News

SGV Climate Change and Sustainability Services (CCaSS) Partner Benjamin “Benjie” N. Villacorte was a panelist in the Philippine Power Plant Energy Summit panel discussion on the topic “The Future of Energy Sector in the Philippines” held at Novotel Manila, Araneta Center, Quezon City. Benjie (second from left) with the other panelists and moderator during the panel discussion Benjie stressed the significance of environmental, social, and governance (ESG) in initiatives related to community life and poverty alleviation. He talked about economic and ESG goals and third-party assurance. He also advocated for the adoption of the new International Sustainability Standards Board (ISSB) Sustainability Reporting Standards to improve sustainability reporting. Benjie underlined the importance of hybrid sources, greenhouse gas accounting, sustainability reporting, and profitability for climate adaptation, resilience, and community support. He noted the need for enterprise risk management to consider the importance of climate scenario analysis and recognize transition risks in a low-carbon economy. Benjie (second from left) with the other panelists and moderator receiving their plaques of appreciation He further highlighted that acquiring carbon credits is not a license to pollute and that emission reduction actions should take precedence over purchasing credits. According to Benjie, the Philippines has the capacity to generate carbon credits, but there is no framework in place yet to ensure compliance with Nationally Determined Contributions (NDCs). Benjie (second from right) with CCaSS Manager Judd P. Tablazon and CCaSS Senior Associates Joyce Anne A. Soriano and Louie Adrianne R. CediñoOther panelists were Renewable Energy Association of the Philippines President Erel Narida and AboitizPower Chief Operating Officer for Power and Aboitiz Data Innovation and Chief Data and AI Officer Luis F. Gonzalez. Quisumbing Torres Partner Atty. Dennis A. Quintero served as the moderator. The Philippine Powerplant Energy Summit gathered government authorities, stakeholders, experts, and contractors to promote renewable energy mix, including coal-based electricity generation, using cutting-edge technology, practices, and equipment.

SGV Transaction Diligence Partner and Asian Institute of Management (AIM) alumnus Miguel Carlo “Mickey” S. Rancap was a speaker at the inaugural General Assembly of the AIM Management Consulting Club on 5 August 2023 at AIM. Over 130 AIM graduate school students attended the event. Mickey talks about becoming better business advisors In line with the General Assembly’s objective to inform and inspire, Mickey talked about client-centric behaviors that help one succeed as a business advisor. He shared that every conversation that business advisors have with their clients is an opportunity to advance the relationship, to build trust, to get to know them and their business better. Mickey emphasized the need to cultivate a client-centric mindset that embodies behaviors such as asking better questions, listening proactively, relating empathically, and contributing insightfully. AIM Management Consulting Club Inaugural General Assembly attendees He also mentioned that business advisors should not only provide technical expertise but should also align with the clients’ needs that are broader in focus and more strategic in nature. He added that this will provide the opportunity to enhance, augment, and improve their client relationships. Mickey concluded that a business advisor's role is to utilize a strategic approach to better understand the clients’ issues, and help clients achieve their objectives and address their pressing problems. The business advisor does not only provide answers; he shows clients how to arrive at the most logical and conclusive solutions. Strategy and Transactions (SaT) Associate Director William Angelo G. Lim, a fellow AIM alumnus, also attended and supported Mickey during the event.

SGV Baguio conducted a two-day Tax Compliance Seminar from 27 to 28 July 2023 at the Venus Parkview Hotel, Baguio City. The seminar discussions focused on the taxation of local accounts payable (AP) process and tax assessment backroom support. It also highlighted the strict rules on substantiation for input VAT and income tax purposes. Eighty-eight participants from various companies attended the event.Leo at the Tax Compliance Seminar SGV Global Compliance and Reporting (GCR) Partner Hentje Leo L. Leaño discussed the basic concepts of input value-added tax (VAT), guidance in determining the proper expanded withholding tax (EWT) base and applicable EWT rates on local purchase transactions, and rules in claiming income tax deductions. He also provided a bonus discussion on the preparation of documents and information for tax assessments. Leo facilitates interactive exercises

SGV’s Financial Services Organization (FSO) team hosted its fourth episode of FStOries with the theme “A Mother’s Unconditional Love” simultaneously at the e-Café and via MS Teams. In celebration of Mother’s Day, it featured Partners who are also mothers. More than 100 participants attended the event. (From left to right) Francis, Janeth, Marga, and Janet at the FStOries Episode 4 session FSO Leader Christian G. Lauron welcomed the participants to the event. FSO Assurance Leader Janet S. Alvarado-Paraiso and FSO International Tax and Transaction Services (ITTS) Advisory Principal Ma. Margarita “Marga” D. Mallari-Acaban were the panelists while Wealth & Asset Management (WAM) Leader Ray Francis C. Balagtas served as the moderator. FSO Partners with in-person participants Janet and Marga talked about the challenges, lessons, and memorable experiences that come with motherhood and shared some advice which helped them get through difficult times. They also talked about their motivation to move forward and advance their careers as professionals concurrent with their commitments and responsibilities at home.  Banking & Capital Markets (BCM) Leader and FSO People Champion Janeth Nuñez-Javier delivered the closing remarks, where she thanked everyone for attending the event. There were also treats served after the session.

