March 2022

With the longstanding relationship of SGV Founder Mr. Washington SyCip and Dr. Lucio Tan through SGV and the University of the East (UE) and their belief in continuous learning for the Filipino people, the SGV Foundation (SGVF) and UE signed a Memorandum of Agreement (MOA) to grant scholarships for qualified students of the College of Business Administration (CBA). The virtual MOA signing was held on 4 March 2022. SGVF and UE virtual MOA signing The SGV grant will benefit qualified 3rd year (junior) and 4th year (senior) students of the UE CBA from Academic Year/s 2021-2022 to 2025-2026. SGVF Chairman and President Wilson P. Tan, SGVF Vice President Martin C. Guantes, SGVF Trustee Maria Vivian C. Ruiz, SGVF Executive Director Maria Regina O. Maldonado, UE President Dr. Ester Albano-Garcia, and UE CBA Dean Veronica Elizalde attended the virtual MOA signing. WPT is also an alumnus of the UE.

SGV Chairman and Country Managing Partner Wilson P. Tan (WPT), who is a distinguished alumnus of the University of the East (UE), was the commencement speaker at the 23rd UE midyear commencement rites held on 12 March 2022.  23rd UE midyear commencement rites poster The joint virtual UE midyear commencement rites of the University’s Manila and Caloocan campuses was livestreamed via the UE YouTube channel. WPT shared an inspirational message to the Summer 2021 and First Semester, SY 2021-2022 UE graduates and congratulated them on their new milestone. He also thanked his mentors and the University for imparting values of integrity, excellence, professionalism, and teamwork to him in his college years. During the University’s 75th Foundation Anniversary celebration in the previous year, WPT was also recognized as one of UE’s Most Outstanding Alumni for his noteworthy achievements and contributions in the Philippine accounting and business landscape. He graduated summa cum laude from the University with a Bachelor of Science in Business Administration, major in Accounting in 1987 and ranked 12th in the Certified Public Accountant (CPA) Board Examinations in the same year.

SGV Chief Risk Officer Lucy L. Chan (LLC), Assurance Partner Cyril Jasmin B. Valencia (CBV) and Consulting Partner Warren R. Bituin (WRB) were inducted as members of the Financial Executives Institute of the Philippines (FINEX) during separate General Membership Meetings (GMMs) held in February and March 2022.  Induction of 2022 FINEX members LLC was inducted during the 2nd GMM with the theme “Capital Market Reforms Towards a Deeper, Inclusive and Sustainable Philippine Capital Market” held on 22 February 2022, while CBV and WRB were inducted during the 3rd GMM with the theme “Inang Bayan: The Importance of a Responsible Electorate in a Democracy” held on 16 March 2022. The events were livestreamed on FINEX’s YouTube channel and Facebook page. LLC, CBV, and WRB were sworn into office by 2022 FINEX President Michael Arcatomy H. Guarin.  FINEX is the country’s premier organization of finance professionals composed of almost 700 executives, including CEOs and CFOs of the country’s top corporations, academic institutions, and small and medium-sized enterprises (SMEs).

SGV Davao Partner-In-Charge Jose Raoul J. Balisalisa (JJB), Global Compliance & Reporting (GCR) Partner Hentje Leo L. Leaño (LLL), and Private Tax Partner Thyrza F. Marbas (TFM) were featured in the "Mindanao Talks 2022: Updates on Tax and BIR Audit" webinar organized by the European Chamber of Commerce of the Philippines (ECCP) in collaboration with SGV & Co. on 24 February 2022. JJB moderated the event while LLL and TFM served as resource speakers. LLL provided an in-depth discussion on BIR Rulings, while TFM shared updates on BIR audits. TFM, LLL, and JJB during the Mindanao Talks 2022 webinar The webinar was conducted to disseminate information regarding tax and BIR audit updates and provide an outlook on their impact on the economy's growth. The event was attended by more than 60 participants from different industries nationwide.

Financial Accounting Advisory Services (FAAS) and Climate Change and Sustainability Services (CCaSS) Partner Benjamin N. Villacorte (BNV) was one of the keynote speakers in The American Chamber of Commerce of the Philippines Inc. - Financial Services, Taxes & Tariffs (AmCham Philippines FSTT) and Sustainability Committees’ virtual joint discussion entitled "Finding Ways to Navigate ESG and the SDGs" held on 8 February 2022.  BNV talks about sustainability BNV shared his insights on sustainable development goals (SDGs) and why the private sector should care about sustainability. He also discussed matters related to the global and local sustainability reporting landscape. He concluded his talk with SGV/EY’s sustainability journey and initiatives aligned to SDGs. AmCham Philippines serves the interests of Philippine and American businesses through the participation of members in promoting their long-term objectives while contributing to the civic and economic development of the Philippines.

Financial Accounting Advisory Services (FAAS) and Climate Change and Sustainability Services (CCaSS) Partner Benjamin N. Villacorte (BNV) was one of the resource speakers in the [B]Next: Environment & Sustainability webinar series #3 (Responsible Industries) organized by the Philippine Institute of Chemical Engineers (PIChE) – Batangas Chapter on 5 March 2022. BNV receiving a certificate and token of appreciation BNV discussed the sustainability reporting landscape in the Philippines and the future of sustainability reporting aligned with the roles of chemical engineers and related professionals in addressing Environmental, Social, and Governance (ESG) risks and impacts. The webinar was anchored on the theme “Capacitating and Empowering Next Generation Engineers in Catalyzing a Sustainable Future” and was attended by chemical engineers, pollution control officers, and other professionals in related fields of specialization.

