2023

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 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 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.

SGV Leaders and Partners paid a courtesy call on newly appointed Bangko Sentral ng Pilipinas (BSP) Governor Eli Remolona, Jr. on 23 August 2023. BSP Governor Remolona’s term began on 3 July. SGV Leaders and Partners with newly appointed BSP Governor Eli Remolona, Jr. (center) The SGV team was led by Chairman and Country Managing Partner Wilson P. Tan. He was joined by SGV Financial Services Organization (FSO) Leader Christian G. Lauron, FSO Assurance Leader Irene Janet S. Alvarado-Paraiso, and FSO Banking and Capital Markets Sector Leader Janeth T. Nuñez-Javier and SGV Partners Maria Margarita D. Mallari-Acaban, Veronica Arce Balisi, Joseph Ian M. Canlas, and Charisse Rossielin Y. Cruz.  BSP Senior Assistant Governor Johnny Noe E. Ravalo, BSP Assistant Governor Lyn Javier, and BSP Governor’s Chief of Staff Pia Roman-Tayag were also present during the courtesy call.

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 Financial Services Organization (FSO) Senior Manager Dominique Raissa Torralba and International Tax and Transactions Services (ITTS) Manager James Edward Agbayani were resource speakers in the 2023 JP Morgan Payments Forum held at the Grand Hyatt Manila. Participants from different business organizations attended the event. (From left to right) James, JP Morgan Philippines Executive Director and Payments Head Sari Mortel, Dominique, and JP Morgan Philippines Vice President and Philippines Client Service and Implementation Head Reginald Cruz Dominique and James discussed payments and e-invoicing, including insights on the latest trends and developments in the payments industry, and how the reliable and secure implementation of e-invoicing would spur greater digital payments adoption, and vice versa. FSO Senior Manager Dominique at the JP Morgan Payments Forum FSO Manager James during his presentation Dominique shared insights on the country’s attainment of the targets set by the Bangko Sentral ng Pilipinas, based on the digital payment adoption trend of different segments of users. Dominique also discussed the state of digital payments adoption in other jurisdictions, and how policies and processes put in place led to gains in the payments industry and were mutually beneficial for e-invoicing and taxation initiatives.  James, on the other hand, shared updates regarding the government’s goal towards digitalization through the implementation of the e-Invoicing system (EIS). He discussed the timeline of EIS implementation, as well as the aspects which companies need to adhere to and prepare for.  James and Dominique closed the discussion with an overview of what companies could expect in terms of the flow of their billing and payment processes considering the linkage of digital payments and e-invoicing. Other speakers were JP Morgan Philippines Equities Research Head Jeanette Yutan and JP Morgan Cybersecurity Operations Lead and Cybersecurity & Technology Controls, Asia Pacific Intelligence Group Head Adonis Polychronopoulos. The speakers provided valuable insights on several topics, such as the “Philippines Macroeconomic Outlook and Cybersecurity Essentials: Staying Ahead.” An open forum was also conducted after each speaker’s presentation. Dominique and James during the Q&A session EXL Health and Philippines Business Finance and Pricing Head Dipto Sen and JP Morgan Asia Pacific Digital Channel Product Solution Sales Lead Steffanus Widjaja also participated as panelists during the panel discussion on “Leveraging Technology for The Future of Treasury and Payments,” which was moderated by JP Morgan Singapore and ASEAN Treasury Services Product Head Gundeep Singh. JP Morgan Payments Forum participants JP Morgan Philippines Senior Country Officer and Banking Head Carlos Mendoza gave the welcome remarks, while JP Morgan Philippines Global Corporate Bank Head Richard Lee concluded the session by delivering the closing remarks and thanking the participants.

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 Partners represented the Firm in a Philippine trade mission to South Korea from 15 to 20 August 2023. The trade mission aimed to help secure business leads among Korean companies to invest in the Philippines, further strengthen the participants’ network, and lay the groundwork for future business missions. The Philippine delegation’s group photo at the Global Knowledge Exchange & Development Center Tax Leader Fabian “Fame” K. Delos Santos, Korean Business Network and Business Services Group Leader Alvin Pinpin, SGV Clark Partner-in-Charge Margaux Advincula, and Indirect Tax and Global Trade Principal Victor De Dios joined the trade mission organized by the Philippines-Korea Economic Council (PHILKOREC) led by its Chairman, Mr. Robert Yupangco.  Margaux, Alvin, Fame, and Vic with PHILKOREC Chairman Robert Yupangco (center) SGV team expresses support and cooperation with the Commercial Counselor of PTIC in the Philippine Embassy to Korea Jose Ma. “Jojie” Dinsay, Mr. Robert Yupangco, and representatives from Korean business groups The Partners joined a courtesy call on Her Excellency Amb. Maria Theresa Dizon-De Vega and officers of the Philippine Trade & Investment Center (PTIC) in Seoul. They also participated in business-to-business meetings between the entire Philippine delegation and representatives of Korean companies aiming to develop trade partnerships. EY Korea and SGV team with Amb. Dizon-De Vega On a separate occasion, the Partners were joined by EY Korea Senior Advisor and Korean Business Network Global Leader Chong Yun Park and EY Korea Business Tax Services Leader Seung Yeop Woo in a meeting with Amb. Dizon-De Vega, where they talked about growth prospects in trade between Korea and the Philippines.

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 Clark Partner-in-Charge Margaux A. Advincula, together with Business Tax Advisory (BTA) Senior Associates Atty. Ma. Jeanne Therese G. Marasigan and Atty. Fatima Kate N. Garo, joined the 32nd North Luzon Area Business Conference (NLAB) Conference held at the Thunderbird Resort in Poro Point, San Fernando City, La Union. Atty. Margaux (third from right) with Subic Bay Freeport Chamber of Commerce (SBFCC) President Benjamin Antonio III, SBFCC Executive Director Donna May Tamayo, and SGV Business Tax Advisory (BTA) Senior Associates Atty. Ma. Jeanne Therese Marasigan and Atty. Fatima Kate Garo, among others, at the 32nd NLAB Conference Key government officials and prominent business leaders led discussions concerning key issues impacting business and the economy, with a particular focus on investments, tourism, innovation, productivity, and food security in North Luzon. The conference also provided a platform for networking among delegates, allowing them to interact with businessmen from different parts of the country, explore innovative business opportunities, and establish potential partnerships. The two-day event highlighted programs and opportunities for micro, small, and medium enterprises (MSMEs) and their importance in local economic growth. It brought together key officials from member Chambers and business partners located in North Luzon, successfully showcasing the investment potential of the region as an emerging hub for businesses and economic development. The 32nd NLAB Conference was organized by the Philippine Chamber of Commerce and Industry (PCCI) and hosted by the Chamber of Commerce and Industry of La Union (CCILU).