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The Subic Bay Metropolitan Authority (SBMA), in coordination with the Business and Investment Department for Manufacturing and Maritime, organized a tax webinar for SBMA board members and officers. MAA led the briefing on the Corporate Recovery and Tax Incentives for Enterprises (CREATE) Act (Title XIII) and VAT updates. SBMA Chairman and Administrator Atty. Wilma T. Eisma delivered the opening remarks. AA presenting at the webinarMAA discussed the recently released implementing rules and regulations of the Act, specifically Title XIII. She then explained the amendments and tax reduction rates it introduced. She also provided VAT updates per the newly released Revenue Regulations No. 9-2021. SBMA Senior Deputy Administrator for Business and Investment Mr. Renato W. Lee III delivered the closing remarks.Engr. Panfilo S. Jurilla, SBMA Representative to the TWG-SIPP, CREATE and Head of the Business and Investment Department for Information and Communications Technology, hosted the webinar. SGV Tax Associate Director Michael Ray Lapasaran, Senior Associates Atty. Maria Clara Theresa David and Atty. John Marti Duya, and Associate Brevin Perez were part of the organizing team.

The Institute of Internal Auditors Philippines (IIAP) held the IIAPRisk Summit 2021 on 11-13 August. With the theme Risk Reset: Respond, Recover, Reimagine, speakers of the summit encouraged participants to reevaluate their companies’ risk management practices and develop strategies that can better mitigate the risks caused by the pandemic. JMC presenting at the summitConsulting Partner Joseph Ian M. Canlas (JMC) was one of the speakers at the plenary session on Risk Mapping: Then, Now & Beyond. He discussed the results of the EY Global Board Risk Survey 2021, which revealed how some board members view enterprise risk management and the need to reframe risks as opportunities. He encouraged participants to reframe the future of their organizations by thinking beyond today’s challenges to understand how they and their organizations can bolster risk management to drive growth and build resilience against future disruption.   JMC also shared the top risks for 2021 based on the survey. He explained that COVID-19 is not only a major risk event — it accelerated risks that were already omnipresent such as cybersecurity attacks, supply chain disruption and other external threats. He then discussed how organizations were able to adapt to the latest disruptions, emphasizing the value of organizational stress testing and contingency planning to ensure business continuity and resilience.

The Philippine Institute of Certified Public Accountants (PICPA) Batangas Chapter in partnership with the Association of Certified Public Accountants in Public Practice (ACPAPP) Batangas held a webinar titled CREATE Law and Latest Tax Updates last 20 August. Don Don with participants at the joint PICPA and ACPAPP webinarSGV Tax Senior Director and ACPAPP Chairman of the Tax and Advisory Committee Don Don T. Mojica led the discussion on the CREATE Act and its Implementing Rules and Regulations. He also covered the latest tax issuances from the BIR. The discussion was followed by an open forum where Don Don addressed the participants’ questions. Over 100 PICPA and ACPAPP members joined the session. Tax Associate Jose Gabriel Domingo assisted in the preparation of the webinar materials.

The Subic Bay Freeport Chamber of Commerce (SBFCC) organized a webinar on VAT updates last 7 July. Tax Partners Hentje Leo L. Leaño (LLL) and Margaux A. Advincula (MAA) discussed the VAT provisions under the CREATE Act and Revenue Regulations No. 9-2021. They explained their respective tax implications and provided insights on how they will impact Subic locators. The session was moderated by SBFCC Executive Director Donna Tamayo. Over 500 representatives from company members and non-members of the SBFCC attended the briefing, including Subic Bay Metropolitan Authority (SBMA) Chairman and Administrator Atty. Wilma Eisma and SGV Clark Head Jose Pepito E. Zabat (JEZ).LLL and MAA with Donna Tamayoand other members of the SBFCCThe session concluded with an open forum where the speakers addressed the participants’ questions. The webinar’s organizing team included Tax Associate Director Michael Lapasaran, Senior Associate Virly Tiare and Associate Brevin Perez.

