News

KSM presents at FINEX-SAP webinar  SGV Consulting Markets Co-Leader and EY ASEAN Finance Fields of Play Leader Kathrina S. Macaisa (KSM) was one of the speakers at a webinar titled Transform to Agile by Leveraging Emerging Technologies hosted by the Financial Executives Institute of the Philippines (FINEX) and SAP on 28 July. Other speakers included executives from the banking and technology solutions industries. SGV Chairman and Country Managing Partner and FINEX Professional Development Committee Co-Chair Wilson Tan delivered the opening remarks.  KSM with other speakers at the FINEX-SAP webinar  KSM led a session titled Finance of the Future and discussed the challenges that CFOs face caused by disruptive forces such as digital transformation and COVID-19. She shared that transforming to agile goes beyond embracing tools and technology. Emphasizing the need to embrace technological innovations available in the market, KSM explained that companies also need to equip their finance functions and teams with the right tools to increase efficiency and enhance agility. She also discussed the importance of anchoring transformation programs on a vision that is aligned with the company’s overall vision and strategy. She added that companies should consider the dynamic value drivers shaping the future of finance to protect and enhance their finance functions.

RAF joins MBC roundtable discussion  EY ASEAN Business Consulting Leader and SGV Consulting Leader Rossana A. Fajardo (RAF) was a keynote speaker at a virtual roundtable discussion hosted by the Makati Business Club (MBC).   She led a discussion on digital leadership and the habits of leaders who successfully execute digital transformation. RAF shared, "Digital transformation leaders are fully embedding digital transformation across their business. They are generating financial value from their technological innovations and making efforts to build a transformation culture – transformation is woven into the fabric of their business."   RAF also discussed how digital leaders are responding to the challenges caused by latest disruptions and how digital transformation, collaboration and connection are critical to a company’s success after the COVID-19 pandemic. She also gave tips on how newly remote teams can leverage on different technologies to enhance collaboration and increase productivity.   MBC Executive Director Coco Alcuaz moderated the session. Participants included MBC members and executives from the private sector.   Read more about the roundtable discussion at MBC.com. 

  SGV JAMM 2.0: Are you up for it?  As part of EY’s #BetterTogether campaign, the SGV Talent Team will be holding the SGV J.A.M.M. 2.0 (Just About Music & More!) contest from 14 August to 23 October. The contest aims to bring the SGV community closer together virtually during these trying times through fun and exciting song, dance and artistic performances, among others.  Unlike the previous JAMM sessions that featured solo and small group acts, SGV JAMM 2.0 will showcase the talents of more members of each Market Group (MG), including both partners and staff. Each MG and BES must submit a 25-minute video on their interpretation of the theme #BetterTogether.   Submissions will be accepted at https://tinyurl.com/SGVJAMM2 until 12 August. MG representatives will be given access to the link after they advise their respective MG Talent Consultants. One entry will be featured per week at the SGV@Home Facebook group starting 14 August.   The MG with the best entry will win a prize equivalent to Php 50,000 which will be donated (in cash or in kind) to a charitable institution of their choice. Winners will be announced through email and at the SGV@Home Facebook group during the week of 26-30 October.  For more information, please refer to announcements from the Talent Team or posts at the SGV@Home Facebook group. 

SGVeans conduct COVID-19 relief projects  SGVean members of the Junior Chamber International (JCI) Perlas Pasay, Inc. facilitated a donation drive for medical frontliners and marginalized communities. Financial Services Organization Senior Director and JCI Perlas Pasay President Cathy Biliran and SGV Executive Secretary and former JCI Perlas Pasay President Meldy Baldovino were among those who led the activities.   In partnership with other non-government organizations, JCI was able to donate food, water, sanitation tents, and personal protective equipment such as masks and alcohol-based disinfectants to hospitals and barangays in Metro Manila, Mindoro, Cebu and Bohol.   Turnover of donations to frontliners at Pinamalayan Doctors Hospital  JCI Perlas Pasay, Inc. is a non-stock, non-profit, leadership organization composed of young Filipino women that aims to empower young people to create positive change. The organization recently launched Project PIE (Paper and Ink for Education), a donation drive that aims to provide school supplies to public schools in the Philippines.   To know more about JCI’s projects, visit the JCI Facebook page.

