2023

SGV Climate Change and Sustainability Services (CCaSS) Partner Katrina F. Francisco (KFF) and SGV Business Consulting Partner Conrad Allan M. Alviz (CMA) participated in the 9th Annual Securities and Exchange Commission (SEC) and Philippine Stock Exchange (PSE) Corporate Governance Forum: Fortifying Corporate Governance and Sustainability in the Philippines on 25 November 2022 via Zoom. Katrina and Conrad with the other panelists Conrad served as the moderator while Katrina was a panelist for the topic on securing the corporate governance space. Katrina answered questions on the non-financial performance of companies.  “The investing public has become more concerned on the environmental impact of companies throughout their operations, including their supply/value chain. Unfortunately, with the rising clamor for sustainability and sustainable business practices comes the unscrupulous practice of greenwashing. This has triggered the need for third-party assurance for sustainability reporting,” Katrina said.

SGV Financial Accounting Advisory Services (FAAS) and Climate Change and Sustainability Services (CCaSS) Partner and Philippine Sustainability Reporting Committee (PSRC) Chairman Benjamin N. Villacorte (BNV) led the 1st regular PSRC meeting on 20 January 2023 at the Washington SyCip Development Center, SGV I Building in Makati City. PSRC members pose for a group photo Benjamin and the PSRC members discussed updates from the International Sustainability Standards Board (ISSB) and Global Reporting Initiative (GRI) and reviewed the PSRC’s operating procedures as well as its members’ proposed activities for the year. The meeting also clarified the role of PSRC as an enabler of opportunities and solutions to advance sustainable development in the country. Benjamin was assisted by CCaSS Managers Ricky S. Maulion and Diana A. Sadili-Chu.  The PSRC is composed of members from accounting firms, regulatory agencies, academic institutions, and business associations. They provide technical assistance to the Philippine Financial and Sustainability Reporting Standards Council (FSRSC) in the adoption and issuance of sustainability reporting guidelines and standards in the Philippines. The election and induction of PSRC members in December 2022 was facilitated by SGV Chairman and Managing Partner and FSRSC Chairman Wilson P. Tan (WPT). The formation of the PSRC was approved by the FSRSC to complement the Securities and Exchange Commission’s (SEC’s) efforts in mainstreaming Economic, Environmental, Social and Governance (EESG) disclosures among publicly listed companies (PLCs). 

SGV Climate Change and Sustainability Services (CCaSS) Director Ricardo “Ricky” S. Maulion, Jr. was one of the panelists at the “Panel Discussion for the Research Project: Are city climate plans adequate for mitigating weather extremes? An investigation of Southeast Asian cities” organized by the Disaster Risk Management Unit of the Philippine School of Business Administration - Manila, the University of the Philippines School of Urban and Regional Planning (UP SURP), and the Planning and Development Research Foundation, Inc. (PLANADES) on 25 January 2023 at the Cariño Hall, UP School of Urban and Regional Planning, Diliman, Quezon City. Ricky talks about mitigating climate change Ricky talked about the importance of accurate, verifiable, and comparable data to track the country’s progress against its Nationally Determined Contributions (NDCs). He said that as the main driver of economic growth and transformation, the private sector plays a critical role in achieving the government’s objectives. To support this statement, he discussed the Securities and Exchange Commission’s Memorandum Circular No. 4, Series of 2019 or the Sustainability Reporting Guidelines for Publicly Listed Companies, as well as Circulars 1085 (Sustainable Finance Framework) and 1128 (Environmental and Social Risk Management Framework) released by the Bangko Sentral ng Pilipinas (BSP). Ricky receives a token of appreciation as panelist Ricky also briefly touched on SGV’s own Sustainable Actions for Value Creation and Enablement (SAVE) Council and the recently formed Philippine Sustainability Reporting Committee (PSRC) chaired by SGV Financial Accounting Advisory Services (FAAS) and CCaSS Partner Benjamin N. Villacorte (BNV). Ricky poses with his co-panelists and guests for a group photo after the panel discussion The panel discussion aimed to draw the panelists’ insights on climate change variations, their impact, and whether city climate plans are adequate for mitigating extreme weather events. The discussion also served as a venue to communicate policy practice gaps and discuss their extent with the objective of identifying barriers to and drivers of more effective urban climate change policies. The panel discussion was conducted by a consortium of academic institutions comprising Curtin University (Australia), Murdoch University (Australia), the Asian Institute of Technology (Thailand), the Philippine School of Business Administration (Philippines), the National Research and Innovation Agency (Indonesia), and the University of Technology Malaysia. 

