July 2020

Tax team hosts PCS webinar  The Private Client Services (PCS) group of SGV Tax hosted a webinar titled Tax Insights: Wealth Planning Considerations for Dual Citizens on 10 July. The roundtable discussion provided insights on succession planning, wealth management, and the process of setting up a trust and its various tax implications. These include the tax impact of being a beneficiary of a trust and the marital property regimes under the Family Code of the Philippines.   Speakers at the PCS webinar  Speakers included EY ASEAN and SGV Business Tax Services Leader Jules Riego; EY US Tax Principal Marianne R. Kayan; EY ASEAN Tax Leader, Asia-Pacific Private Family Enterprise Leader and Private Tax Partner Desmond Teo; Atlas Asia Law (Singapore) Director Benjamin Szeto; and EY ASEAN US Tax Help Desk Senior Manager Michael Xiang. SGV Tax Partner Cheryl Ong moderated the session.   Over 180 participants attended the webinar, including business owners who are dual citizens or have family members who are dual citizens. The event’s organizing team included Tax Partner Thyrza Marbas, Tax Director Anne Margaret Momongan, and Tax Associate Directors Marian Kris Santos and Rosalie Nuñeza.   

Tax Senior Associate inspires AdDU Law Freshmen   SGV Davao Tax Senior Associate Kristine Confesor was a guest speaker at the Ateneo de Davao University (AdDU) College of Law freshman orientation on 24 June. Organized by the College’s Supreme Student Council, the virtual orientation provided the incoming freshmen with a quick overview of the law school experience and introduced them to the faculty and key department heads.    Tax Senior Associate Kristine Confesor during the AdDU Law freshman orientation  As an alumna of AdDU who passed the 2019 bar exams, Kristine gave tips on how to succeed in law school and become a lawyer. Citing her own experiences, Kristine highlighted the contribution of her professors and the significance of their lectures. She also emphasized the value of self-discipline and explained that today’s students are faced with unique challenges created by the pandemic and must learn to adapt to the new online learning environment.   Over 4,000 participants viewed the event that was webcast via the AdDU Facebook page. Attendees included AdDU Legal Counsel Dean Manuel Quibod, Assistant Dean Jazzie Sarona-Lozare, Judge Maria Eloisa Maglana, and other faculty and staff of AdDU Law.  The AdDU College of Law emerged with the highest passing rate in the 2019 bar exams after registering an 88.64% overall passing rate, with 39 of its graduates passing the bar exams out of 44 takers. The College also marked a passing rate of 91.67% for first-time takers, with 33 passers out of 36 takers.  

SGV tabulates virtual Miss Philippines Earth pageant  RDD during the online tabulation  SGV was the official tabulator of the Miss Philippines Earth 2020 pageant aired on national television last 5 July. Celebrating its 20th year, Miss Earth is an international environmental beauty pageant where candidates and winners advocate environmental preservation and protection. The pageant also aims to promote local tourist destinations. Miss Philippines Earth 2020 is the first local pageant to hold finals after the country was placed on community quarantine because of the COVID-19 pandemic.    Miss Philippines Earth 2020 candidates  Strategy and Transactions Partner Ramon D. Dizon (RDD) and Assurance Partner Mariecris Barbaso led the SGV tabulation team who conducted an independent tabulation of scores cast by the judges. Completing the team were Assurance Senior Manager Crystal Aleli Cornell; Senior Associates Angelu Daphne Villanueva, Janella Landicho and Julius Ceasar Mercado; and Associates Arkangela Jerusha Tobes, Jemeca Mislang, Bryan Christopher Torres, Roma Mel Aguila and Reynaldo Angelo Fecundo.  

JMC speaks at IIAP webinar  SGV Consulting Partner and EY ASEAN Consulting Quality Leader Joseph Ian M. Canlas (JMC) was one of the panelists at a webinar titled Benefits and Challenges of Continuous Auditing hosted by the Institute of Internal Auditors Philippines (IIAP). Other panelists and participants included risk, compliance and governance professionals in the Philippines.   JMC’s presentation at the IIAP webinar  The webinar covered the benefits and challenges of continuous auditing, its effects on organizations, and its difference from continuous monitoring. Drawing from his experience as an internal audit professional, JMC provided tips and techniques on how companies can implement continuous auditing to positively impact their organizations. He discussed how a technology-driven continuous auditing program can help organizations detect fraud and errors, accomplish compliance with regulatory guidelines and policies, and minimize cost while increasing productivity and effectiveness. He also emphasized the difference between continuous auditing and continuous monitoring as explained in the Global Audit Technology Guide of the Institute of Internal Auditors. Continuous auditing is primarily a method used by auditors while continuous monitoring is overseen by management functions. However, with proper coordination between the two activities, continuous auditing and monitoring can more effectively identify the gaps and weaknesses in risk management and control, and create a more responsive environment.   

