January 2021

SGV Chairman and Country Managing Partner Wilson P. Tan (WPT) was a speaker at a recent executive roundtable discussion titled Engaging CEOs in Advancing Workplace Gender Equality and Rebuilding Inclusive Organizations. Hosted by the Male Champions of Change Philippines and the French Chamber of Commerce Philippines (CCIFP), the session covered how different industry leaders are upholding gender equality in their respective organizations. Other resource speakers included GPT Group CEO Bob Johnston and JLL Philippines Country Head Christophe Vicic. CCIFP Managing Director Maylis Charlat welcomed the participants, who included executives from CCIFP member companies, as well as SGV Assurance Partner and Talent Leader Julie O. Mateo and Financial Services Organization Partner Miguel Ballelos. WPT discussed EY global initiatives in promoting diversity and inclusion in the workplace, and empowering women in business, such as EY’s Women Fast Forward program and SGV’s Economic Dividends for Gender Equality (EDGE) certification. Emphasizing the value of sustainability, he shared how the Firm’s business model – focused on strengthening our people, operations, supply chain and communities – is also aligned with the UN Sustainable Development Goals aimed to address complex global challenges. Philippine Women’s Economic Network (PhilWEN) Chair, Philippine Business Coalition for Women Empowerment (PBCWE) Co-Chair and SGV Alumna Partner Boots Garcia moderated the roundtable discussion and PBCWE Executive Director Julia Abad delivered the closing remarks. All speakers committed to continuing their collective action to achieve gender equality.

SGV Financial Services Organization (FSO) Leader Vicky Lee-Salas (VLS), Partner Christian G. Lauron (CGL), and Senior Directors Leslie Huang and Bryan Baes attended the London Bullion Market Association (LBMA) Virtual Auditor Training Course. The two-day training course aimed to enhance auditors’ subject matter expertise on precious metals supply chain risks and issues. The sessions featured case studies and interactive exercises. The facilitators discussed the ISAE 3000 standard, the concepts of risk-based assurance audits and the application of subject matter expertise when conducting due diligence audits in the context of precious metals supply chains. They also trained participants on how to check whether traceability and due diligence systems are in place, are operational and compliant with LBMA requirements and if exceptions are being effectively identified, assessed, managed and reported. The LBMA is the international trade association that represents the market for gold and silver bullion. It is centered in London but has a global client base, including the majority of the central banks that hold gold, private sector investors, and mining companies, among others. It publishes the LBMA Good Delivery List, a widely recognized standard for the quality of gold and silver market bars, which includes the world’s pre-eminent refiners of gold and silver located in 31 countries. It promotes Due Diligence for Responsible Supply Chains by actively drafting the Gold Supplement section of the Organisation for Economic Co-operation and Development (OECD) guidance for supply chain due diligence. It has also set up a Responsible Gold Guidance for good delivery refiners to comply with high standards of anti-money laundering and combating terrorist financing and measures to curb human rights violations.

SGV Partners and staff participated in the Philippine Institute of Certified Public Accountants Southern Metro Manila Chapter (PICPA SMMC) Adopt-A-Chapter webinar series last 13 and 20 December. On the first day of the webinar series, Tax Partner and PICPA SMMC President Maricris U. See (MUS) delivered the opening remarks and emphasized the value of continuous learning and professional growth amidst the challenges brought by the COVID-19 pandemic. Tax Senior Associate and PICPA SMMC Co-Chair for Social Involvement Edsel Francis Lima led the participants during the Oath of CPAs as a reminder of the profession’s principles of integrity, objectivity, due care, and confidentiality. Tax Partner Aaron C. Escartin (ACE) led the session on 20 December. He discussed the differences between tax rules and accounting rules as applicable to small- to medium-sized entities. Other topics discussed at the webinar series included “Developing ethical leaders for the accounting profession” and “PFRS for small entities.” Over 120 participants from the PICPA Aklan, Capiz, and Antique Chapters attended the event. The webinar is an annual project of the PICPA SMMC and aims to equip participants with relevant competencies to prepare them for the audit busy season.

Tax Partner Cheryl Edeline C. Ong (CCO) led a virtual session on the Corporate Recovery and Tax Incentives for Enterprises (CREATE) bill for members of the Nordic Chamber of Commerce of the Philippines (NordCham) last 18 December. NordCham Membership and Events Manager Maan Yu welcomed 27 executives and representatives from companies engaged in various industries such as financial services, retail, pharmaceuticals, and real estate. CCO discussed the bill’s salient features, developments and incentives in corporate income tax. She also provided insights on how companies can prepare for the proposed tax reforms. The webinar concluded with a question-and-answer portion where CCO addressed participant questions. The webinar was organized by Tax Senior Director Gecel Ong in coordination with NordCham.

Consulting Principal Philip B. Casanova (PBC) was one of the speakers at the DECODE Conference hosted by Trend Micro Inc. last November. With the theme, Elevate! Transform Rapidly, Seamlessly, Securely, the conference featured sessions on the cyber threat landscape, industry trends, and new technologies aimed to help participants and their organizations address the issues caused by the latest disruptions. Over 4,500 information technology and cybersecurity professionals attended the event. PBC led a session titled Principles to Live by for Cybersecurity Leaders where he shared the principles he learned in his over 20-year career in cybersecurity. Emphasizing the value of preparedness, he encouraged participants to equip themselves with the necessary knowledge and skills to enhance their personal and professional development.