SGV Cebu held its first in-person alumni cocktails event in over two years since the pandemic began. The event was held at the new SGV Cebu office on 26 January 2023. It aimed to strengthen the bonds of personal and professional friendships with the alumni. It was also a way for SGV Cebu to thank the alumni for their contributions and support over the years. About 60 SGV Cebu alumni, partners, and managers attended the event.   SGV Partners and Leaders with SGV Cebu Alumni SGV partners, leaders, and alumni delivered their respective messages during the event. SGV Chairman and Country Managing Partner Wilson P. Tan (WPT) talked about SGV Cebu's involvement in various projects in the local business community, professional organizations, and local community efforts in line with the Firm’s mission to enable businesses and build a better Philippines.  Market Group 4 Leader Veronica R. Pore (VRP) thanked everyone in attendance and mentioned how the SGV Cebu office is also the alumni’s “home” and that they are welcome to visit anytime. SGV Cebu Tax Partner Saha P. Adlawan-Bulagsak (SAB) shared her realizations on how far SGV Cebu has come, how extensive its networks have become, and how all this has contributed to SGVeans’ exceptional SGV experience that they always carry with them wherever they go.  SGV Cebu Alumnus and former SGV Cebu Partner-in-Charge Ben Dapat gave a short message of appreciation and expressed his willingness to help the Cebu office in any way he can. SGV Cebu Alumna and Securities and Exchange Commission (SEC) Legal Counsel Atty. Mhai Largo also gave a short message thanking her former colleagues and emphasizing SGV’s legacy, which she said is the quality of its people. A short video of SGV Cebu’s history and the Firm’s Purpose song music video were also shown. The event concluded with a toast led by SGV Cebu Partner-in-Charge Margem A. Tagalog (MAT) to the Cebu Office’s past, present, and future. The Cebu Office managers also gave the alumni a brief guided tour of the new office. Assurance Associate Vic Angela L. Jugar served as the emcee.

The SGV Cebu team led by SGV Cebu Partner-in-Charge Margem Tagalog (MAT) was the official tabulator of the municipality of Carmen, Cebu’s 50th Sinulog anniversary Festival Queen and Ritual Showdown event highlights on 22 January 2023. The Sinulog sa Carmen 2023 tabulators SGV Cebu Assurance Managers Ian Jayme, Frecy Catadman and Jayvee Anga were part of the tabulating team. They were assisted by Senior Associates Kitz Genobesa, Jeyson Tugonon and JP Castro and Associates Stella Abayhon, Sybille Dublico, Vince Miramon, and Rodelio Rodrigo.  The Sinulog Festival or Sto. Niño Festival in Carmen, Cebu is an annual religious and cultural festival held in celebration of one of the country’s most famous historic relics, the Santo Niño de Cebú. SGV Cebu was also the tabulator for similar festivities organized by the Cebu Provincial Government in the past such as the Pasigarbo sa Sugbo (“Pride of Cebu”) 2022 Festival Queen and Festival of Festivals. 

Strategy and Transactions (SaT) Senior Manager Lester Jeff D. Pawid is now a fully-fledged Chartered Financial Analyst (CFA) Charterholder. Lester received confirmation from the CFA Institute on 31 January 2023 that after completing the CFA Program, he has now met the work experience requirements for the CFA designation. SaT Senior Manager Lester Jeff D. Pawid, CFA Offered by the CFA Institute, the CFA credential is the standard of choice for investment professionals with real-world analytical skills, technical competence, and high ethical and professional standards. Level 1 of the CFA Program tests a candidate’s knowledge and comprehension of investment tools, while Level 2 focuses on the application of these tools and analysis for asset valuation. Finally, Level 3 synthesizes all learnings in the portfolio management context and incorporates a constructed response component. Candidates who have completed all three levels may seek to earn the CFA Charter after acquiring the required professional work experience.  Lester passed the CFA Level 3 exam in 2022. He says that he is grateful for the support of SaT Partner Marie Stephanie T. Hamed (MTH) who allowed him to start at a later date in SGV so that he could concentrate on his preparation for the exam.  Congratulations, Lester!