Consulting Partners join EY Sri Lanka webinar  SGV Consulting Partners Christiane Say-Mendoza (EY ASEAN Risk Competency Leader) and Ian Canlas (EY ASEAN Consulting Quality Leader) were among the speakers at a webinar titled Building Resilience through Risk Management hosted by EY Sri Lanka. They led the discussion on the areas that companies have focused on during the pandemic and the significant role of internal auditors in working with management throughout the crisis. They also shared insights on the planned initiatives of various internal audit departments aimed to respond to the pandemic’s various challenges.    Speakers at the Building Resilience webinar   Other speakers included EY Sri Lanka Consulting Partner Ranil de Saram and EY ASEAN Cybersecurity Leader Gerry Chng. Ranil presented insights from the Sri Lankan market about the pandemic’s effects on different industries. He also discussed the key areas of concern companies may consider when managing risk. Gerry provided an overview of the pandemic’s effect on cybersecurity.   The organizing team of the EY Sri Lanka webinar  EY Sri Lanka Consulting Principal Brian Goudian moderated the session. Participants included audit committee members, chief financial officers and chief audit executives from various industries and conglomerates in Sri Lanka. 

Consulting holds CAE roundtable sessions  SGV Consulting held a series of virtual roundtable sessions titled Maintaining Trust through COVID-19 for selected Chief Audit Executives (CAEs) and Internal Audit (IA) heads. During each session, SGV and CAE participants shared insights on topics related to how organizations and their IA departments have responded to the pandemic across three dimensions: Now: Managing the Crisis, Next: Restarting the Business, and Beyond: Building Resilience for the Next Crisis.   SGV Chief Risk Officer, Consulting Markets Leader, and EY ASEAN Regional Risk Management Leader Leonardo J. Matignas Jr. (LJM) and EY ASEAN Risk Competency Leader and SGV Consulting Partner Christiane Say-Mendoza discussed the challenges that organizations are facing due to the pandemic, their responses, and the areas of focus during crisis management. LJM mentioned how some CAEs reached out to him for leading practices and business playbooks to address the situation. The speakers also shared insights on how IA professionals and their organizations are responding to the challenges of working under the new normal, a time when community quarantines are imposed, and operations are disrupted.    Speakers at the CAE roundtable session and the Consulting organizing team  SGV Business Consulting Leader Ryan Chua discussed how organizations are managing their operations with the gradual lifting of community quarantine measures. He also provided insights on the expected challenges and potential new areas of focus that organizations may consider as they restart their businesses and the ongoing and planned initiatives of IA to address emerging risks.   EY ASEAN Consulting Quality Leader and SGV Consulting Partner Ian Canlas discussed building resilience for the next crisis. He talked about the future of IA operations after the COVID-19 disruption, how companies are coping with the new normal and maximizing the use of technology.   The participants were also given the chance to share their own experiences and ask questions throughout the session. Over 30 CAEs from local and international companies participated in the roundtable sessions, including members from the banking, power and utilities, insurance, and manufacturing industries, among others. 

CCaSS organizes EHS and ERM webinar  SGV’s Climate Change and Sustainability Services (CCaSS) team conducted a webinar on COVID-19 Environment, Health & Safety (EHS) and Enterprise Risk Management (ERM) considerations last 25 June. SGV Chairman and Country Managing Partner Wilson Tan welcomed over 350 participants from the real estate, hospitality, construction, power and utilities, consumer products, retail, and banking industries. Vice Chair and Deputy Managing Partner Vivian Ruiz provided an overview of the webinar’s main agenda and points of discussion.  Speakers at the CCaSS webinar  CCaSS Senior Director Katrina Francisco began the session with an overview of the community quarantine measures implemented in the country. FAAS and CCaSS Partner Benjamin N. Villacorte (BNV) discussed the EHS considerations, key regulatory responses for EHS, and the EY EHS Maturity Model. SGV Consulting Partner and EY ASEAN Consulting Quality Leader Joseph Ian M. Canlas (JMC) spoke on ERM and its related sustainability risk considerations. He also emphasized the value of a well-designed ERM function in sustainability risk management.   BNV, JMC and Ms. Francisco then led an open forum where they discussed how companies can develop and sustain their EHS practices and how sustainability risks can be considered in a company’s ERM across three dimensions: now, next and beyond. They explained that companies should assess and address the pandemic’s immediate problems; explore the possible changes to the company’s EHS and ERM strategies and processes; and prepare for future crises by prioritizing areas that boost business resilience.    The SGV CCaSS team supports organizations as they develop and implement their climate risk and sustainability strategies. The team’s services cover sustainability and supply chain advisory, non-financial and sustainability reporting advisory and assurance, EHS, sustainable finance, and climate change risk analysis and advisory. 

TFM presents at PICPA Conference  Tax Partner Thyrza F. Marbas (TFM) was one of the speakers at the Philippine Institute of Certified Public Accountants (PICPA) Southern Mindanao Chapter’s 3rd Regional Conference on 26 June. She led a virtual briefing on managing tax assessments during the COVID-19 pandemic.   TFM’s presentation at the PICPA Southern Mindanao Chapter’s 3rd Regional Conference  TFM discussed the latest tax updates and developments in response to the pandemic. She explained how the crisis can impact business tax assessments and tax functions. She also spoke on the measures and leading practices that organizations can implement to protect their businesses. 

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  

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!