July 2021

On 30 June, SGV held the WS Centennial Celebration to mark the 100th birth anniversary of SGV Founder, Mr. Washington SyCip (WS). SGV Chairman and Country Managing Partner (CMP) Wilson P. Tan (WPT) delivered the opening remarks and welcomed guests, clients and Alumni Partners to the virtual celebration. The event premiered the Washington SyCip Purpose video that reflects on how Mr. SyCip’s journey has positively influenced generations of SGVeans. Prominent industry leaders and close friends of Mr. SyCip then shared personal stories about him, recounting the vital roles he played in their lives. WPT at the WS Centennial CelebrationSGV also prepared several special tokens to honor Mr. SyCip. The Firm unveiled a commemorative marker at the SGV Building I lobby as a tribute to his accomplishments. Available on Spotify, a podcast episode on his early life was produced in collaboration with Pumapodcast. The podcast includes interviews with former SGV CMP Carlos R. Alindada and Mr. SyCip’s biographer, Butch Dalisay. A revamped WS website found at www.washingtonsycip.org was also launched. Furthermore, work is underway on the 2nd edition of his 2009 biography titled Wash: Only a Bookkeeper in print and ebook formats to include a new chapter that focuses on his life from 2009 to 2017. SGV Leaders Vivian Ruiz, Martin Guantes and Noel Rabaja during the unveiling of the WS100 commemorative markerOther noteworthy initiatives presented during the Centennial event include educational programs in collaboration with the Synergeia and WS Family Foundations, tree-planting programs in cooperation with the Philippine Business for Social Progress to be deployed over 100 hectares of depleted land in Marikina and Cebu, and the Owlchievers Program which will recognize 100 outstanding students who embody Mr. SyCip’s values of integrity, excellence, professionalism, discipline and love for the country and the community. The celebration also featured renowned soloist, Rachelle Gerodias who performed some of Mr. SyCip’s favorite songs. The Orchestra of the Filipino Youth of Ang Misyon, led by Gerard Salonga, also paid tribute to Mr. SyCip with a medley of OPM songs. Ms. Vicky at the WS Centennial CelebrationTo close the centennial event Vicky SyCip-Herrera, Mr. SyCip’s daughter, shared a message on behalf of the SyCip family. The day also marked the culmination of the Washington SyCip: 100 days to 100 years posts on social media. Launched on 23 March, the countdown featured the accomplishments, personal milestones and inspirational quotations of Mr. SyCip. 

The Philippine American Chamber of Commerce, Inc. (PACC), in cooperation with the Philippine Consulate General in New York and the Philippine Department of Trade and Industry (DTI), conducted the second and third sessions of the webinar series on Philippine investment opportunities and tax developments. Tax Partner Margaux A. Advincula (MAA), Tax Principal Betheena C. Dizon (BCD), and Philippine Tax Desk Senior Manager Michelle Arias participated in the sessions titled Corporate Tax and Incentives under CREATE Act and Individual Taxation and Estate Tax Amnesty. Other participants included representatives from the PACC, the Philippine Consulate General in New York, the DTI Philippine Trade and Investment Center (PTIC), and investors to the Philippines. MAA, BCD, and Michelle with other speakers at the webinar’s second sessionPACC President Aureo A. Sales delivered the opening remarks during the second session. Special Trade Representative Nicanor S. Bautista of the PTIC then provided a brief discussion on the economic relations between the Philippines and the United States of America amidst the COVID-19 pandemic. He also presented relevant data on the Philippines’ surging economy and enhanced viability as an investment ground.Afterwards, Michelle discussed the corporate tax and incentives under the Corporate Recovery and Tax Incentives for Enterprises Act (CREATE Act). She explained the Act’s salient features, particularly the adjustments in corporate tax and other taxes and the rationalization of fiscal incentives, as well as the enhanced fiscal and non-fiscal incentives provided by Philippine law to prospective investors. BCD and Michelle with other speakers at the webinar’s third sessionThe third session began with opening remarks by PACC Chairman Michael Nierva and Political and Economic Officer of the Philippine Consulate General in New York Ricarte Abejuela III. BCD then led a discussion on the personal income tax regime under the Tax Reform for Acceleration and Inclusion (TRAIN) Law. She also talked about the important principles on estate tax amnesty in the Philippines, including its coverage, immunities and privileges, amnesty period, and exceptions. PACC Executive Director Ledy Almadin was also present. MAA, BCD, Michelle, and Tax Senior Associates Maria Clara Theresa David and Albertson Otchengco were part of the webinars’ local organizing team.

SGV’s Chinese Overseas Investment Network (COIN) team led by Tax Partners Fidela Francisca I. Reyes (FIR) and Maricris U. See (MUS) and Assurance Senior Manager Jonathan T. Bino spoke at a webinar titled Updates in Tax Law (CREATE Law) last 19 June. Hosted by Chiang Kai Shek College (CKSC), the webinar was advertised in at least three major Chinese-language newspapers and was attended by members of the Filipino-Chinese community. FIR, MUS and Jonathan with CKSC officersThe speakers discussed the provisions of the Corporate Recovery and Tax Incentives for Enterprises Act (CREATE Act), including changes in the corporate tax and other tax rates, and other fiscal incentives reforms. The webinar was conducted in Mandarin and English. The session was followed by a discussion between the CKSC team headed by Atty. Chan and the SGV team headed by FIR. Both teams agreed to work closely towards future partnership, including internship programs and future webinars for the Filipino-Chinese community. 