SGV Climate Change and Sustainability Services (CCaSS) Partner Katrina F. Francisco (KFF) and SGV Business Consulting Leader and Institute of Internal Auditors Philippines (IIAP) 2022 Chairman Ryan Gilbert K. Chua (RKC) joined the IIAP Chief Audit Executives (CAE) Forum titled Risks that Matter: Focus on Cybersecurity, Privacy and Sustainability Risks in November 2022 via Zoom. Katrina with the moderators and other speakers The session solicited and drove an exchange of views, insights, and best practices from the panelists, moderators, CAEs, and other attendees in addressing or navigating through cybersecurity, privacy and sustainability risk areas which may have led many companies to rethink or change their business models.  Ryan presents a summary of the session Ryan opened the session and presented a summary of Risks that Matter, gave a recap of the previous sessions that focused on the overall changes brought about by the last two years of immense disruption which impacted government policies, consumer behavior, and organizations’ business models, and the potential of people as the main drivers of disruptive innovations, and set the tone for the panel discussion. This was followed by the panelists’ respective talks and a Q&A session.

SGV Tax Principal and EY Asean Business Tax Services Leader Atty. Jules E. Riego (JER) was one of the guest speakers at the German-Philippine Chamber of Commerce and Industry (GPCCI) Economic Forum 2023 entitled Philippine Outlook: The Road to Re-Emergence, Recovery, and Rebuilding.The forum was held on 19 January 2023 at the German Club Manila in Makati City. Jules at the GPCCI Economic Forum 2023 Jules shared his knowledge and expertise on the impact of the Corporate Recovery and Tax Incentives for Enterprises (CREATE) Act and recent regulatory updates for 2023. He also shared his insights on upcoming local legislation such as the Real Property Valuation and Assessment Reform Act, the Comprehensive Tax Reform Program, Tax on Digital Transactions, and the Ease of Payment of Taxes Act. SGV Assurance Leader Martin C. Guantes (MCG) and SGV Market Group 3 Leader Henry M. Tan (HMT) also attended the event. 

SGV Tax Partners participated in the 2022 Philippine Institute of Certified Public Accountants (PICPA) Metro Manila Region (MMR) and Geographical Area Office (GAO) Tax Conference held on 14 December 2022 at the Century Park Hotel, Manila City. The theme for this conference was “Play It Forward: Hot Tax Topics for Responsible Taxation.” SGV Tax Partner Aaron C. Escartin talks about e-commerce taxation SGV Tax Partner Aaron C. Escartin receives token of appreciation PICPA MMR Professional Development Committee and Regional Sectoral Representative for Public Practice Chair Maricris U. See (MUS) was one of the lead organizers of the event and SGV Tax Partner Aaron C. Escartin (ACE) was the speaker for Tax on E-commerce. Aaron was introduced by PICPA Eastern Metro Manila Chapter President Michael A. Madlangbayan (MAM).  PICPA MMR Professional Development Committee and Regional Sectoral Representative for Public Practice Chair Maricris U. See (second from right) with BIR Director II Beverly Milo (second from left), BIR Assistant Commissioner for Planning & Management Services Hon. Marietta U. Lorenzo (third from left) and other participants at the event Among the topics covered in the Summit aside from Tax on E-Commerce (online transactions business) were Bureau of Internal Revenue (BIR) Priorities Plans and Program for 2023 onwards, Hot Year-end Tax Reminders and Updates, and Tax vs. Philippine Financial Reporting Standards (PFRS). BIR Assistant Commissioner for Planning & Management Services Hon. Marietta U. Lorenzo was also one of the resource speakers. She was assisted by BIR Director II Beverly Milo. 

SGV Financial Accounting Advisory Services (FAAS) and Climate Change and Sustainability Services (CCaSS) Partner Benjamin N. Villacorte (BNV) was a panelist in the session on “Environmental, social, and governance (ESG) as a Value Driver for Real Estate” at the Net Zero Building & Net Zero City Summit Philippines 2023 held on 10 January 2023 at the Dusit Thani Hotel Manila. The session dissected the impact of social good on real estate projects, including why ESG reporting is vital for investors and what impact it has on the community. Benjamin talks about ESG Benjamin with the other panelists Benjamin emphasized the importance and advantages of ESG in doing business, especially in the real estate industry. As investors pay more attention to ESG performance, companies are now integrating sustainability in their business models and plans to access more financing for their business operations and future expansion. He said that companies are realizing that solely aiming for profit is no longer enough to sustain businesses and that creating positive impacts on the environment and society are now gaining momentum as more businesses around the world work toward more sustainable operations.   Given the current trend in the industry on sustainability and “greenwashing,” Benjamin encouraged everyone to act now, aside from just pledging. He also emphasized that when investing in ESG strategies, even though the returns may only manifest in 5-10 years, priority should be given to creating long-term value.