2023

SGV International Tax and Transaction Services (ITTS) Partner Atty. Auresana “Rhena” B. Ines (ABI) and Indirect Tax (IDT) Senior Director Atty. Jo Ann Marie O. Casio were speakers in the Q4 General Membership Meeting organized by the Association of Semiconductor and Electronics Industries in the Philippines Foundation, Inc. (SEIPI) Finance Executives (ASEFEX) on 22 December 2022. Event poster Atty. Jo Ann opened the session with a discussion on VAT and Customs updates. She highlighted the BIR and Customs issuances from October 2022 to December 2022 such as the guidelines for the proper income tax treatment of equity-based compensation and the extension of work-from-home (WFH) arrangements for Registered Business Enterprises (RBEs) in the Information Technology Business Process Management (IT-BPM) Sector. She presented clarifications issued by the Office of the Commissioner of Customs regarding the posting of bonds for the RBEs in IT-BPM in connection with the WFH arrangement.  Atty. Rhena discussed Transfer Pricing updates and emphasized the two-tiered transfer pricing requirements for submission of BIR Form 1709 and preparation of transfer pricing documentation. In discussing recent compliance and audit developments, she talked about matters relating to the preparation and submission of documents provided for in Revenue Audit Memorandum Order No. 1-2019, which includes, among others, the Functions, Assets, and Risks Analysis. Atty. Rhena, along with Atty. Jo Ann, addressed questions and requests for clarifications from the participants in the open forum. About 90 ASEFEX members, including SEIPI partners and stakeholders attended the event. Logistics Market Sector Leader and Tax Principal Stephanie V. Nava (SVN) and Technology Market Sector Leader and Assurance Partner Manolito R. Elle (MRE) coordinated participation in the virtual meeting. Indirect Tax (IDT) Senior Director Atty. Alden Patrick C. Labaguis, Associate Director Atty. Dawna Fya O. Bandiola and Senior Associate Kierk Robin M. Ret were part of the SGV organizing team.

The SGV Tax team led by EY Asean Tax Diversity, Equity, and Inclusiveness (DE&I) Lead Victor C. De Dios (VCD), together with Indirect Tax (IDT) Senior Director Atty. Alden Patrick C. Labaguis, was represented by IDT Senior Associate Atty. Andrea Nicole Loreno in SPARK! Philippines’ #RightsforAllRightsforEquality human rights forum on 9 December 2022 at the Ateneo Law School, Rockwell Center in Makati City. Atty. Nicole with SPARK! Philippines President Imelda Nicolas and Executive Director Maica Teves, and International Association for Human Values Foundation (IAHV Philippines) Director Suzanne Faelnar at the forum U.S. Ambassador to the Philippines MaryKay L. Carlson gave the opening remarks, followed by Makati City Mayor Abigail Binay who delivered the keynote address. Panelists Ann Dumaliang, Kaye Brier, Princess Jacel Kiram, and Police Lieutenant Colonel Mary Grace Riego Madayag tackled topics on women’s involvement in environmental advocacy and climate change, LGBTQIA+ inclusion, the participation of women in the peace process, and violence against all genders during the panel discussion. Former Commissioner of the Commission on Human Rights Karen Lucia Gomez-Dumpit served as the moderator. Atty. Nicole asked the panelists to share their insights on how to advocate for diversity, inclusivity, and equality (DE&I) in workplaces during the Q&A session. The panelists shared their firsthand experiences, suggestions on how to raise awareness, and examples of their own programs that could help further develop the participants’ own DE&I programs. Author of gender-responsive ordinances and gender equality advocate Mayen Juico delivered the discussion synthesis. SPARK! Philippines President Imelda Nicolas gave the closing remarks. The #RightsforAllRightsforEquality human rights forum aimed to raise awareness on how the advancement and security of respecting human rights for all is forging mechanisms and tools which contribute to gender equality.

