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The SGV Financial Services Organization (FSO) Banking and Capital Markets (BCM) team hosted its annual Banking Industry Briefing on 31 August 2023. Topics such as Sustainability and Climate Risks, Digital Transformation, Innovation and Cyber Security, and a case study on Digital Innovation were discussed. More than 300 participants attended the event. (From left to right) FSO Leader Christian Lauron, BCM Leader Janeth Nuñez-Javier, FSO Assurance Leader Irene Janet Alvarado-Paraiso, Chairman and Managing Partner Wilson Tan, Maya Bank President Angelo Madrid, BSP Financial Supervision Sector Senior Director Melchor Plabasan, BSP Assistant Governor Lyn Javier, Deputy BCM Leader Veronica Arce Balisi, and Markets Leader Vicky Salas at the Banking Industry Briefing FSO Leader Christian Lauron welcomed the participants and delivered the opening remarks. SGV Markets Leader Vicky Salas served as the moderator during the Q&A session with external speakers: Bangko Sentral ng Pilipinas (BSP) Assistant Governor Lyn Javier, BSP Financial Supervision Sector Senior Director Melchor Plabasan, and Maya Bank President Angelo Madrid. Banking Industry Briefing participants FSO Forensics and Cybersecurity Partners discussed different solutions relevant to banking clients and relevant regulatory updates and their impact on the audit of banks. FSO Partner and Wealth & Asset Management (WAM) Leader Ray Francis Balagtas delivered the closing remarks. SGV Chairman and Managing Partner Wilson Tan and FSO Assurance Leader Irene Janet Alvarado-Paraiso, among other Partners, were also present during the event. The FY24 Banking Industry Briefing was organized by FSO Partners and BCM Leader Janeth Nuñez-Javier and Deputy BCM Leader Veronica Arce Balisi together with FSO Senior Managers and BCM Lead Managers Geraldine Rose Ogerio and Glaiza Escaño.

SGV held its first-ever weeklong Sustainability Summit from 7 to 11 August 2023. SGV’s Sustainable Actions for Value-Creation and Enablement (SAVE) Council and its four pillars spearheaded the event, with the theme, “Build Today, Save Tomorrow: Invest in long-term value creation towards sustainable growth,” which reflects the Firm’s commitment to building a better and more sustainable working world. The Summit showcased the Firm’s sustainability efforts with the goal to inspire SGVeans to adopt a more sustainable lifestyle. SGV Sustainability Summit organizers, speakers, and on-site participants Various talks, simulation activities, demos, and exercises were conducted during the event. It also featured several distinguished external resource speakers, who provided in-depth insights into their sustainability journeys, both professional and personal. Participants check the display of sustainable products One of the highlights of the weeklong event was an auction held for the benefit of the Mindanao fisherfolk. Over 100 registered online and onsite bidders participated in the Treasure Trove auction, raising a total of PhP95,000.00. Chief Sustainability Officer and SAVE Council Chair Clairma T. Mangangey spoke on the state of sustainability efforts and the Firm’s progress toward achieving its sustainability targets. SGV Partners and Principals also shared their sustainability journeys. SGV SAVE Council group photo The Summit was capped off with messages from Chairman and Managing Partner Wilson P. Tan, EY Global Vice Chair for Sustainability Amy Brachio, CCaSS Partner Benjamin N. Villacorte, and Vice Chair and Deputy Managing Partner Maria Vivian C. Ruiz.

Members of the SGV Clark team paid a courtesy call on newly appointed Subic Bay Metropolitan Authority (SBMA) Chairman and Administrator Jonathan D. Tan on 30 August 2023 at the SBMA office.  (From left to right) Senior Director Niño Canlas, Associate Director Elgina Rito, Tax Partner Hentje Leo L. Leaño, SBMA Chair and Administrator Jonathan Tan, SGV Clark Partner In-Charge and Head Atty. Margaux A. Advincula, Senior Associate Atty. Fatima Garo, and SBMA Chief of Staff Martin Roman at the SBMA office SGV Clark Partner In-Charge and Head Atty. Margaux A. Advincula, Tax Partner Hentje Leo L. Leaño, Assurance Senior Director Leo Niño Canlas, Global Tax Compliance Associate Director Elgina Rito, and Tax Senior Associate Atty. Fatima Kate Garo congratulated Mr. Tan on his appointment as the new SBMA Chairman and Administrator. They also discussed new collaboration on several tax and investment initiatives to promote the ease of doing business for SBMA locators, including updates on the Corporate Recovery and Tax Incentives for Enterprises (CREATE) Act. They were accompanied by SBMA Chief of Staff and Deputy Administrator for Port Operations Atty. Martin Kristoffer F. Roman.