SGV Partners honored retiring former Chairman and Country Managing Partner (CMP) J. Carlitos G. Cruz (JGC) on 11 December with a program that was webcast from the SGV Development Center. Some of SGV’s leadership and partners who were part of the organizing committee 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. Chairman and CMP Wilson P. Tan (WPT) delivered the opening remarks and commended JGC’s valuable contributions to the Firm that have enhanced our services, empowered our professionals, and developed the accounting profession. The first part of the program featured video messages from JGC’s clients, colleagues, former staff and teammates, and family, including several SGV Alumni Partners. They shared how he embodied the different Partner Personas – one who demonstrates integrity and the enthusiasm and courage to lead; delivers exceptional client service; exhibits team leadership; and possesses an entrepreneurial mindset. JGC then expressed his gratitude to all those who became a significant part of his SGV journey. He also shared his thoughts on the mindset needed for SGV’s continued success, emphasizing the value of long-term growth, continuous training, agility and teaming, and staying connected with the Firm’s stakeholders. The program also featured video presentations from the SGV Glee Club and the SGV Dance Company. Volunteer dancers from Market Group 4 and our Cebu, Davao and Clark branches also prepared a special video dance performance featuring facility improvements in SGV offices nationwide – which formed part of JGC’s legacy. This was followed by a virtual after-party hosted by Assurance Partner Raoul Balisalisa. Participants played online trivia games about JGC and listened to more messages from active partners, EY colleagues, his former staff turned clients and friends, and Association of Certified Public Accountants in Public Practice (ACPAPP) members. In honor of his 39 years of service to the Firm, JGC was presented with a token of appreciation, a sculpture titled Gratitude. It depicts a man amid three deeply-rooted trees whose crowns are fused as one. The trees symbolize SGV and represent the growth of our people, our clients and our country. We wish you all the best, JGC.

SGV’s Tax Team held a webinar last 14 December on the Corporate Recovery and Tax Incentives for Enterprises (CREATE) bill, as approved on the 3rd and final reading by the Senate. Chairman and CMP Wilson Tan delivered the opening remarks and welcomed over 1,300 participants from the banking, hotel, manufacturing, real estate, power, BPO and insurance industries, among others. Tax Leader Fame K. delos Santos (FKS) and Tax Partner Cheryl C. Ong (CCO) discussed the bill’s salient features, developments and incentives in corporate income tax. They also provided insights on how companies can maximize and prepare for the proposed tax reforms. Tax Principal Lucil Vicerra also discussed Customs Audit Reminders, including VAT incentives and Performance Commitments. The webinar concluded with a question and answer portion led by FKS and CCO, who were assisted by Tax Partner Thyrza Marbas. Tax Senior Manager Betheena Dizon hosted the session. The webinar’s organizing team included Tax Senior Manager Karen Mae Calam; Manager Aiza Giltendez; and Senior Associates Wennonah Marie Garces, Kyle Almero, and Ma. Gabriellen Quijada.

SGV Risk Management Leader and Professional Practice Director and PICPA Ethics Committee Chair Lucy L. Chan (LLC) was one of the panelists at the keynote session of the Ethics & Leadership Summit of the Metro Manila Region and the Eastern Metro Manila Chapter of the Philippine Institute of Certified Public Accountants (PICPA) held last 10-11 December. With the theme Traversing the New Landscape with Stronger Ethical and Leadership Foundation, the summit featured sessions on ethics and leadership in the accountancy profession in light of emerging developments. Following the keynote presentation on Walk the Talk: Operationalizing the Ethical Requirements under the IFAC Code of Ethics for Professional Accountants by incoming Deputy Chairman of the International Ethics Standards Board for Accountants (IESBA) Caroline Lee, LLC discussed challenges faced by professional accountants due to the pandemic and other developments, namely, meeting targets during an economic downturn, adapting to remote work, keeping up with the pace of digitization, and creating new sustainable business models. She then discussed measures for addressing these issues and shared insights on how leaders can uphold a culture of integrity within their organizations in the current environment. LLC’s and other panelists’ presentations were followed by an interactive session with the keynote speaker, the panelists, and other participants at the summit.

The People Advisory Services (PAS) Team conducted a webinar on individual income tax annualization and recent tax and immigration developments last 1 December. Tax Leader Fame delos Santos welcomed over 470 participants to the webinar, including finance, HR and payroll executives. Speakers at the webinar were PAS Partner Czarina Miranda; Executive Director Josephine Adalem; Senior Directors Elena Manuel, Jocelyn Magaway and Marlynda Masangcay; and Director Maria Kathrynna Chavez. They discussed recent developments in individual taxation and immigration based on recent laws, BIR regulations and court decisions. They also provided an overview on performing year-end income tax adjustments, and shared insights on individual compliance for disclosure of related-party transactions, taxation of individuals during the COVID-19 pandemic, tax treaty relief application, and tax incentives for individuals under the Bayanihan to Recover as One Act.

SGV Partners Clairma Mangangey, Julie Ong-Mateo and Conrad Alviz, and Talent Associate Director Luisa Hebron recently completed the first EY ASEAN Coaching Program and are now Certified Master Performance Coaches (CMPCs). They will be taking an active role in furthering our Purpose, supporting ASEAN coaching initiatives, improving our ability to have better conversations and enhancing the development of transformative leaders. The certification is part of the International Coaching Federation (ICF) Accredited Coach Training Program and aims to build a pool of certified coaches to support ASEAN coaching initiatives. Congratulations, everyone!