April 2021

As part of International Women’s Day (IWD), SGV held a series of firmwide activities and social media campaigns to recognize the contributions and achievements of all women in the workplace.  Talent team organizes photo contest and forum SGV’s Talent team held the She’s my hero photo contest to recognize the women who have greatly influenced the lives of SGVeans. Participants posted photos of women who have had a positive impact and influence on their lives. The team also organized a forum titled She’s Taking the Lead last 12 March with Ms. Chaye Cabal-Revilla, Chief Finance Officer and Chief Sustainability Officer of Metro Pacific Investments Corporation, as guest speaker. SGV Chairman and Country Managing Partner Wilson P. Tan (WPT) welcomed participants to the webinar and briefly discussed how the pandemic has impacted women who need to balance work and family duties, citing the results of the UN Women study report. He then encouraged participants to develop solutions to better support women in the workplace. Ms. Chaye shared stories about her career journey and her experiences as a wife and mother. She explained how she overcame various challenges she faced through the support of other women, highlighting the mentorship she received from SGV Alumna Partner, the late Amelia B. Cabal (ABC). She also discussed how she turned the unique challenges brought by the pandemic into opportunities to bond with her family and champion sustainability for future generations through various projects. SGV Talent Leader Julie O. Mateo (JOM) delivered the closing remarks and thanked participants for supporting the Firm’s IWD initiatives, highlighting how women empowerment and diversity and inclusiveness have always been a part of SGV’s culture. Consulting hosts 2nd She Inspires webinar SGV’s Consulting and Talent teams also organized a forum on Claiming Our Seat at the Table last 26 March. The forum was part of the She Inspires webinar series where women leaders share their experiences as female professionals and the valuable lessons they have learned over the years. The guest speaker was Ms. Ma. Aurora “Boots” Geotina-Garcia (AGG), SGV Alumna Partner and Chairperson of Philippine Women’s Economic Network (PhilWEN) and Co-Chairperson of The Philippine Business Coalition for Women Empowerment (PBCWE). AGG discussed the various obstacles that women face in the workplace and provided tips on how women leaders can claim their seat at the table through grit and determination. Emphasizing the importance of having women in key decision-making roles, she explained how gender equality can benefit organizations, businesses and the economy. She also spoke on her experiences in the Firm and shared how her mentors supported her professional development, regardless of her gender. The forum’s organizing team included Consulting Leader Rossana A. Fajardo and Consulting Partners Maria Kathrina S. Macaisa-Peña and Leonardo J. Matignas, Jr. and Associate Director Carol Formilleza. WPT, Tax Principal Margarita D. Mallari-Acaban and Consulting Partner Carlo G. Dimarucut also participated in the session. SGV & Co. is a Founding Member of the PBCWE and is the first Philippine multidisciplinary professional services firm to receive EDGE (Economic Dividends for Gender Equality) certification, a leading global assessment methodology and business certification standard for gender equality.

SGV Strategy and Transactions (SaT) Leader Noel P. Rabaja (NPR) was among the panelists at the EY Global Capital Confidence Barometer – ASEAN virtual media briefing on 7 April. Reporters, writers and media personalities from across ASEAN attended the briefing, which discussed the results of the 23rd EY Global Capital Confidence Barometer, a survey that explores corporate confidence in the economic outlook, identifies boardroom trends and practices in the way companies manage their Capital Agenda, and examines how companies can future-proof their businesses. The survey respondents included an independent panel of senior executives and leaders of the world’s biggest and fastest-growing companies. EY ASEAN SaT Leader Vikram Chakravarty presented the survey’s key findings in Southeast Asia (SEA), the region’s macroeconomic environment and M&A outlook, and the trends and strategic considerations driving business transformation. NPR explained that some companies in the Philippines plan or have already started to pursue M&A opportunities, emphasizing the survey’s findings on the most acquisitive sectors in the Philippines and the growing interest in the technology and consumer goods sectors. He also discussed how the pandemic has forced companies to rethink their business models and drive digital transformation in their organizations. Other panelists, EY Indonesia SaT Leader David Rimbo, EY Malaysia SaT Partner Preman Menon, EY ASEAN M&A Leader Luke Pais and EY Indochina SaT Leader Du Vinh Tran, discussed the primary drivers of economic activity in their respective markets.