SGV held its Withholding Tax series as part of the Tax Basics Seminar (TaxBaSe) series, which cover basic and updated tax rules and regulations along with illustrations and practical applications. Participants during the Q&A sessions in SGV Makati (left) and Clark (right) SGV Global Compliance and Reporting (GCR) Partners Josenilo “Nilo” G. Mendoza and Lee Celso R. Vivas were resource speakers in the seminar series held at the SGV Makati and Clark offices, respectively. There were 92 participants in Makati and 36 in Clark. (From left to right) Nilo, Lee, Leo and MeynardSGV GCR Partner Hentje Leo L. Leaño opened the sessions in both the Makati and Clark offices. SGV GCR Partner Francis “Kiko” J. Ricamora was also present during the Clark leg and joined the Q&A session. GCR Senior Director Meynard L. Sardalla and GCR Associate Director David Jonathan F. Manalili hosted the sessions in SGV Makati and Clark, respectively. (From left to right) David, Nilo, Lee, Kiko, and LeoThe Withholding Tax Series is a three-part series that includes General Concepts on Withholding, Expanded Withholding Tax (EWT), and Withholding Tax on Wages (WTW) and Fringe Benefits Tax (FBT). It aims to provide the participants with an updated and in-depth understanding of the general concepts of withholding taxes, and guidance on the computation, filing, payment, and other requirements relating to Final Withholding Tax (FWT) and Withholding Value-Added Tax (WVAT). 

SGV Leaders, Partners, and Staff joined the Association of Certified Public Accountants in Public Practice (ACPAPP) General Membership Meeting (GMM). The GMM was held at the Washington SyCip Development Center (WSDC) in Makati.   FSO Partners Veronica Mae Arce Balisi (left) and Roderick M. Vega (right) during their respective presentations The GMM included technical training on Anti-Money Laundering (AML) and Counter Terrorist and Proliferation Financing (CTPF). SGV Financial Services Organization (FSO) Partners Veronica Mae “Nica” Arce Balisi and Roderick “Erick” M. Vega, together with Anti-Money Laundering Council (AMLC) Deputy Director Atty. Arnold T. Kabanlit, were the resource speakers on the topic of “AMLA and the Role of Accountants/Auditors.” Resource speakers and roundtable panelists and moderator with their certificates of appreciation Nica gave an overview of the registration statistics of accountants and accounting firms with the AMLC and discussed how their services could be misused to provide a gateway to criminals. Nica then encouraged the participants to register and recognize the importance of AMLA. Nica also gave an overview of Money Laundering, and Terrorist and Proliferation Financing (ML/TPF) and discussed updates on the local AML/CTPF regulatory landscape and preventive measures. Erick talked about various techniques used by criminals to launder money using accountants and accounting firms. SGV FSO Leader Christian G. Lauron moderated the roundtable discussion, which was an interactive information sharing on AML/CTPF areas. The roundtable featured as panelists P&A Grant Thornton Advisory Services Partner Chris Ferareza; Morfe, Ceneta & Co., CPAs Founder and Managing Partner Grace Morfe; and AMLC Deputy Director Atty. Arnold Kabanlit. SGV Vice Chair and Deputy Managing Partner Vivian C. Ruiz, who also serves as ACPAPP VP & Liaison Director for Professional Development, and ACPAPP Professional Development Committee Chair Dhonabee B. Señeres, facilitated the event with the assistance of SGV Financial Crime Associate Coleen Mae D. Panuela. 

SGV Tax Partner Atty. Auresana “Rhena” B. Ines conducted a tax webinar for the Philippine Institute of Certified Public Accountants (PICPA) Southern Metro Manila Chapter (SMMC) on “How to Effectively Handle a BIR Tax Audit” held via Zoom on 25 August 2023. Event poster Atty. Rhena (lower right) with the SGV Tax Team Atty. Rhena discussed the BIR tax audit procedure and provided tips and leading practices in handling BIR tax audits. She highlighted the importance of understanding the BIR tax audit procedure to ensure compliance with tax regulations. She also emphasized the need for businesses to be well-prepared and knowledgeable about the process to effectively address any potential issues that may arise. Atty. Rhena also talked about the significance of maintaining accurate and organized financial records, as this plays a crucial role in successfully navigating BIR tax audits. 

