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SGV Partners Clairma Mangangey, Julie Ong-Mateo and Conrad Alviz, and Talent Associate Director Luisa Hebron recently completed the first EY ASEAN Coaching Program and are now Certified Master Performance Coaches (CMPCs). They will be taking an active role in furthering our Purpose, supporting ASEAN coaching initiatives, improving our ability to have better conversations and enhancing the development of transformative leaders. The certification is part of the International Coaching Federation (ICF) Accredited Coach Training Program and aims to build a pool of certified coaches to support ASEAN coaching initiatives. Congratulations, everyone!

Tax Partner and International Tax and Transaction Services Country Leader Romulo S. Danao, Jr. (RSD) led a session titled Transfer Pricing - New BIR Requirements for Taxpayers with Related Party Transactions for the Association of Pharma Financial Executives Inc. (APFEI) on 26 November. RSD began the session with an overview of transfer pricing and briefly reviewed the transfer pricing regulations issued in 2013 and transfer pricing audit guidelines issued in 2019. He then discussed the salient features of the new Revenue Regulations No. 19-2020, as recently clarified by Revenue Memorandum Circular Nos. 76-2020 and 98-2020, which require the submission of BIR Form No. 1709. He concluded the session with insights on how concerned taxpayers, particularly companies engaged in the pharmaceutical industry, can comply with the new requirements.

The SGV Financial Services Organization (FSO) conducted Module 2B of the SGV Anti-Money Laundering (AML) and Counter Terrorist Financing (CTF) Webinar Series on 27 November. The webinar covered the risk management framework for insurance companies. AML Council Executive Director Atty. Mel Georgie Racela delivered the opening remarks and welcomed over 40 participants composed of representatives from insurance companies. FSO Associate Damlouie Valladolid hosted the session. SGV FSO Partner Veronica A. Balisi (VAB) and Associate Director Erika Gaanan Teh began the session with a refresher on money laundering, terrorist financing, and proliferation financing followed by a discussion on the results of the 2nd National Risk Assessment (NRA) and Insurance Typologies. They then spoke on updates and key elements of the local AML/CTF framework and the structure and preventive measures for companies engaged in the insurance industry.

SGV Clark Tax Partners Margaux A. Advincula (MAA) and Hentje Leo L. Leaño (LLL) conducted a webinar titled How to Survive a BIR Audit amidst a Pandemic on 7 December. The webinar aimed to guide taxpayers in handling their BIR tax audits especially during the pandemic. MAA welcomed participants to the webinar and provided updates on the BIR’s collection target and priority programs. She then gave a comprehensive overview of the conduct of a BIR audit and remedies available to taxpayers during each stage of the audit, as well as relevant rules, regulations and court decisions. She also discussed COVID-19 related issuances which may affect the participants’ ongoing audits and their tax compliance with the BIR. LLL then led a discussion on the common issues faced by taxpayers with the BIR, emphasizing the importance of tax compliance in managing these issues. Attendees participated in the webinar through interactive polling questions. The session concluded with an open forum, where the speakers addressed the participants’ questions. Tax Director Michael Ray Lapasaran moderated the session. Nearly 100 participants attended the event, including SGV Clark Head Peps Zabat and the managers and associates who were part of the webinar’s organizing team.

SGV Technology Consulting Leader Warren R. Bituin (WRB) moderated a panel discussion during the 6th CyberSecAsia (CSA) webinar series titled The Modern Approach to Privileged Access Management last 5 November. Organized by Escom and sponsored by BeyondTrust, the webinar discussed the action steps that organizations can take to protect themselves from cyber-attacks. Engr. Jose Carlos Reyes, Director IV Cybersecurity Bureau of the Department of Information and Communications Technology, opened the session. WRB discussed the different security challenges caused by the pandemic – such as work-from-home arrangements, rapid digital platform adoption and third-party provider engagements – and how organizations can build a robust cybersecurity posture. Members of the panel highlighted the need to strengthen identity and access management, especially in controlling the use of privileged or administrator-level accounts. They also encouraged organizations to shift the focus of their cybersecurity roadmaps to proactively secure emerging technologies such as operational technology and the internet of things.