The Nordic Chamber of Commerce (NordCham), in partnership with Advantage Austria, the Dutch Chamber of Commerce in the Philippines (DCCP), the Australian-New Zealand Chamber of Commerce Philippines (ANZCham) and La Camara, organized a tax webinar last 16 March. NordCham Executive Director Jesper Svenningsen welcomed over 80 participants from member companies of the NordCham, Advantage Austria, DCCP, ANZCham, and La Camara to the webinar. SGV Tax Leader Fabian K. Delos Santos (FKS) and Tax Partner Cheryl C. Ong (CCO) led a discussion on the salient provisions of the Corporate Recovery and Tax Incentives for Enterprises (CREATE) Act, its proposed adjustments in corporate tax and rationalization of fiscal incentives. Emphasizing its possible impact on businesses, they shared insights on how businesses can prepare for and maximize the incentives of the proposed tax reforms. Tax Partner Romulo S. Danao, Jr. (RSD) then discussed the recently issued Transfer Pricing regulations. He spoke on the submission of the Information Return on Related Party Transactions and Transfer Pricing Documentation. He also gave tips on how concerned taxpayers can comply with the simplified requirement. Tax Partner Hentje Leo L. Leaño (LLL) presented recent BIR tax updates on Net Operating Loss Carry-over in relation to the Bayanihan to Recover as One Act, Inventory Destruction, Voluntary Assessment and Payment Program (VAPP), and other BIR updates. The sessions were followed by an open forum, facilitated by Mr. Svenningsen, where SGV Partners addressed participants’ questions.

SGV Tax Principal Veronica A. Santos (VAS) was among the speakers at the 2nd LNG & Clean Energy Investment Summit (LCES 2021) on 23 March. The LCES 2021 welcomed over 200 executives and professionals from the energy industry who discussed the expansion of the liquefied natural gas (LNG) and clean energy industries in the Philippines and how to integrate technological, environmental and economic developments into the LNG and clean energy markets toward profitability and growth. VAS led a session on LNG Projects’ Tax Considerations. She explained the taxation for the Upstream Sector, which includes service contractors and sub-contractors of service contractors, and for the Downstream Sector, which includes FSRU contractors, operators of a natural gas facility, contractors for the construction of LNG terminals, pipelines, and transmission/distribution-related facilities.

Climate Change and Sustainability Services (CCaSS) Associate Director Diana Rose Sadili hosted the Paving the Road Ahead: SDGs and the Philippines webinar on 18 March. Organized by the European Chamber of Commerce of the Philippines (ECCP), the session featured United Nations Development Programme in the Philippines (UNDP) Deputy Resident Representative Enrico Gaveglia who shared updates on the progress of the Philippines’ attainment of the Sustainable Development Goals (SDGs). He also discussed the potential areas of collaboration between the UNDP and the private sector, particularly with ECCP member companies. Mr. Gaveglia emphasized that achieving the SDGs requires the commitment of both the government and the community. The webinar also marked the launch of the ECCP's first-ever 2021 Europa Awards and Call for Nominations which aims to recognize companies with exceptional performance and contributions in promoting sustainability in line with global standards, the Paris Agreement on Climate Change and the Philippine Development Plan. SGV is the independent tabulator and technical adviser of the program’s scoring framework. To know more about the ECCP 2021 Europa Awards, visit www.eccp.com/2021-europa-awards or email advocacy@eccp.com.

SGV’s Japan Business Services (JBS) team conducted a webinar on the Corporate Recovery and Tax Incentives for Enterprises (CREATE) Act for the Firm’s Japanese clients last 30 March. SGV Vice Chair and Deputy Managing Partner Maria Vivian C. Ruiz (VCR) welcomed nearly 200 executives from various Japanese companies operating in the Philippines. The webinar was spearheaded by JBS Co-Heads Michael C. Sabado (MCS) for Assurance and Jonald R. Vergara (JRV) for Tax. JBS Executives Kazuma Nakagomi, Hiroshi Nakagawa, and Yohko Tsuge conducted the webinar in Japanese and provided a general overview of the new comprehensive tax reform package and the available incentives. They also discussed the related tax issues relevant to Japanese investors. Tax Leader Fabian K. Delos Santos (FKS) delivered the closing remarks and JRV led the Q&A portion. Tax Partner Margaux A. Advincula (MAA), Tax Senior Director Cecille Visto and JBS Assistant Jocelyn Mercado were part of the webinar’s organizing team.

