Organization and the SGV Talent Team. For more COVID-19 related advisories and updates, please visit the SGV COVID-19 Information Hub. 

FSO conducts BCM COVID-19 webinar    The SGV Financial Services Organization Banking and Capital Markets (FSO BCM) sector conducted a webinar titled “Impact of COVID-19 on significant PFRS requirements” on 15 May. The session provided relevant and helpful insights on the impact of the COVID-19 outbreak on significant PFRS 9 - Financial Instruments requirements. Financial Services Consulting and Government and Public Sector Partner Christian G. Lauron (CGL) moderated the session. Speakers included FSO Senior Director Redgienald Radam, FSO Senior Director Deofel Gil Usuquen and CGL. Nearly 300 finance, risk management, internal audit and compliance professionals from different financial institutions attended the webinar.   Speakers at the FSO BCM webinar  Speakers discussed the application of expected credit loss (ECL) requirements that incorporate the effects of the pandemic and the various government relief programs in the measurement of ECL, accounting for forbearance and debt modifications and related disclosure requirements on ECL. The session also covered recently issued BSP guidelines on the reclassification of financial assets under PFRS 9. The speakers also discussed fair value measurement in volatile and uncertain markets.   The webinar is the first in a series conducted by SGV FSO. The succeeding webinars will cover related topics on insurance, health and pension, wealth and asset management, and the banking and capital markets sectors. Those interested in attending may contact Redgienald Radam at Redgienald.G.Radam@ph.ey.com or Mary Catherine Biliran at Mary.Catherine.M.Biliran@ph.ey.com. 

LLL speaks at MACCII webinar  Global Compliance and Reporting Partner Hentje Leo L. Leaño (LLL) led a tax webinar titled “Emerge Prepared after the Quarantine: Be Abreast with the Quarantine-related BIR Issuances and the Extended Tax Deadlines” for the Metro Angeles Chamber of Commerce and Industry, Inc. (MACCII) on 29 May. The webinar covered quarantine-related BIR issuances and extended tax deadlines, relating to donations, documentary stamp tax on qualified loans, authority-to-print, receipting/invoicing guidelines, qualified imported goods, acceptance of tax payments, extensions of the due dates for filing and payment of tax returns, and tax documents submission and payments to local government units. LLL also spoke on tax-related issuances of the Clark Development Corporation (CDC) and the Philippine Economic Zone Authority (PEZA).  MACCII tax webinar invitation  MACCII President Lourdes Connie Tayag welcomed over 50 participants to the webinar. MACCII Director Marco Fernando Ng hosted the session and MACCII Vice President for Economic Affairs Violeta “Bing” Gonzales delivered the closing remarks.   

SGV JBS joins ASEAN tax briefing  SGV’s Japan Business Services (JBS) team participated in an EY ASEAN tax webinar titled “Navigating COVID-19: Now. Next. Beyond.” on 27 May. Conducted in Japanese, the webinar discussed the tax implications of the pandemic in various countries. Over 400 Japanese executives and tax professionals from Japan and from ASEAN member states attended the briefing.   JBS and Tax Associate Director Hiroshi Nakagawa presented the latest Philippine tax, finance and legal changes due to the COVID-19 pandemic, such as ECQ-related BIR issuances on tax exemptions, extended statutory deadlines, and tax audit and controversy measures. Hiro also gave a brief overview of the stimulus packages of various government organizations, including the Social Security System (SSS), Philippine Health Insurance Corporation (PhilHealth) and the Pag-IBIG Home Development Mutual Fund (HDMF). He also explained the government’s social amelioration program (SAP) and small business wage subsidy, including moratorium on loan payments and rent concessions for MSMEs.    Title slide of the presentation at the SGV JBS webinar  Hiro also explained the salient features of the Corporate Recovery and Tax Incentives for Enterprises Act (CREATE). He emphasized the Act’s corporate tax rate reduction and extension period.