Tax Partners Cheryl C. Ong (CCO), Czarina R. Miranda (CRM) and Josenilo G. Mendoza (JGM), and Tax Principal Victor C. de Dios (VCD) were among the speakers at the Taxation and Governance for Exporters Review (TIGER) Course held on 26 November to 9 December. Hosted by the Philippine Economic Zone Authority (PEZA), the course discussed the various tax compliance requirements for PEZA locator companies and ecozone developers. CCO delivered the opening remarks and highlighted the importance of tax compliance and awareness in nation building. In her keynote speech, PEZA Director General Charito Plaza encouraged participants to learn how relevant tax incentives and corporate taxation can strengthen their respective organizations. “Amidst the COVID-19 pandemic, PEZA continues to take initiatives to assist existing and even future enterprises in ecozones nationwide. As we approach year-end of 2020, we believe that it is crucial to conduct training on webinar platforms so that education and learning about PEZA’s tax incentives and corporate taxation continues to help businesses,” said PEZA Director General Plaza. VCD began the session on 3 December with a discussion on the customs-related issuances and rules on importations. He then spoke on free zones and customs territories and the tax implications of imports and exports. He also provided updates on Bureau of Customs (BOC) issuances and the Bayanihan 2 Law. CCO provided an overview of fiscal incentives for exporters and explained the existing incentives for enterprises registered with the Investment Promotion Agencies (IPAs) in the Philippines, including PEZA. She then discussed the CREATE bill, highlighting its salient features and the impact of the recent Senate deliberations held last November. CRM led a session on the taxation of foreign nationals and regulatory compliance requirements. She explained the income tax or withholding tax implications on compensation and benefits provided to foreign expatriates, including related updates as well as reporting requirements of various government agencies for companies with foreign employees. JGM provided a comprehensive discussion on year-end tax requirements and procedures. He spoke on potential issues in the preparation of different year-end tax filing and administrative requirements covering majority of the tax types, as well as the evaluation of year-end adjustments and reconciling items in computing current income tax expenses. CCO led the session’s organizing committee assisted by her team of managers and senior associates. To watch the sessions, please visit https://tinyurl.com/PEZATIGERCourse.

Tax Partner Hentje Leo L. Leaño (LLL) was a speaker at the Junior Philippine Institute of Accountants-Southville International School and Colleges (JPIA–SISC Chapter) conference on 4 December. Over 60 participants attended the event, including SISC School of Accountancy Chairperson Dr. Henly S. Pahilagao, SISC faculty and accountancy students. JPIA-SISC Chapter President Aira Jaimee Gonzales moderated the session. With the theme, CPAs in Public Practice: Opportunities and Challenges, LLL spoke on his professional journey as an SGV Partner and his career in public practice. He also provided insights on the possible challenges and opportunities CPAs may face in the future beyond the pandemic.

SGV was the official tabulator of the Miss Earth 2020 pageant aired last 29 November. Market Group 2 Partners Ramon D. Dizon (RDD) and Mariecris N. Barbaso (MNB) led the tabulation team and conducted an independent tabulation of scores cast by the judges. Completing the team were Assurance Senior Manager Crystal Aleli Cornell; Manager Julius Ceasar Mercado; Senior Associates Angelu Daphne Villanueva and Jenylyn Rizardo; and Associates Arkangela Jerusha Tobes, Bryan Christopher Torres and Reynaldo Angelo Fecundo. Miss Earth is an environmental advocacy-driven beauty pageant where candidates promote the preservation and protection of Mother Earth. Celebrating its 20th year, Miss Earth 2020 is the first international environmental pageant to hold a virtual coronation ceremony during the COVID-19 pandemic.

EY regional Partners pay tribute to JGC   In honor of the retirement of SGV Senior Assurance Partner and former Chairman and Country Managing Partner (CMP) J. Carlitos G. Cruz (JGC), the EY regional Partners prepared a special program during the recent regional Partners’ virtual meeting last 13 November. They presented a video featuring milestones in JGC’s career and notable achievements as CMP. Asia-Pacific Area Managing Partner Patrick Winter, ASEAN Regional Managing Partner Nam Soon Liew, and other EY Partners shared heartfelt messages for JGC, expressing their gratitude and wishing him all the best on the next part of his journey.  JGC with his token of appreciation In recognition of his nearly 40 years of service to the Firm, they also presented JGC with a token of appreciation – a bottle of bespoke whiskey engraved with his name

SGVF donates to typhoon relief operations The SGV Foundation (SGVF) donated funds raised by SGV Partners and staff for communities affected by Typhoons Rolly and Ulysses. Total donations amounted to over Php 2 million and were allocated for different non-government organizations and foundations active in relief operations in the affected communities.    The SGVF turned over the donations to the ABS-CBN Lingkod Kapamilya Foundation, Aboitiz Foundation, Ateneo De Naga University, Caritas Manila, Philippine Business for Social Progress (PBSP), Management Association of the Philippines (MAP), Financial Executives Institute of the Philippines (FINEX) Foundation, Philippine Institute of Certified Public Accountants (PICPA) Foundation, and Association of Certified Public Accountants in Public Practice (ACPAPP).