SGV Climate Change and Sustainability Services (CCaSS) Senior Director Crystal Aleli R. Cornell was one of the resource speakers at the 2nd Philippine Institute of Certified Public Accountants (PICPA) Eastern Metro Manila Province Chapter (EMMC) General Membership Meeting and Webinar held on 13 January 2023.  She talked about the role of accountants in sustainability reporting. Crystal talks about the role of accountants in sustainability reporting  Crystal gave an introduction on sustainability and how it can create long-term value for organizations. She discussed the four pillars of sustainability (i.e., economic, environment, social and governance) and its drivers (i.e., institutional investors, standard-setters, regulators and government, employees, consumers, and society).  She emphasized the importance of the connection between financial and non-financial aspects of the business in long-term value creation.  Crystal discussed the global and local developments around sustainability reporting. She also shared highlights of SGV’s publication titled “Beyond the Bottom Line: Sustainability Reporting in the Philippines” where SGV's CCaSS team reviewed how listed companies have responded to the Securities and Exchange Commission’s (SEC’s) call to publish sustainability reports since 2019.  Crystal concluded her presentation by highlighting how accountants can lead sustainability initiatives. She also encouraged the participants to start their sustainability journey individually or within their organizations.

SGV Climate Change and Sustainability Services (CCaSS) Senior Manager Crystal Aleli R. Cornell was a speaker at the Junior Philippine Institute of Accountants – University of St. La Salle’s webinar on International Financial Reporting Standards (IFRS) Sustainability Standards on 2 December 2022.  Crystal receives Certificate of Appreciation Crystal provided an introduction to sustainability, including the drivers and relevance of sustainability. She highlighted that sustainability creates long-term value, and for companies to be able to show their commitment to long-term value creation, this entails reporting to the stakeholders as responsible organizations.  Crystal also shared the evolving requirements on sustainability reporting, as well as the significant developments in the standards and guidance around these reports. She discussed the requirements of the two Exposure Drafts on IFRS Sustainability Standards published in March 2022. Crystal emphasized the role that accountants play in the growth of sustainability, particularly in the integration of the accounting and finance function in the non-financial reporting processes and controls based on their experience and knowledge of leading practices.

SGV International Tax and Transaction Services (ITTS) and Global Immigration (GI) Senior Director Atty. Jackie Lou D. Lamug was the Philippine representative in an EY Global Immigration webinar entitled Understanding the changing immigration landscape across ASEAN on 12 January 2023. EY Asean Immigration leaders facilitated the webinar, which was attended by around 400 HR and mobility points of contact from EY clients across ASEAN. EY Asean Immigration practice leaders The speakers gave an overview of recent and upcoming immigration regulations and manpower policies in ASEAN. They talked about the importance of understanding the shifting immigration landscape for businesses across countries as governments around the world continue to encourage businesses to resume international expansion and cross-border movements. They also talked about more inviting immigration programs to reverse the previous COVID-19-related restrictions on immigration to promote and generate business and economic possibilities. They shared how, despite the fierce competition among nations to draw in foreign investments and highly trained workers, governments continue to prioritize and focus on compliance with immigration policies in a bid to ensure a balanced immigration approach.