The Junior Philippine Institute of Accountants - Southville International School and Colleges Chapter (JPIA-SISC) recently organized its 8th Business Lecture Series. Accounting students and teachers from 75 schools across the country attended the webinar which was webcast on Facebook Live and moderated by Consulting Associate Ralph Roxas. AWO and Ralph at the webinarConsulting Partner Allan W. Ocho (AWO) led a session titled Future Accountants as Transformational Leaders and focused on how future accountants can lead changes that can contribute to the transformation and betterment of society. He discussed how the role of accountants has evolved through the years. He explained the area of information technology systems audit and emphasized the accountant’s role as a system designer and system auditor. He also presented technology trends that are shaping the future of audit and accounting and how accountants are in the best position to become transformative leaders. Afterwards, he shared his personal experiences in the accounting profession and recounted stories about his journey from an accounting graduate to a Transformation Consultant. He then provided tips on how students can succeed as future members of the workforce.

Tax Partner Margaux A. Advincula (MAA) and Senior Associate John Marti Duya conducted a webinar titled Updates Introduced by the Revised Corporation Code of the Philippines (RCCP) on 11 June. Hosted by the Junior Philippine Institute of Accountants – Holy Angel University (JPIA-HAU), the event discussed the salient provisions of the RCCP to enlighten BS Accountancy student-delegates on the amendments relevant to their corporation law subjects and future board examinations.MAA and Marti presenting at the webinarThe speakers began with an overview of the RCCP, its rationale and amendments, and the processes it underwent before it was signed into law. They then discussed the Code’s salient features and specific provisions. They also presented a comparison of the updated RCCP and the provisions of the Old Corporation Code. The webinar concluded with an open forum where the speakers addressed the participants’ questions.

The Philippine Institute of Certified Public Accountants (PICPA) Davao Chapter hosted the Joint 28th PICPA Mindanao Geographical Area (Min GAO) and 39th Association of Certified Public Accountants in Mindanao (ACPAMIN) Conference last 16-17 June. Nearly 400 CPAs from the academe, government and public sector, and commerce and industry across Mindanao attended the event. BNV and Yna with Assurance Partner and PICPA Davao Chapter President Jose Raoul J. Balisalisa and other officers of PICPA Min GAO and ACPAMINCCaSS Partner Benjamin N. Villacorte (BNV) and Senior Associate Yna Antipala led the Conference’s fourth technical session titled How will Environmental, Social and Governance (ESG) Performance shape your future. They discussed the importance of ESG and non-financial reporting to investors based on the 2020 EY CCaSS Institutional Investor Survey. They provided an overview of global sustainability reporting standards and the materiality principle in sustainability reporting. They then presented the Security and Exchange Commission’s guidelines on sustainability reporting for publicly listed companies and sustainability reporting trends in the Philippines, emphasizing the results of the Beyond the Bottom Line: Sustainability Reporting in the Philippines report. The webinar concluded with a Q&A portion where BNV and Yna addressed the participants’ questions. The webinar’s local organizing team included Assurance Manager Sharmaine Mamaed, Senior Associate Ellaine Lagura and Associate Xavierich Castañeda. 

The Clark Development Corporation (CDC), in cooperation with the Subic-Clark Alliance for Development (SCAD), and the Clark Investors and Locators Association (CILA) conducted a webinar on Republic Act (RA) No. 11534 and the Strategic Investment Priorities Plan last 18 June. The webinar began with an introductory speech by SCAD Executive Director Atty. Carminda Zarraga-Fabros, and opening remarks by CDC President Manuel Gaerlan. SGV Clark and Tax Partner Margaux A. Advincula (MAA) then discussed the salient provisions of the Corporate Recovery and Tax Incentives for Enterprises Act (CREATE Act) and the Act’s amendments on corporate income taxation and the rationalization of fiscal incentives.MAA with CDC President Gaerlan and Director RecolizadoAfterwards, Board of Investments (BOI) Investment Policy and Planning Service Division Chief Director Sandra Marie Recolizado provided an overview of the Strategic Investments and Priorities Plan (SIPP) currently being drafted by the BOI, the lead government agency in charge of the drafting of the SIPP, in coordination with the Fiscal Incentives Review Board and the different investment promotion agencies such as CDC. She also briefly discussed the incentives under the SIPP/interim SIPP.The technical sessions were followed by a Q&A portion where the speakers addressed the participants’ questions. CDC Vice President Rynah Ventura delivered the closing remarks. Over 200 participants from SCAD, CDC and CILA member companies attended the webinar, including CILA Chairman Dr. Irineo Alvaro Jr., and SGV Clark Head and CILA Vice Chair Jose Pepito E. Zabat (JEZ), other CILA Board Members, and CDC and SCAD Officers. The webinar’s organizing team included Tax Senior Associate John Marti Duya.