September 2022

Fifty-eight SGVeans volunteered for the tree-planting activities through the SGV 100 Hectares, 100 Farmers Reforestation Project. Tree-planting activities to kick off the project were held at the Buhisan Watershed Forest Reserve, Brgy. Sapangdaku, Cebu and the Marikina Watershed on 3 and 17 September 2022, respectively. SGV Cebu Partners Margem A. Tagalog and Cheryl Edeline C. Ong and SGV Makati Partner Christine G. Vallejo and Principal Anurag Mishra led the teams. SGV Cebu Partners Margem A. Tagalog and Cheryl Edeline C. Ong with the SGV Cebu volunteers The tree planting initiative is in line with SGV’s sustainability program, and in celebration of the Firm’s 75th anniversary in 2021. The SGV Foundation initiated this reforestation project with the Philippine Business for Social Progress (PBSP), one of the many notable organizations that Mr. Washington SyCip co-founded. SGV Makati Partner Christine G. Vallejo and Principal Anurag Mishra with the SGV Makati volunteers The project involves planting trees in 100 hectares of depleted land in Marikina and Cebu over a period of eight years. The number 100 is significant, since the program was also launched in honor of Mr. SyCip’s 100 years, but even more meaningful is that it will support 100 farmers in the locations to be reforested.  To date, the project is more than halfway through its first year and volunteers were able to plant trees in two hectares of land, one for each tree-planting site. The volunteers were advised to only plant trees in specific areas for safety considerations. They were accompanied by PBSP and Department of Environment and Natural Resources (DENR) personnel at the planting sites to do a perimeter check. More tree-planting activities under the project will be conducted next year.

SGV Tax Principal Ana Katrina C. De Jesus facilitated a webinar entitled Transfer Pricing: Recent Developments on Compliance and Audit hosted by the European Chamber of Commerce of the Philippines (ECCP) on 1 September 2022. More than 180 ECCP members and non-members attended the webinar.  ECCP Transfer Pricing webinar poster Atty. Ana started with an overview of Philippine transfer pricing rules on documentation, audit, and disclosure forms. She discussed the recently issued regulations on Mutual Agreement Procedure Assistance in the Philippines and its relation to transfer pricing. With the heightened scrutiny on transfer pricing audits, Atty. Ana shared how taxpayers can navigate these complex audits.  Tax Associate Director Marie Angelica C. Espiritu moderated the live Q & A session and Tax Senior Director Anne Margaret E. Momongan-Lim assisted in organizing the webinar with ECCP.

SGV International Tax Partner Atty. Margarita D. Mallari-Acaban was a speaker at the Pacific Business Mission to the Philippines investment briefing held at the Philippine Economic Zone Authority (PEZA) office at the DoubleDragon Plaza in Pasay City on 16 August 2022. Atty. Marga at the Pacific Business Mission investment briefing Atty. Marga briefed 20 representatives composed of potential investor corporations from Australia and New Zealand on the services offered by SGV. She explained how the Firm can assist foreign companies with establishing local headquarters as well as complying with local tax, assurance, and advisory requirements. Atty. Marga also joined the panel discussion during the investment briefing. Tax Senior Directors Mira F. Ramirez-Uy and Cecille S. Visto were present during the event to address some of the questions of the participants from the business process outsourcing, engineering, agricultural, and manufacturing industries, among other sectors. The event was jointly sponsored by the Board of Investments (BOI), the PEZA, and the Philippine Trade and Investment Center of the Department of Trade and Industry (DTI).