The Climate Change and Sustainability Services (CCaSS) team hosted the final Sustainabits session for 2022 on 16 December. The session titled "Sustainable Gastronomy: A Recipe for a Green and Clean Christmas Dinner" was attended by 347 SGVeans.  Diana, Conrad, and Robert during the webinar Business Consulting and CCaSS Partner Conrad M. Alviz (CMA) kicked off the webcast by greeting the participants, hoping that they would find the session informative and relevant. CCaSS Manager Diana A. Sadili-Chu and Associates Abraham S. Bonnevie and Robert C. Revilla discussed global and local food production and consumption trends, their impact on the environment, and some ways to become more responsible consumers, a timely topic for the holiday season.  The December Sustainabits session focused on elaborating on the effects of people’s food choices on the environment and the initiatives that consumers can take to reduce their negative impact. The session provided an opportunity to gain a better understanding of what sustainable gastronomy entails, particularly choosing and preparing food in a way that is more considerate of the processes entailed as food is prepared for consumers.  Participants join an exercise on measuring the amount of carbon and potential emissions of their food choices The presenters discussed various ways how an individual can practice mindful and sustainable consumption during the holiday season and for many other meals in the future. There was also an interactive exercise that focused on the identification of the estimated carbon equivalent emissions of popular dishes served during the holiday season based on available research on various food ingredients. The presenters concluded the session with a call to action and a declaration survey answered by the participants to observe a healthier and sustainable lifestyle through mindful food consumption. The Sustainable Actions for Value Creation and Enablement (SAVE) Council’s Sustainabits initiative is a series of half-hour webcasts covering ideas, movements, principles, and leading industry practices regarding sustainability, social equity, and climate change.

SGV General Santos and the General Santos City Government launched its first edition of the Doing Business in General Santos City publication on 19 January 2023 at the Avior Hotel, General Santos City.  SGV Chairman and Country Managing Partner Wilson P. Tan (WPT) with OIC Mayor, City Councilor Richard Atendido during the Doing Business in GenSan launch SGV partners and leaders, GenSan CEMCDO officials, and representatives from the GenSan Chamber of Commerce and Industry, South Cotabato Filipino-Chinese Chamber of Commerce, the LGU, and national government agencies pose with a copy of the Doing Business in GenSan brochure Developed by SGV in close collaboration with the General Santos City Economic Management and Cooperative Development Office (CEMCDO), the publication is a brief guide for potential foreign and local investors looking to set up business operations in GenSan. The publication aims to promote and highlight the developments in GenSan, as well as the reforms and initiatives set forth by the government and the private sector that would benefit locators and investors alike. On behalf of General Santos City Mayor Lorelie G. Pacquiao, Executive Assistant III Johnrex Galdo delivered the opening remarks. This was followed by an opening message from SGV Chairman and Country Managing Partner Wilson P. Tan (WPT). SGV Davao and General Santos Partner-In-Charge Jose Raoul J. Balisalisa (JJB) provided a short introduction of the Doing Business in General Santos City brochure before it was officially launched. To conclude the program, City Government Department Head II Dr. Leonard V. Flores and SGV Market Group 4 Leader Veronica R. Pore (VRP) delivered their respective closing messages. SGV Business Tax Partner Thyrza F. Marbas (TFM), SGV Global Compliance and Reporting Partner Saha P. Adlawan-Bulagsak (SAB), and SGV Assurance Senior Associate Kenneth John E. Alimosa were also present during the event. They were joined by OIC Mayor Councilor Richard Atendido, CEMCDO Department Head Dr. Leonard V. Flores, and representatives from the GenSan Chamber of Commerce and Industry, the South Cotabato Filipino-Chinese Chamber of Commerce, the LGU, and national government agencies. The Doing Business in General Santos City publication is the latest issue in SGV’s Doing Business in the Philippines series. The brochure presents an economic overview of GenSan, its taxation rules, investment policies, incentives for investors, and essential information on GenSan’s assets.