The Tax team organized a public webinar on the Corporate Recovery and Tax Incentives for Enterprises (CREATE) Act last 30 March. Tax Principal Jules E. Riego welcomed over 1,000 participants from the banking, hotel, manufacturing, real estate, power and utilities, BPO, and insurance industries. Tax Leader Fabian K. Delos Santos (FKS) led the discussion on the objectives and salient features of the CREATE Act. He explained the Act’s adjustments in corporate income tax, exchange of property and VAT exempt transactions. Tax Partner Cheryl C. Ong (CCO) then discussed the rationalization of fiscal incentives, highlighting the expanded functions of the Fiscal Incentives Review Board (FIRB) and the qualifications for tax incentives. She also shared tips on how companies can maximize the incentives under the Act. The discussions were followed by an open forum where FKS, CCO and Tax Partner Thyrza F. Marbas (TFM) addressed participants’ questions. Tax Senior Associate Maria Crisanta Esgana moderated the webinar. The organizing team included Tax Senior Director Karen Mae Calam-Ibañez, Managers Virnee Joy Agot-Ting and Aiza Giltendez, and Senior Associates Gabriellen Quijada-Tabuñag and Wennonah Marie Garces.

SGV Clark Tax Partners Hentje Leo L. Leaño (LLL) and Margaux A. Advincula (MAA) were among the speakers at a tax webinar titled Enrolled CREATE Bill: What’s new and what has changed? last 11 March. The webinar was co-organized by the Clark Investors and Locators Association (CILA). CILA Chairman Dr. Ireneo Alvaro, Jr. welcomed over 300 representatives from CILA member companies to the event. SGV Clark Head Jose Pepito E. Zabat (JEZ) then introduced LLL and MAA who discussed the salient provisions of the Corporate Recovery and Tax Incentives for Enterprises (CREATE) Act. They covered the Act’s adjustments in corporate tax, other taxes and the rationalization of fiscal incentives. They then spoke on how the proposed tax reforms may affect CILA member companies and shared insights on how businesses can prepare for and maximize the incentives of the proposed tax reforms. The webinar concluded with an open forum led by the speakers and CILA Advocacy Committee Chairperson and Former President Dr. Francisco L. Villanueva, Jr. Tax Associate Director Michael Ray Lapasaran moderated the event. 

SGV’s Tax team held a webinar in cooperation with the Financial Executives Institute of Cebu, Inc. (FINEX-Cebu) titled CREATE bill: Tax Laws and Incentives reCREATEd. FINEX Director for Professional Development Benedict Que welcomed over 70 finance professionals to the webinar. FINEX-Cebu Vice President and Board Member John Michael Lava then introduced Tax Partner Cheryl C. Ong (CCO) as the resource speaker. CCO covered the key aspects of the Corporate Recovery and Tax Incentives for Enterprises (CREATE) Act, particularly the adjustments in corporate tax and other taxes, and rationalization of fiscal incentives. She then discussed its other provisions such as job generation performance commitments and the implementing rules and regulations of the Department of Finance. She also shared actions that organizations can consider to maximize the incentives under the Act. FINEX Cebu President Neil Arnold Montesclaros delivered the closing remarks.

The Malaysia Chamber of Commerce and Industries Philippines, Inc. (MCCI) conducted a webinar titled A Closer Look at CREATE: Its Salient Provisions and Impact on Businesses last 30 March. MCCI President and Chairman Edward Ling delivered the opening remarks and discussed the Corporate Recovery and Tax Incentives for Enterprises (CREATE) Act’s impact on local businesses. Participants from different industries and institutions attended the webinar, including SGV Clark Head Jose Pepito E. Zabat (JEZ), SGV Tax Partner Sonia D. Segovia (SDS), and Commercial Attaché of the Philippine Trade & Investment Center in Kuala Lumpur and Officer-in-charge of the Philippine Trade & Investment Center in Singapore Katrina Banzon. SGV Tax Senior Director Don Don Mojica moderated the webinar. SGV Tax Partners Hentje Leo L. Leaño (LLL) and Margaux A. Advincula (MAA) provided an overview of the Act’s salient provisions, particularly the adjustments in corporate tax and other taxes, the rationalization of fiscal incentives, and its effects on businesses in the Philippines. The webinar concluded with an open forum led by LLL and MAA.