Last 28 July, SGV Vice Chair and Deputy Managing Partner Vivian C. Ruiz (VCR) and Climate Change and Sustainability Services (CCaSS) Partner Benjamin N. Villacorte (BNV) were part of the Women’s Economic Empowerment (WEE) Mean Business Roundtable Dialogue hosted by the Philippine Business Coalition for Women Empowerment (PBCWE). With the theme Sustainability as the New Language of Business, speakers Philippine National Bank Senior Assistant Vice President and OIC of the Marketing and Intelligence Analytics and Performance Group Leia Michelle Teodoro and Meralco Vice President and Chief Sustainability Officer Raymond Ravelo discussed the workplace gender equality policies and sustainability reporting journeys of their respective organizations. The event was attended by representatives from different government agencies and regulators, business groups, select publicly-listed companies, and the academe.Philippine Women's Economic Network (PhilWEN) Chair, PBCWE Co-Chair and SGV Alumna Partner Ma. Aurora “Boots” D. Geotina-Garcia then moderated the open forum where the participants discussed how their companies set, measure, and report their progress in preparation for sustainability reporting requirements. They also provided insights on how companies can connect workplace gender equality with enhanced Environmental, Social, and Governance (ESG) Standards and shared leading practices to improve Sustainability Reporting Guidelines.Afterwards, PBCWE Executive Director Julia Abad provided a summary of the discussions and delivered the closing remarks.This roundtable dialogue was organized by the PBCWE, PhilWEN, and Investing in Women, an initiative of the Australian Government, with the support from the EU-funded WeEmpowerAsia Programme of UN Women Asia and the Pacific. SGV is a Founding Member of the PBCWE.

The Korean Chamber of Commerce Philippines (KCCP), in cooperation with SGV’s Korean Business Network (KBN) and the Philippine National Bank (PNB) organized a webinar titled Economic Outlook, CREATE and other Tax Updates. Tax Partners Josenilo G. Mendoza (JGM), Cheryl Edeline C. Ong (CCO) and Reynante M. Marcelo (RMM) participated in the webinar to discuss the Corporate Recovery and Tax Incentives for Enterprises Act (CREATE Act) and transfer pricing regulations. Other speakers included representatives from PNB and the Tourism Infrastructure and Enterprise Zone Authority (TIEZA). KCCP President Ho Ik Lee delivered the opening remarks and welcomed representatives from member companies of the KCCP. PNB Chief Executive Officer and President Wick A. Velasco opened the discussion of PNB Vice President and Head of Research Alvin Arogo, who provided an overview of the economic outlook of the Philippines amidst the COVID-19 pandemic. TIEZA representatives, Janeth Ocampo and Cate Sta. Clara, then discussed the tourism investment opportunities and relevant areas of the tourism infrastructure project.SGV Chairman and Country Managing Partner Wilson P. Tan (WPT) began the next session, with a message emphasizing the importance of being updated on the newly issued regulations. JGM and CCO then discussed the CREATE Act’s salient features, particularly the income tax rates to be used by domestic and foreign corporations. They also covered other corporate tax adjustments, Bureau of Internal Revenue (BIR) issuances and the rationalization of fiscal incentives, such as the incentives available to investors and transitory provisions for existing registered activities. WPT during his video message at the webinarRMM then led the discussion on transfer pricing regulations and explained the Transfer Pricing Audit Guidelines under Revenue Audit Memorandum Order No. 1-2019 as well as the forms and documentation required by the BIR. At the end of the session, the SGV KBN team sent electronic copies of the Korean translation of the SGV Tax Bulletin to the participants. The bulletin discusses the important provisions and updates under the CREATE Act.SGV Partners with the other speakers at the webinarSGV Assurance Partner Alvin M. Pinpin (AMP) led the webinar’s organizing team with other members of the SGV KBN team, Manager Roweena Jane Neri and Senior Associate Franchezka Bhea Belarmino. 