SGV Tax Partner and Clark Partner-in-Charge Atty. Margaux Advincula joined the Philippines Business Mission 2022 at New Clark City (NCC) held on 18 August 2022. The business mission aimed to bring in more investments and strengthen trade relations among countries, particularly Australia and New Zealand. Atty. Margaux (second from right) with BCDA President and CEO Aileen Zosa, CIAC OIC President and CEO Darwin Cunanan, and TIEZA Manager Donaldo Maldonado The event at the NCC was hosted by the Bases Conversion Development Authority (BCDA) led by President and CEO Aileen Zosa. Also present at the event was Clark Development Corporation (CDC) Chairman Atty. Edgardo Pamintuan, CDC Vice President for Engineering Services Group Dennis C. Legaspi, Clark International Airport Corporation (CIAC) Officer-In-Charge, President and CEO Darwin Cunanan and Tourism Infrastructure and Enterprise Zone Authority (TIEZA) Division Manager Donald Maldonado.  Philippine Ambassador to Australia H.E. Hellen De La Vega and Tourism and Multicultural Affairs Minister Zoe Bettison accompanied Australian and New Zealand delegates. The delegation represented various sectors from renewable energy, manufacturing, mining, tourism, property development, agribusiness, banking and finance, education, and information technology and business process management (IT-BPM). The delegates had the opportunity to network during the luncheon hosted in New Clark City by the BCDA. They also visited the Clark Freeport Zone and Freeport Area of Bataan. The event was jointly organized by the Philippine Trade and Investment Center (PTIC) of Australia/New Zealand, the Philippine Board of Investments, the Export Marketing Bureau, the Philippine Economic Zone Authority (PEZA), the Subic Clark and Alliance for Development Council (SCADC), and the freeport and economic zone authorities in the Subic-Clark-Bataan Corridor.

The Mactan Export and Processing Zone Chamber of Exporters and Manufacturers (MEPZCEM), in partnership with the Association of MEZ Controllers and Accountants (AMCA), had its first face-to-face seminar since the COVID-19 pandemic on 25 August 2022. The seminar, entitled “VAT, how?” was held at the Waterfront Airport Hotel and Casino Mactan Cebu. Members of the SGV Cebu Tax team were key resource speakers for this event. Tax Senior Directors Atty. Karen and Atty. Anne with members of the MEPZCEM and AMCA Tax Senior Director Atty. Karen Mae Calam-Ibanez discussed the recent tax developments related to Value-Added Tax (VAT) brought about by Republic Act No. 15534 or the Corporate Recovery and Tax Incentives for Enterprises (CREATE) Act, and BIR Regulations such as Revenue Memorandum Circular 24-2022. She also discussed the specific guidelines to implement the Strategic Investment Priorities Plan (SIPP).  Tax Senior Director Atty. Anne Margaret Momongan-Lim discussed the recent tax developments applicable to Philippine Economic Zone Authority (PEZA) and Philippine Board of Investments (BOI)-registered companies and the amendments to laws such as the Foreign Investments Act, the Retail Trade Liberalization Act of 2000, and the Public Service Act.  Senior Associates Kara Marie Angela Bagunas and Joseph Santiago Quino were part of the organizing team. The event was attended by approximately 150 individuals from PEZA/BOI-registered companies. 

SGV Davao marked the opening of its new office at the Damosa Diamond Tower, Damosa IT Park in Lanang, Davao City with a ribbon-cutting ceremony and cocktails on 14 September 2022. Clients, City Government officials, and SGV leaders attended the event.  SGV Chairman and Managing Partner Wilson P. Tan and Deputy Managing Partner Vivian C. Ruiz with Anflo Group officers Ricky Floirendo (far right), Cary Lagdameo (second from left) and JM Lagdameo (far left) during the ribbon-cutting ceremony The Damosa Diamond Tower is the first structure in Davao to receive an Excellence in Design for Greater Efficiencies (EDGE) certification for its environment-friendly features. The move to the new office is in line with SGV’s carbon-negative agenda and the EY global organization’s goal to achieve net zero emissions by 2025.  EDGE is an international green building certification system created by the International Finance Corporation, a member of the World Bank Group, to provide a measurable and credible solution to prove the business case for building green and to unlock financial investment in such projects. The new SGV Davao office is equipped with a conference space, partners’ lounge, and managers’ and staff areas designed to improve the employee work experience and enhance workforce productivity In his message to guests, SGV Chairman and Managing Partner Wilson P. Tan expressed his appreciation for the opportunity to reconnect with clients and friends following the challenges brought about by the COVID-19 pandemic. He said that the transfer to the newer, larger office was also a necessity due to the tremendous growth in the Davao office’s headcount. SGV’s Davao team has quadrupled since 2011 to accommodate the increasing number of clients and engagement opportunities in the past decade. Special guest Hon. Bernard E. Al-ag, Chairperson of the Committee on Trade, Commerce, and Industry, represented Davao City Mayor Sebastian Duterte. Ricky Floirendo, Vice Chairman of the Anflo Group of Companies; Cary Lagdameo, President of the Real Estate and Construction Group; and JM Lagdameo, Assistant Vice President/GM of Kensington Ventures, Inc. joined the ribbon-cutting ceremony.

