July 2024

SGV, led and represented by Chairman and Country Managing Partner Wilson P. Tan, and Mayors for Good Governance (M4GG), represented by Mayor Benjamin Magalong, signed a Memorandum of Agreement (MOA) on 4 July 2024 for SGV to provide good-governance training and seminars to M4GG mayors. The MOA signing took place at the Baguio Country Club in Baguio City.  SGV Vice Chair and Deputy Managing Partner Vivian C. Ruiz, Mayor Benjamin Magalong, SGV Chairman and Country Managing Partner Wilson P. Tan, and SGV Consulting Leader Rossana A. Fajardo at the MOA signing SGV Vice Chair and Deputy Managing Partner Vivian C. Ruiz and SGV Consulting Leader Rossana A. Fajardo served as witnesses. SGV Partners and Principals Joseph Ian M. Canlas, Manolito R. Elle, Marie Stephanie C. Tan-Hamed, Atty. Alden C. Labaguis, Clairma T. Mangangey, and Christiane Joymiel Say-Mendoza lent their support to facilitate the collaboration with M4GG. SGV, driven by its purpose of nurturing leaders and enabling organizations for a better Philippines took on this initiative with M4GG as part of its commitment to actively participate in nation-building and to improve the delivery of services to the community.  M4GG is a network of local chief executives committed to fighting corruption and championing transparent, innovative, and accountable governance. The M4GG movement has seven convenors and is supported by 182 mayors across the Philippines.

SGV Partners attended the official launch of the Sustainable Enterprise Collaboration Network (eSECnature) Campaign on 15 July 2024 at the Securities and Exchange Commission (SEC) Headquarters in Makati City. (From left to right) SGV Sustainability Services Partner Katrina F. Francisco, SGV Chairman and Managing Partner and FSRSC Chairman Wilson P. Tan, SEC Chairperson and CEO Emilio Aquino along with his wife Brenda Aquino, SGV Sustainability Services Lead Partner and PSRC Chairman Benjamin N. Villacorte, and SGV Sustainability Services Principal Bonar A. Laureto SGV Chairman and Managing Partner and Financial and Sustainability Reporting Standards Council (FSRSC) Chairman Wilson P. Tan, SGV Sustainability Services Lead Partner and Philippine Sustainability Reporting Committee (PSRC) Chairman Benjamin N. Villacorte, SGV Sustainability Services Partner Katrina F. Francisco, and SGV Sustainability Services Principal Bonar A. Laureto were present at the official launch.  The SEC inaugurated the eSECnature Campaign during the SEC Sustainability Week. The campaign aims to connect corporations, government organizations, and civil society organizations to promote and expedite the country's progress toward achieving the Sustainable Development Goals (SDGs).

SGV collaborated with international entrepreneurship leaders at the annual Youth Co:Lab Summit in Manila, aimed at nurturing inclusive youth entrepreneurship. The summit's theme this year underscored the crucial role young entrepreneurs play in driving sustainable innovation and extending their reach to underserved communities, while advocating for a just and inclusive green economy. Youth Co:Lab hosts welcome summit participants The two-day summit held from 26 to 28 June at the Asian Development Bank featured a series of key activities including a session on embracing setbacks as opportunities for innovation, a mentorship initiative addressing critical challenges, and a forum for providing constructive feedback to more than a dozen youth-led startups. SGV Partners, Principals, and Managers worked with leaders and representatives from Citi Bank, Citi Foundation, and the Asian Development Bank, offering their insights to support purpose-driven entrepreneurs. They also encouraged fostering inclusive entrepreneurship and actualizing the principles of EY Ripples and Diversity, Equity, and Inclusion (DEI). Partners and Principals who were present at the event were Kristopher S. Catalan, Janeth T. Nuñez-Javier, Christian G. Lauron, Smith C. Lim, Francis J. Ricamora, Christine G. Vallejo, and Leomar G. Velez. Managers Joaquin Mikhail A. Afable, Paul John B. Gesta, Reah D. Gordo, Ruben D. Simon Jr., Kim Lemuel F. Velasco, and Von Zierwin M. Villanueva were also present.  The summit convened a diverse group of over 300 youth entrepreneurs, government officials, Entrepreneurship Support Organizations (ESOs), corporations, impact investors, and community organizations from the Asia Pacific region, all committed to shaping a just and sustainable future.