SGV Davao was one of the awardees during the Pasidungog: Garbo sa Davao 2022 in the Business Development category from the City Government of Davao. The virtual awarding ceremony and celebration of the City’s 85th founding anniversary was held on 1 March 2022.  JJB and SAB accepting the award for SGV Davao SGV Davao Partners Jose Raoul J. Balisalisa (JJB) and Saha A. Bulagsak (SAB) accepted the award. The Pasidungog: Garbo sa Davao 2022 in Business Development is given to private individuals, companies, and organizations to honor their efforts and contributions to the City’s various programs, initiatives, and accomplishments in business development and entrepreneurship. Congratulations, SGV Davao team!

SGV Chairman and Country Managing Partner Wilson P. Tan (WPT) was sworn into office as Chairman of the Financial Reporting Standards Council (FRSC) during the virtual FRSC Special meeting held on 16 February 2022. The oath-taking was administered by Board of Accountancy (BOA) Chairman Noe G. Quiñanola and was attended by other members of the FRSC.  WPT at FRSC oath-taking In his acceptance speech, WPT thanked the BOA and Assurance Partner Josephine Adrienne A. Abarca (JAA) who served as FRSC Chairman for four years. JAA was also presented with a plaque of appreciation during the event for her invaluable service to the council. She served the FRSC for 10 years. Meanwhile, Cyril Valencia (CBV), SGV’s Real Estate Sector Leader and a Group Assurance Leader, will now represent the Firm in the Philippine Interpretations Committee (PIC).  Cyril has been involved in the PIC for the past four years. The FRSC primarily establishes and promulgates generally accepted accounting principles (GAAP) in the Philippines based on International Financial Reporting Standards (IFRS). Its Chairman and members are appointed by the BOA. The PIC is the technical body that supports the FRSC through the timely issuance of interpretative guidance on implementation of complex IFRS matters. Congratulations, WPT and CBV!

SGV held its first virtual AfterBar event to congratulate 2022 Bar Exam takers and invite those interested in exploring a career at SGV. The event was attended by SGVean underbars and 203 external underbar participants on 16 February 2022. SGV Leaders and 2022 Bar Exam takers The participants were accommodated via a microsite developed for the event and were asked to join plenary and breakout sessions. They were given the opportunity to virtually meet the Firm’s Leaders and share their Bar Exam experiences. Breakout sessions were facilitated by Tax Advisory Partners, Principals, Directors, and Managers who expressed their support to the underbars. Participants were also encouraged to join the Firm. Recruitment inquiries were entertained by the Talent team.  Chairman and Country Managing Partner Wilson P. Tan (WPT) and Vice Chair and Deputy Managing Partner Vivian C. Ruiz (VCR) gave welcome remarks, while Tax Services Leader and Partner Fabian K. Delos Santos (FKS) spoke on the role of Tax in nation-building and the Firm’s Tax Practice vision, and Indirect Tax - Customs and Global Trade Principal Victor C. de Dios (VCD) provided an in-depth discussion on SGV’s Tax practice and other services.  Tax Advisory brochures, Service Line videos of Private Tax Principal Jules E. Riego (JER), Indirect Tax Principal Lucil Q. Vicerra (LQV), and International Tax and Transaction Services (ITTS) Principal Romulo S. Danao, Jr. (RSD), and testimonials from ITTS Principal Atty. Betheena C. Dizon (BCD), Business Tax Advisory (BTA) Senior Atty. Verlin A. Entena, and ITTS Senior Manager Atty. Almyrrh Krista “Mira” Ramirez-Uy were also made available to the participants via the microsite. The event was organized by Tax Senior Director Gecel Codera-Ong, Administrative and Workplace Services (AWS) Associate Aisha Bakhit, Talent Assistant Director Julie Ann Rubia, Talent Associate Jazmine Bethany Lo, Talent Associate Director Paula Bianca Gascon, and Talent Supervising Associate Michelle Erica Ong. 

SGV Tax Team members participated in the Philippine Institute of Certified Public Accountants (PICPA) Metro Manila Region (MMR) and Metro Manila Geographical Area Office (GAO) Tax Summit held on 23 and 24 February 2022 with the theme “The Philippine Political, Economic and Tax Settings Now and Beyond 2022 Elections”.  SDS, MAA, MUS, and Meynard at the Tax Summit SGV Global Compliance & Reporting (GCR) Leader and Chair of the Tax Summit Organizing Committee Sonia D. Segovia (SDS) formally kicked off the event. SGV Tax Partners Atty. Margaux A. Advincula (MAA) and Maricris U. See (MUS) served as the panelists during the Q&A portion entitled “Priority Programs of BIR 2022 and Beyond.” MAA also moderated the “Local Fiscal Policy Developments” session while MUS hosted the “Insights on the Political/Economic Scene in the Philippines and What to Expect in the 2022 Elections” session. Meanwhile, GCR Senior Director Meynard L. Sardalla hosted the session on the Digital Tax Road Map of the BIR and BIR Tax Updates. The guest speakers during the Tax Summit were Bureau of Internal Revenue (BIR) Deputy Commissioner Arnel SD. Guballa, BIR Director Marivic A. Galban, BIR Assistant Commissioner Ma. Luisa L. Belen, Bureau of Local Government Finance (BLGF) Director Brenda L. Miranda and Prof. Victor Andres C. Manhit.  Business Tax Advisory (BTA) Partner Atty. Cherry Liez O. Rafal-Roble and BTA Senior Associate Atty. Verlin A. Entena were part of the Tax Summit Organizing Committee.