SGV Financial Accounting Advisory Services (FAAS) and Climate Change and Sustainability Services (CCaSS) Partner Benjamin N. Villacorte (BNV) and CCaSS Director Diana Sadili-Chu represented SGV in a policy change discussion organized by the French Embassy and makesense Asia in November 2022 at the Sunset Pavilion in Sofitel Philippine Plaza Manila. The conference was held to discuss proposed changes in Food and Drug Administration (FDA) regulations and fast-moving consumer goods (FMCG) industry practices to broaden the use of mainstream refilling for personal care products. Benjamin and Diana at the Mainstream Refilling conference The event initiated crucial conversations, sparked innovative ideas, and discussed points of collaboration in addressing the urgency of plastic pollution in the Philippines, particularly the case of single-use plastics. It highlighted findings, recommendations, and opportunities for government agencies, major businesses, and other vital organizations to advance the mainstreaming of refill and reuse systems for personal care products in the country through policy change and innovations in terms of operations. makesense Philippines President and Global Senior Director Lea Klein with UNDP Climate Action Programme Analyst Gwyneth Palmos, L’Oréal Country Managing Director Yannick Raynaud, and Human Nature President & Co-founder Ana Meloto-Wilk Human Nature President & Co-founder Anna Meloto-Wilk and L’Oréal Country Managing Director Yannick Raynaud shared their respective companies’ experiences and challenges in implementing sustainability initiatives, specifically their refilling initiatives. United Nations Development Programme (UNDP) Climate Action Programme Analyst Gwyneth Palmos talked about the adoption of extended producer responsibility (EPR) and the impact of product refilling systems for retailers. NOYPI Coalition members pose for a group photo In May 2022, SGV signed a Memorandum of Understanding (MOU) with makesense to be part of the No Other Year for Plastics Initiative (NOYPI) 2025 Coalition, hence the Firm’s participation in the Mainstream Refilling conference. SGV’s CCaSS team has also signed a manifesto with the Coalition and has actively participated in the Coalition’s activities for the past few months.  NOYPI 2025 is a multi-stakeholder coalition launched by makesense Asia to develop collaborative upstream solutions that address the challenges of single-use plastic waste in the Philippines. The coalition convenes leaders and organizations from the public and private sectors, academe, civil society, and circular economy actors— collaborating in mapping, rethinking, and designing the strategies and transition towards an environmentally-friendly system of consumption.

SGV served as the Technical Adviser for the 1st Manila Bulletin (MB) Sustainability Forum: Beyond Green held in November 2022. The event recognized the Sustainability programs or initiatives from different companies and one government agency. Event poster SGV’s Climate Change and Sustainability Services (CCaSS) team provided sustainability advisory support to Manila Bulletin in terms of the development of MB’s qualitative assessment checklist for its selection of sustainability programs and initiatives of companies to be recognized. The team also provided comments and suggestions on the checklist prepared by MB for its qualitative assessment of sustainability programs and/or initiatives recognized in the MB Sustainability Honors List 2022.  Benjamin with MB Publishing Corporation President Dr. Emilio “Emil” Yap III Diana and Benjamin with MB Business Development Manager Jordan Tan and MB sales consultant and columnist Philip Cu-Unjieng SGV was represented by SGV Financial Accounting Advisory Services (FAAS) and CCaSS Partner Benjamin N. Villacorte (BNV) and CCaSS Director Diana Sadili-Chu in MB’s special recognition event at the City of Dreams Manila on 24 November. The recognition night honored companies and institutions that have been selected by MB for their contribution towards making a sustainable Philippines a reality. Benjamin with Department of Tourism (DOT) Secretary Christina Garcia Frasco The MB Sustainability Honors List 2022 is an initiative by MB to bring forward conversations about sustainability, with the ultimate goal to become a platform that raises awareness about sustainability in the country.

SGV Business Consulting Partner Conrad Allan M. Alviz (CMA) and Climate Change and Sustainability Services (CCaSS) Director Diana Sadili-Chu conducted an online webinar on Environment, Social, and Governance (ESG) Reporting titled “Sustainability and Integrated Reporting: Leading Beyond the Numbers” on 18 November 2022. The webinar was organized by members of the Philippine Institute of Certified Public Accountants (PICPA) in Doha, Qatar.  Conrad and Diana receive their Certificates of Appreciation Conrad and Diana talked about creating long-term value with sustainability, sustainability reporting and assurance, global developments and the regulatory landscape for sustainability reporting, and how accountants can lead on sustainability and climate action. They also encouraged the attendees to participate in the webinar through interactive polling questions.