Last 5 August, Consulting Leader Rossana A. Fajardo (RAF) moderated a panel discussion at the eCommerce Asia 2021 Virtual Conference. With the theme Shaping the Future of eCommerce: How to Thrive in 2021 and Beyond, the event gathered key figures from the eCommerce industry to discuss the challenges that the digital future presents to commerce activities.RAF with the other speakers at the sessionUnder the Philippines-focused track, the panel discussion covered the Department of Trade and Industry’s (DTI’s) eCommerce Philippines Roadmap 2022 and the future opportunities that may arise from the pandemic. RAF began the session with an overview of the roadmap’s agenda which includes the implementation of a National Broadband Plan, Internet Transactions Act, and an MSME digitalization program. The pandemic prompted the DTI to pursue accelerated development of our eCommerce ecosystem, particularly in the area of digital transformation. RAF then explained the state of the country’s business landscape and shared, “While there are many opportunities for first-movers and early adopters in this exciting and dynamic area, it’s important for us to consider the role that each of us can play in shaping the dialogue and contributing to the growth of eCommerce in our country.”The members of the panel included Globe Telecom Director and eCommerce Head MJ Panganiban, Metro Retail Stores Group Inc. Chief Strategy Officer JJ Moreno, and Ace Hardware Philippines Inc. Vice President of Logistics Arnel Gamboa. They spoke on how their respective organizations addressed the challenges and leveraged on the opportunities caused by the pandemic. They also discussed factors that hinder the country from adopting digital eCommerce strategies. To achieve the DTI roadmap by 2030, they emphasized that the country must prioritize fast, reliable, and affordable internet connection; enhance the digital skills and competencies of the workforce; and improve communications and logistics infrastructures. To learn more about the conference, please visit https://asiaecommerce.org/. 

On 28 July, the Davao City Investment Promotion Center (DCIPC) conducted an online roadshow in partnership with the European Chamber of Commerce of the Philippines (ECCP), the Embassy of Sweden in Manila, the Philippine Embassy in Stockholm, and DTI-PTIC Stockholm titled NOW (New Opportunities Waiting) in Davao: Investment and Opportunities for the Swedish Business Community. Around 60 participants attended the event, including Ambassador Harald Fries of the Embassy of Sweden in the Philippines and Ambassador Maria Lumen Isleta of the Philippine Embassy in Stockholm, Swedish entrepreneurs, investors, and other members of the diplomatic corps.Davao City Mayor Sara Duterte delivered the opening remarks and welcomed members of the Swedish business community. She talked about the favorable business environment in the city and its position as an investment hub for manufacturing, technology, agribusiness, and tourism. Christian Cambaya, the head of the Investor Assistance and Servicing Unit of the DCIPC, discussed the 10 Priority Investment Areas of Davao City and the local fiscal and non-fiscal incentives available for qualified investors. JJB and TFM with Mayor Duterte and other speakers and participants at the roadshowSGV Davao Partner-in-Charge Jose Raoul J. Balisalisa (JJB) then introduced the Doing Business in Davao City brochure, a comprehensive guide for potential foreign and local investors looking to set up business operations in the city. Tax Partner Thyrza F. Marbas (TFM) presented the tax and regulatory aspects of doing business in the city and the incentive opportunities relevant to the participants. Afterwards, Service Manager of Atlas Copco Philippines Ramil Villaroman shared insights and strategies on how foreign companies may begin investing in the country.

SGV Clark conducted a briefing on VAT updates for members of the Clark Investors and Locators Association (CILA) on 6 July. Tax Partners Hentje Leo L. Leaño (LLL) and Margaux A. Advincula (MAA) provided an overview of the development of the VAT provisions under Republic Act No. 11534 or the Corporate Recovery and Tax Incentives for Enterprises Act (CREATE Act), and its Implementing Rules and Regulations (IRR). They also discussed Revenue Regulations No. 9-2021 and its implications for investors and locators.LLL and MAA with Dr. Villanueva at the CILA webinarAfter the discussion, CILA Past President Dr. Francisco “Frankie” Villanueva provided his reaction on the VAT updates and how these will impact the Clark locators.Around 340 participants, mostly from CILA member companies, attended the session, including CILA President Jeannie Ng and SGV Clark Head and CILA Vice Chair and SGV Partner Jose Pepito E. Zabat (JEZ). Tax Associate Director Michael Ray Lapasaran moderated the session. Tax Associate Brevin Perez assisted the speakers on the preparation of the webinar materials.

Tax Partners Fidela I. Reyes (FIR) and Maricris U. See (MUS) spoke at Tax Talk, a webinar held on 29 July hosted by JCI Senate Manila (JCI). Senior Associate Clarissa Cristelle Chua assisted in organizing the webinar.MUS and FIR with participants at the webinarFIR and MUS explained the salient features of the Corporate Recovery and Tax Incentives for Enterprises Act (CREATE Act), related new tax incentives, and the amendments to the Estate Law Tax Amnesty. Afterwards, they facilitated a  discussion with the audience on the possible impact of the tax laws on their respective industries and organizations. The session was followed by a discussion between the JCI team headed by Winston Laurence Wu and the SGV team with FIR and MUS. Both teams agreed to work closely towards future partnership, including future webinars for JCI.