SGV is working with the Philippine Alliance for Recycling and Material Sustainability (PARMS) to implement the pilot Extended Producer Responsibility (EPR) Waste Diversion Credit Scheme (WDCS) program. Climate Change and Sustainability Services (CCaSS) Partner Benjamin N. Villacorte represented SGV at the MOA signing with PARMS in August 2022. SGV is the first accredited Certification Body in the EPR WDCS program, which provides a market-based mechanism for obliged enterprises to ensure that their product-packaging-related waste does not end up in landfills or in nature. As a Certification Body, SGV shall help ensure that waste diverters in the scheme are declaring reasonable information. Waste diverters will undergo readiness assessments for audit and compliance of their diversion claims. Under this partnership, SGV will also provide findings and recommendations on the compliance of waste diverters with the WDCS standards as well as recommendations for improvements and streamlining of the standards’ applicability in the Philippines during the pilot implementation. SGV implements and supports several initiatives aligned with its Purpose-led commitment to embed sustainability in the Firm’s culture such as enhancing supply chain responsibility and promoting environmental management through its Sustainable Actions for Value-Creation and Enablement (SAVE) Council. The partnership builds on the multiple efforts of SGV and PARMS to realize their shared sustainability goals.

The SGV Cebu team led by Assurance Partner Margem A. Tagalog was the official tabulator for the Pasigarbo sa Sugbo (“Pride of Cebu”) 2022 Festival Queen and Festival of Festivals held at the Cebu City Sports Center on 26 and 28 August 2022, respectively. These were two of the major events during the 453rd Founding Anniversary of the Province of Cebu. The SGV Cebu team at the Pasigarbo sa Sugbo 2022 The SGV Cebu team led by Ms. Margem was composed of SGV Cebu office Assurance Managers Ian V. Jayme, Frecy M. Catadman, Shearilynn L. Go, Jayvee Anga and Adam M. Opada; Senior Associates Jeyson S. Tugonon, Philip P. Castro and Amabella M. Pacaldo; and Associates Maureen R. Friolo, Jonelene A. Masiado, Jamaica C. Ponce, May B. Velasco, Neca B. Abang and King T. Santiago. The team was also assisted by Senior Manager Richard G. Belda, Manager Haroun D. Cabugatan and Administrative Intermediate Aimee B. Raagas. Official tabulators in action In the spirit of thanksgiving, the office of Governor Gwendolyn Garcia also invited SGV, represented by Market Group 4 Leader Veronica R. Pore, Assurance Partner Margem A. Tagalog, and Assurance Manager Frecy M. Catadman to the “Gabii sa Pasalamat” (Night of Thanksgiving) honoring various stakeholders from the public and private sectors who contributed to the success of Pasigarbo sa Sugbo 2022. Margem receiving token at the Gabii sa Pasalamat The Pasigarbo sa Sugbo events celebrate Cebu Province’s rich and vibrant culture and heritage through the products, customs, history, creativity, and talent of the towns and cities in the province.  A total of 50 contingents representing various provincial towns and cities participated in the Festival of Festivals and, 40 candidates vied for the title of Festival Queen. Token of Appreciation from the Cebu Provincial Government The events are part of the provincial government’s efforts to prime Cebu’s economy after the dent on Cebu’s tourism industry caused by the COVID-19 pandemic and typhoon Odette.

EY Asia-Pacific Area Supply Chain Field of Play Leader Atul Chandna and Asean Supply Chain Competency Leader Ishita Dhamani conducted face-to-face Philippine client visits from 24 to 26 August 2022 as part of the Supply Chain Reinvention Series - Thriving for Excellence.  EY APAC Supply Chain leaders with the Client Supply Chain Team and the SGV Supply Chain Consulting Team composed of Partner Jan Ray Manlapaz and Senior Manager Mary Andrea Bacani  Discussions centered on the specific areas of interest or challenges within the clients’ supply chain and respective industries that EY could assist with. The Philippines is the third ASEAN country that Atul and Ishita visited after Vietnam and Thailand.