SGV Business Consulting Leader Ryan Gilbert K. Chua was a resource speaker at the 4th Pocket Session organized by the Membership Committee (MemCom) of the IT & Business Process Association of the Philippines (IBPAP) on “Scaling a BPO/Shared Services Business.” About 30 Executives from various IT and Business Process Management (IT-BPM) companies attended the event held at the Asia Select Office in Makati City on 25 August 2023. Event poster During the session, Ryan emphasized that while it may be relatively easy to start scaling, sustaining the process is a different matter. Ryan highlighted the importance of proper planning and execution, relationship/presence, methodology, and capability among others to scale sustainably. Ryan also touched on the relevance of mergers and acquisitions (M&As) in scaling up and highlighted why choosing the right strategy is key. Ryan (center) talks about how to scale BPOs/Shared Services Businesses sustainably Consulting Partner Jan Ray G. Manlapaz also attended the session. He raised relevant questions on the topics discussed during the panel discussion. Tax/Customs Partner/Principal Atty. Alden C. Labaguis coordinated the event with IBPAP. He was assisted by Indirect Tax (IDT) Associate Director Atty. Lauren Antonette M. Mendoza, and IDT Senior Associates Attys. Kierk Robin M. Ret and Natividad G. Busa, who formed part of the coordinating team. IBPAP is the primary trade body and advocacy group of the country’s IT-BPM sector and is composed of close to 400 companies and six partner associations.

SGV Consulting Partner Christian G. Lauron joined the two-day 2023 Institute of International Finance (IIF) Sustainable Finance Summit held in Tokyo, Japan. The summit was supported by the Japanese Financial Services Agency (JFSA) and leading financial institutions in Japan and the Asia-Pacific region. Christian (center) at the 2023 IIF Sustainable Finance Summit The panelists and moderators for the various discussions during the summit were Japan government officials and different bank and industry leaders. Global and regional banks, policy makers and regulators, insurers, and other financial institutions also participated in the summit. Among the topics in the summit were strategic planning for the net-zero transition, ensuring credibility in transition finance and investment, the changing regulatory and policy landscape for sustainable finance, insurance and the net-zero transition, the future of global carbon markets, environmental, social, and governance (ESG) data and metrics, enabling transition finance, building transition finance markets in Asia, financing clean technology and natural capital, and the vital role of blended finance. Conversation with Tokyo Governor Yuriko Koike (right) The panelists also talked about how the private sector plays a crucial role in supporting the Net Zero transition by focusing on transition finance and investment. They emphasized that financial firms are evaluating planning, assessing portfolio alignment, and addressing greenwashing risks. They also noted how the insurance sector aids companies in reducing and preparing for the effects of climate change.  Additionally, they pointed out that international carbon markets are expanding, and standards and benchmarks are being developed to support global decarbonization. They also noted that as voluntary frameworks and regulatory communities address concerns about greenwashing and transition-washing, there is a growing demand for ESG disclosure. Then Bank of Japan Governor Haruhiko Kuroda delivers his keynote speech The panelists also talked about how C-suite executives are rethinking traditional financial intermediation parameters to fund the energy transition and meet global climate change adaptation and mitigation goals. They highlighted that as Asia's governments and companies plan long-term growth strategies, sustainable financial markets are a key priority. 

SGV Financial Services Organization (FSO) Senior Manager Alister Benedict Rodriguez passed the Fundamentals of Actuarial Mathematics (FAM) and Statistics for Risk Modeling (SRM) examinations administered by the Society of Actuaries (SOA). FAM and SRM exams passer FSO Senior Manager Alister Benedict Rodriguez Alister passed both the FAM and SRM exams within five months, showcasing his knowledge of actuarial modeling and data analysis and positioning himself as a valuable asset in the field of actuarial sciences and risk management. The FAM exam assesses candidates' understanding of actuarial methods in modeling both short-term and long-term liabilities, while the SRM exam assesses candidates' understanding of statistical methods and models to analyze data. These exams are crucial for actuaries as they demonstrate their proficiency in applying mathematical and statistical techniques to assess and manage risk.   The SOA is a global professional organization for actuaries that offers a variety of certificate programs that prepare candidates for a future in the actuarial industry. These programs also provide candidates with a strong foundation in actuarial science and equip them with the necessary skills to excel in their careers. With its extensive network and resources, the SOA continues to support and advance the actuarial profession worldwide. The SGV FSO team will be holding FSO briefings on actuarial sciences and risk management for SGVeans and students.  Congratulations, Alister!

In line with SGV’s Sustainable Actions for Value-Creation and Enablement (SAVE) Council’s sustainability initiatives and as part of the observance of Earth Week, SGV donated 465.13 kg of preloved clothes to Wear Forward, a local circular-fashion startup. SGVeans from around the country participated in the SAVE Council’s used clothing collection drive, where all nine SGV offices were used as donation sites for preloved items of clothing. Some of the pre-loved clothing donations in SGV offices across the country The SGV SAVE Council expressed its appreciation to everyone who participated in the used clothing collection drive. The Council plans to hold more clothing collection efforts and other opportunities to practice sustainability. Preloved clothing donations packed for shipment to Wear Forward’s warehouse The preloved clothes were sent to Wear Forward’s facility in Bulacan for proper sorting and processing. Wear Forward seeks innovative solutions to the textile waste problem, including clothing recycling and reuse. These initiatives prevent usable clothing from ending up in landfills and further contributing to environmental degradation.