June 2022

Climate Change and Sustainability Services (CCaSS) Senior Director Crystal Aleli R. Cornell and Senior Associate Rosheena E. Borlaza passed the 2022 Sustainability and Climate Risk (SCR®) certification exam administered by the Global Association of Risk Professionals (GARP). GARP Certified SCR professionals Crystal Cornell and Sheena Borlaza The GARP SCR certification formally recognizes their proficiency in the following subject matters: Foundations of Climate Change; Sustainability; Climate Change Risk; Sustainability and Climate Policy, Culture, and Governance; Green and Sustainable Finance: Markets and Instruments; Climate Risk Measurement and Management; and Climate Models and Scenario Analysis. Crystal and Sheena also gained valuable knowledge on climate risk leadership throughout the certification process.  As newly certified SCR professionals, they believe that their certification will help them add more value to the Firm’s climate change and sustainability initiatives and engagements. They also believe that this will open more avenues in their respective careers.  Crystal and Sheena credit their achievement to their CCaSS teammates and executives who provided invaluable support throughout the certification process.  Congratulations, Crystal and Sheena!
SGV Tax Leader Fabian K. Delos Santos (FKS) and Tax Partner Josenilo G. Mendoza (JGM) joined the 27th Annual General Membership Meeting of the Korean Chamber of Commerce Philippines, Inc. (KCCP). FKS shared updates on new economic legislation while JGM discussed recent tax developments. The virtual meeting was held on 28 April 2022. FKS shares updates on Philippine Economic Legislation FKS talked about three major economic liberalization measures that have been passed over the last six months. He discussed the enactments and amendments to the Foreign Investment Act, the Retail Trade Liberalization Act, and the Public Service Act. He added that amendments to these laws were described by the government as “game-changing reforms” and were expected to stimulate and prime the economy, promote competition in business, enhance the ease of doing business in the Philippines, and generate more jobs.  JGM talks about tax updates JGM discussed some of the latest Bureau of Internal Revenue (BIR) issuances, regulations, and memorandum circulars relevant to the members of the KCCP. Among the topics he covered were the Non-Imposition of Surcharge on Amended Tax Returns, Deadline of Submission of Attachments to the 2021 Annual Income Tax Return, Guidelines on the Submission of Certificate of Entitlement to Tax Incentives (CETI), and Clarifying Issues Relative to RR No. 21-2021 Implementing the Amendments to the VAT Zero-Rating Provisions. Assurance Partner Alvin M. Pinpin (AMP) also attended the meeting.  Tax Senior Managers Zorayda H. Panumpang and Atty. Anne Margaret E. Momongan and Senior Associate Franchezka Bhea Belarmino assisted the Partners during the event. The Annual General Membership Meeting was also conducted to thank the outgoing President of the KCCP, Mr. Ho Ik Lee, for his seven years of leadership and service, and welcome the incoming President, Mr. Hyun Chong Um.
SGV Tax Partner Hentje Leo L. Leaño (LLL) was one of the resource speakers during the 4th Regional Conference for Commerce & Industry: E-Commerce Taxation (Day 1) organized by the Philippine Institute of Certified Public Accountants (PICPA) Luzon Geographical Area Office (LGAO) on 21 May 2022.  LLL during the Q&A session LLL provided a timely and comprehensive discussion on e-commerce-related tax issuances. He focused on the tax rules applicable to entities engaged in e-commerce and the correct tax treatment of their transactions. He also discussed the proposed House Bill on the tax treatment of digital transactions and the registration and tax treatment of social media influencers and certain persons engaged in land transportation businesses. The 2022 LGAO Conference was hosted by the PICPA Northern Luzon Chapters. About 147 PICPA members and participants attended the virtual conference.
Climate Change and Sustainability Services (CCaSS) Partner Benjamin N. Villacorte (BNV) was one of the resource speakers in the Business Continuity Awareness Webinar hosted by the University of the Philippines Institute for Small-Scale Industries (UP ISSI) in cooperation with the Business Continuity Managers Association of the Philippines (BCMAP) on 16 May 2022. BNV talks about sustainability for MSMEs BNV talked about creating long-term value with sustainability for micro, small, and medium-sized enterprises (MSMEs). He highlighted the role and importance of these businesses in achieving sustainability and how sustainability can be integrated into their operations. He also discussed the necessary steps to further engage MSMEs to participate in sustainability and climate change adaptation. Other resource speakers covered topics on the status of business continuity planning awareness of Philippine MSMEs and technical guidance on comprehensive risk assessment and planning in the context of climate change. After their respective discussions, the speakers facilitated an open forum for the participants. The webinar was organized to raise awareness on business continuity planning, disaster risk reduction, and climate risk for resilience-building and sustainable recovery of Philippine MSMEs.