Tax conducts transfer pricing webinars SGV’s Tax Team conducted a series of webinars on the new BIR Requirement for the Submission of an Information Return on Related Party Transactions (BIR Form No. 1709) on 29-30 July and 3 August. SGV Vice Chair and Deputy Managing Partner Vivian Ruiz and Tax Leader Fame delos Santos welcomed over 2,500 tax and finance officers to the sessions.   Speakers at the transfer pricing webinars and members of the Tax organizing team  Tax Partner Deonah Marco-Go (DMG) and Senior Manager Joyce Francisco discussed the salient features of Revenue Regulations No. 19-2020 which require the submission of BIR Form No. 1709 attached to the annual income tax returns of taxpayers covering fiscal years ending 31 March 2020 and subsequent taxable years.   Revenue Memorandum Circular No. 76-2020, which clarifies certain issues on the filing of BIR Form No. 1709, was released after the event’s second session on 29 July. Speakers discussed the salient features of RMC 76-2020 during the succeeding sessions.  Each session concluded with a panel discussion facilitated by International Tax and Transaction Services Leader Romy Danao, Transfer Pricing Leader Rey Marcelo, DMG and Ms. Francisco. The event’s organizing team included Tax Senior Manager Auresana Torres, Manager Maxine Victor Manuel and other managers and staff of the Transfer Pricing Tax team.   

Tax Partners speak at ACPAPP webinar  Tax Partners Deonah Marco-Go (DMG) and Margaux A. Advincula (MAA) facilitated a tax webinar for members of the Association of Certified Public Accountants in Public Practice (ACPAPP).   MAA kicked off the session with an in-depth discussion on what taxpayers can expect of audits conducted by the Bureau of Internal Revenue (BIR) in the new normal. She outlined the tax assessment process and explained its significant stages. She also discussed due-process requirements, assessment notices served on taxpayers, and issues raised with Letters of Authority and Assessment Notices issued by the BIR. MAA also explained tax audit-related topics, such as the rules on the issuance and enforcement of Subpoenas Duces Tecum, and key takeaways from the issuances published by the BIR in light of the COVID-19 pandemic.   Speakers and participants at the ACPAPP webinar  DMG discussed the latest tax updates and emphasized the recent BIR regulations and issuances such as RR 19-2020 which prescribes the use of the new BIR Form No. 1709. She also spoke on the provisions of RMO 21-2020 which provides the policies and guidelines for the inspection and supervision over the destruction and disposal of wastes, and obsolete goods and assets. She explained the salient provisions of each issuance, detailing its prescribed procedures — the BIR guidelines on the implementation of the forms to be used and the tasks described, and the penalties for violations of the provisions.   The session culminated with a lively question & answer period. The event brought together over 250 participants including SGV Assurance Partner and former Chairman Itos Cruz; Tax Partner Sonia Segovia; former Board of Accountancy Chair Joel Tan Torres; ACPAPP President Anita Rodriguez; and former ACPAPP Presidents Atty. Arminda Guerrero, Carlito Dimar, Jerome Antonio Constantino, and George Villaruz.