SGV, in collaboration with the Nordic Chamber of Commerce (NordCham), conducted a seminar on 18 June 2024 entitled "Tax Changes in the Philippines: Understanding RMC 5-2024 and the Impact of EOPT." The seminar aimed to update stakeholders on the latest tax regulations and compliance requirements. SGV Tax Principal Atty. Victor de Dios, Tax Partner Atty. Deonah Marco-Go, and Tax Principal Atty. Donna Frances Ylade-Torres during the Q&A session SGV Tax Partner Atty. Deonah Marco-Go and SGV Tax Principals Atty. Victor de Dios and Atty. Donna Frances Ylade-Torres served as resource speakers. Atty. Deonah initiated the session with an in-depth discussion on the recently issued RMC 05-2024, which further clarifies the proper tax treatment of cross-border services following the Supreme Court En Banc Decision in Aces Philippines Cellular Satellite Corp. v. the Commissioner of Internal Revenue. She highlighted the significance of the memorandum and its potential effects on business stakeholders. Atty. Donna discusses simplifying tax payment procedures The seminar's second segment addressed best practices and tax compliance under the newly implemented Ease of Paying Taxes (EOPT) Law. Atty. Donna explained the streamlined tax payment process for individuals and businesses. Atty. Vic concluded the seminar by sharing his knowledge on customs audits and related Bureau of Customs (BOC) regulatory compliance. The event wrapped up with a panel Q&A session, allowing attendees to seek further clarification on various tax matters from the speakers.

SGV Assurance Partner and Philippine EY Private Leader Kristopher S. Catalan, along with Assurance Managers Arvin C. Bartolome and Krys Joanne J. Adison, participated in Holy Angel University’s (HAU’s) 9th Program Advisory Council Meeting held at the University’s PGN Building on 11 June 2024.  SGV Assurance Partner and Philippine EY Private Leader Kristopher S. Catalan (center) at the 9th Program Advisory Council Meeting Centered on the theme "Future-Proofing Education: Navigating Sustainability and Flexibility in the Business Environment," the meeting focused on closing the gap between the competencies and skills taught in universities and those needed in the real world. HAU alumni and business representatives offered insights and recommendations for enhancing HAU's curriculum for the upcoming academic year. As an HAU alumnus, Kristopher represented SGV at the meeting, where he discussed the importance of initiating real-world competencies and skills at the university level. He highlighted the influence of an organization's sustainability goals on its business objectives and proposed ways for HAU and other institutions to address this gap. Kristopher also stressed the importance of instilling entrepreneurial values early on, noting the Philippines' need for entrepreneurs to fuel economic growth. Other participants contributed feedback for refining the current courses, with a particular emphasis on student mental health and the core and soft skills required to navigate workplace disruptions.

Members of SGV’s Sustainability Services team recently participated in the American Chamber of Commerce of the Philippines, Inc. (AmCham) Business Leadership Program (BLP) 2024.  Senior Director Crystal Aleli R. Cornell (left) during the question-and-answer portion SGV Sustainability Services Lead Partner Benjamin N. Villacorte opened the session by introducing SGV’s Climate Change and Sustainability Services (CCaSS) to the participants. He discussed his journey in the sustainability space, highlighted the multi-disciplinary nature of the field, and emphasized its importance for businesses today and in the future. SGV Sustainability team with AmCham BLP participants Senior Director Crystal Aleli R. Cornell discussed the new era of sustainability reporting. She talked about the concept of sustainability and its importance in helping companies in creating long-term value. She also discussed the latest developments in sustainability reporting, particularly the International Financial Reporting Standards (IFRS) Sustainability Disclosure Standards and the Revised SEC Sustainability Reporting Guidelines. Associate Director Jamaica N. Pangasinan talked about climate change, climate risk and scenario analysis. She provided an overview of the science behind climate change and its impact on the Philippines. She also underscored the importance of having a stable climate in sustaining the Philippine economy. The Sustainability team members shared their insights during the interactive question-and-answer portion with the participants. Benjamin concluded the session by thanking the participants for being proactive and enthusiastic during the session and for being part of a new generation of future climate-literate leaders who recognize the importance of sustainable development for the country. AmCham’s BLP is an annual program that provides opportunities for college students to engage with CEOs and leaders of AmCham member companies through a series of leadership talks, corporate visits, and networking events.