WPT speaks at ACPAPP Day SGV Chairman and Country Managing Partner Wilson P. Tan (WPT) was a guest speaker at the ACPAPP Day (Association of Certified Public Accountants in Public Practice) of the 2020 Accountancy Week Celebration. With the theme Filipino CPAs rising amidst challenging times, the celebration featured how the accountancy profession is managing and addressing the issues caused by the pandemic.  WPT presenting at ACPAPP Day of Accountancy Week  WPT discussed the challenges that CEOs face during the pandemic, emphasizing the need to lead with empathy, protect the health and wellbeing of people, develop proactive measures to reopen business, and contribute to economic recovery.   He explained the measures that the Firm has implemented to ensure business continuity and resilience. He shared that SGV activated a crisis management team composed of representatives from critical business units within the Firm. SGV also regularly coordinates with clients and provides them with thought-leadership materials to help them develop or adjust their resiliency plans in the face of the pandemic. Prioritizing the wellbeing of its people, the Firm has also implemented alternative work arrangements and organized wellness programs for staff. SGV has also leveraged on technology to strengthen company culture and enhance collaboration and productivity.   Over 600 participants tuned in to the session. Other speakers included chief executives from other professional services firms.  

CCO speaks at ECCP morning coffee session  The European Chamber of Commerce of the Philippines (ECCP) - Cebu organized a morning coffee session on Tax Reform Packages and How to Handle BIR Audits last 16 December 2019 at the University of San Carlos. SGV Cebu Partner-in-charge and Tax Partner Cheryl Edeline C. Ong (CCO) led the session before financial executives from small and medium enterprises and export-oriented industries.   CCO speaking at the ECCP Seminar  CCO discussed proposed tax reform packages including the Corporate Income Tax and Incentives Rationalization Act (CITIRA) [House Bill No. 4157], the Real Property Valuation Act [HB No. 305], and the Passive Income and Financial Intermediary Taxation Act (PIFITA) [HB No. 304]. She also discussed relevant BIR audit procedures and taxpayers’ remedies. 

FSO Director reaches for the sky  SGV Financial Services Organization (FSO) Director Ruben D. Simon Jr. celebrated his 10th year as a mountaineer by penning an article titled The Mountains are Calling that was published in the lifestyle section of the Manila Bulletin on 5 January 2020.   Ben at the summit of Mount Kilimanjaro  Having completed over 100 expeditions, Ben has extensive mountaineering experience covering major peaks and sierras around the world. He shares three important lessons he learned after successfully reaching the summits of Mount Makiling in Laguna, Mount Pulag in Benguet and Mount Halcon in Mindoro. First, respect the mountain and take nothing but pictures when hiking. Second, never underestimate the unpredictable alpine climate and bring proper equipment. Third, hikers must mentally prepare themselves to face rough terrain and extreme temperatures. He emphasizes that successful mountaineering does not solely depend on strength but also on perseverance and endurance.   As an advocate of responsible mountaineering, Ben asks readers to help conserve and protect mountain ecosystems for future generations. He also encourages others to heed the call of the mountains and explore the wonders that the Philippine landscape has to offer.   To read Ben’s full article, go to https://lifestyle.mb.com.ph/2020/01/07/the-mountains-are-calling1/   This feature was written with the permission of the Manila Bulletin, where the article was first published. The Manila Bulletin retains all rights to the article. 

PAS holds Tax Seminar  SGV People Advisory Services (PAS) conducted a seminar on year-end annualization tax requirements and Philippine individual income tax compliance issues for mobile employees on 11 December 2019 at the Washington SyCip Development Center (WSDC). Over 150 financial and human resources executives participated in the seminar.   PAS Partner CRM and Senior Directors Marlynda Masangcay and Jose Rey Manuel speaking at the Tax Seminar   Senior Director Rogelanne Villarubia welcomed participants to the briefing and PAS Leader and Tax Partner Czarina R. Miranda (CRM) provided a comprehensive discussion on year-end annualization. Senior Directors Jocelyn Magaway and Marlynda Masangcay discussed issues affecting mobile employees, tax updates that impact annualization and tax filing and registration requirements for local and foreign nationals. Senior Director Elena Manuel explained annualization results and tax administrative issues.   Seminar participants fill up the WSDC  PAS Executive Director Josephine Adalem discussed individual tax compliance issues of mobile employees and Senior Directors Jose Rey Manuel and Elena Manuel presented illustrative case studies on the different tax issues discussed. The seminar concluded with an insightful open forum.