SGV Partners and Managers joined the 2024 Philippine Institute of Certified Public Accountants (PICPA) Metro Manila Region (MMR) Geographical Area Office (GAO) Tax Conference with the theme “Adapting to Change: Navigating Economic Shifts and Tax Reforms and Developments in 2024.” The event was held on 25 June 2024 at the Century Park Hotel Grand Ballroom in Malate, Manila. Around 300 participants attended the event. Tax Conference Co-Chair Meynard Sardalla, PICPA MMR Chair and GAO Regional Director Sonia D. Segovia, SGV Alumni Partner Gerry B. Sanvictores, Tax Conference Committee Chair Maricris U. See, PICPA SMMC President Aileen L. Saringan, and Tax Conference Committee Member Earvin Darren Lee PICPA MMR Chair and GAO Regional Director Sonia D. Segovia and Tax Conference Committee Chair Maricris U. See led the PICPA MMR GAO team. Tax Senior Directors Meynard Sardalla and Earvin Darren Lee served as Co-Chair and Committee Member, respectively. Meynard and Earvin also served as the Masters of Ceremonies during the event. Atty. Deonah discusses cross-border transactions and transfer pricing audit Tax Partner Atty. Deonah L. Marco-Go discussed the transfer pricing rules and regulations in the Philippines, and how they compare to global transfer pricing trends. BIR Commissioner Hon. Romeo “Jun” Lumagui Jr. delivers his keynote speech Bureau of Internal Revenue (BIR) Commissioner Romeo “Jun” Lumagui Jr. delivered his keynote speech on the BIR’s achievements, ongoing programs, and plans, which aim to promote better taxpayer services and better growth and collections. Panel discussion on handling tax issues, EOPT, cross-border transactions, transfer pricing audit and tax on digital economy with Tax Conference Committee Chair Maricris U. See (right) as panelist (Photos courtesy of PICPA) The session concluded with a roundtable discussion joined by Maricris. Questions and clarifications on the topics discussed and other tax-related queries from the audience were addressed. PICPA Southern Metro Manila Chapter (SMMC) President Aileen L. Saringan, PICPA Western Metro Manila Chapter (WMMC) President Peter John R. Ventura, and PICPA MMR GAO Council Treasurer Francis Ricamora introduced some of the speakers. SGV Tax Partner Frances Rose J. Villamayor was also in attendance.

SGV Chairman and Managing Partner Wilson P. Tan, SGV Sustainability Services Partner and Philippine Sustainability Reporting Committee (PSRC) Chair Benjamin N. Villacorte, and SGV Consulting Partner Allan W. Ocho joined the 31st Accounting Teachers Conference organized by the National Association of CPAs in Education (nACPAE). The event was held from 13 to 15 June 2024 at the University of Santo Tomas. SGV Chairman and Managing Partner Wilson P. Tan (second from right) receives plaque of appreciation Wilson engaged with accounting educators and industry representatives as a reactor in the Kapihan Session. He provided insights on the sustainability of accounting education, in relation to UST-AMV College of Accountancy Dean Patricia M. Empleo's presentation. SGV Sustainability Services Partner and PSRC Chair Benjamin N. Villacorte (center) receives plaque of appreciation Wilson also discussed reviving the attractiveness of the accounting practice, emphasizing SGV's role in providing diverse opportunities within the profession, including tax and consulting services, and focusing on culture, continuous learning, and innovation. SGV Consulting Partner Allan W. Ocho (center) receives plaque of appreciation He also highlighted the importance of collaboration with the academe, enhancing the accounting curriculum with current issues like sustainability and cybersecurity, and upgrading the profession's image to attract future talent. The session aimed to redefine the roles of accounting teachers in sustaining the profession beyond the CPA licensure examinations. Benjamin and Allan served as resource speakers for the technical sessions titled "Preparing Accounting Teachers for Sustainability Reporting in the Philippines" and "AI and Professional Accountants: Is AI Coming for Your Job?" respectively.

SGV Financial Services Organization (FSO) Financial Crime Risk Management (FinCrime) and Anti-Money Laundering (AML) Associate Alech Nicole C. Margallo is now a Certified Audit and Investigations Professional (CAIP), Certified Anti-Financial Crime Professional (CFCP), and Certified Money Laundering Prevention Professional (CMLP).  SGV FSO FinCrime–AML Associate Alech Nicole C. Margallo, CAIP, CFCP, CMLP Alech completed a series of courses and modules and passed the respective online examinations for CAIP, CFCP, and CMLP. She was certified by the Financial Crime Academy, an external online education provider for the global anti-financial crime community. The CAIP certification qualifies professionals to conduct thorough investigations into corporate misconduct. The CFCP certification provides understanding of financial crime prevention frameworks. The CMLP certification focuses on combating money laundering and terrorist financing. Alech quotes Paulo Coelho, saying that impossible is just an opinion. She believes that success is attainable when we believe it is possible.  Congratulations, Alech!

SGV Forensic & Integrity Services (FIS) Associate Nikka Andrea G. Bagaporo passed the Certified Fraud Examiner (CFE) exam. She successfully completed the four key sections of the exam: Investigation, Financial Transactions & Fraud Schemes, Fraud Prevention & Deterrence, and Law.  SGV FIS AssociateNikka Andrea G. Bagaporo, CFE Recognized globally, the Certified Fraud Examiner credential denotes proven expertise in fraud prevention, detection, and deterrence. CFEs are trained to identify the warning signs of fraud and fraud risk, helping to protect the global economy by uncovering fraud and implementing processes to prevent fraud from occurring in the first place. CFEs combine knowledge of complex financial transactions with an understanding of investigative techniques, law, and how to resolve allegations of fraud. The CFE exam is administered by the Association of Certified Fraud Examiners (ACFE) - the world's largest anti-fraud organization and premier provider of anti-fraud training and education. Congratulations, Drea!