The Climate Change and Sustainability Services (CCaSS) team closed FY23 by observing Philippine Environment Month through a Sustainabits session on e-waste. The session, entitled “Reduce, Reuse, E-Cyle: E-waste management and handling” aimed to advance the audience’s knowledge on Circular Economy by tackling the fastest growing yet valuable waste stream of electronic waste. CCaSS team (right) during the Sustainabits session Business Consulting and CCaSS Partner Conrad Allan M. Alviz welcomed more than 200 attendees and reiterated the importance of contributing to a circular economy by being mindful of e-waste. He urged the audience to share their knowledge with their communities to create a greater impact on the environment. CCaSS Manager Carla Capistrano, Senior Associate KC Corpus, and Associate Marianne Velasco continued the session with their respective discussions. Marianne talked about the definition of e-waste, the types of e-waste and the problem with its over-production versus its low collection rates. Carla then talked about the Tokyo 2020 Medal Project as a case study of e-waste management and recovery of precious metals. KC discussed local e-waste initiatives and urged everyone to practice proper e-waste management through reducing, reusing, and recycling. These include maintaining electronics, re-evaluating purchases, buying used gadgets, and recycling or disposing of them properly by their end-of-life. The session was capped off with a call for the audience’s re-commitment toward responsible action for proper waste management, building on a prior CCaSS session on Circular Economy. The 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 Consulting Partner Conrad Allan M. Alviz together with Manager Reymark Lazo and Seniors Renz Criste and Karla Espina joined the Philippine Institute of Certified Public Accountants (PICPA) webinar titled “Spotlight on Commerce and Industry – Emergence of AI to Accountancy Profession” organized by the PICPA Quezon Province Chapter via Zoom. Sixty participants from public practice, academe, and commerce and industry sectors attended the webinar. Conrad’s speaker slide Conrad shared his insights on how Artificial Intelligence (AI) is currently shaping the accounting profession across all four accounting sectors – Public Practice, Commerce and Industry, Government, and Education. He discussed the definition of AI and provided a brief background on its evolution. He also demonstrated basic prompts in using ChatGPT, an AI-enabled tool. He provided sample use cases and relevant news on how AI is being used in each accounting sector. He also further elaborated on the key considerations, advantages, and disadvantages of using AI technology.  Conrad concluded the discussion by emphasizing that AI is transforming accountants' roles and skills, necessitating upskilling and training. He also suggested that accountants embrace AI, adopt a culture of innovation, and seek continuous improvement. He also highlighted that while AI offers increased efficiency and decision-making, it also presents challenges like upskilling and training, as well as concerns for trust, safety, and privacy.

SGV Climate Change and Sustainability Services (CCaSS) Senior Associate Raymond R. Paras was a resource speaker at the Mapúa University webinar entitled “Driving Sustainability and Carbon Neutrality: Empowering the Next Generation for a Greener Future” held via Zoom on 29 July 2023. More than 230 participants, composed of students from various local and international universities, educators, industry professionals, and participants from non-government organizations (NGOs) and government agencies attended the webinar. Webinar poster Raymond presented an overview of sustainability where he discussed its definition, pillars, the driving forces that kickstart initiatives and meaningful actions toward sustainable development, and global and local regulatory developments in relation to sustainability reporting. CCaSS Senior Associate Raymond Paras during the webinar He talked about the awareness of different generations on environmental issues and how governments, organizations, and communities can help mitigate their impact. He noted various sources of information that play an increasingly important role in how individuals, across all generations, perceive and react to information. He also described some initiatives of SGV’s Sustainable Actions for Value Creation and Enablement (SAVE) Council such as the SAVE4Water Project and the reusable-clothes donation drive in April 2023. Webinar participants Raymond also discussed actions that can be taken by various generations to build a more sustainable future, including some scenario analysis for the participants. A Q&A session was conducted after the presentation where participants asked for advice on how they can provide sustainable solutions in partnership with local communities. The webinar was conducted in line with Sustainable Development Goals 4 (Quality Education) and 13 (Climate Action) of the United Nations Sustainable Development Goals. It aimed to equip and inspire participants to create a sustainable and carbon-neutral world.

SGV held a Legacy Night event to honor its alumni Partners and the 45 SGV CPAs who were among the Top 100 CPAs named and presented with the Centenary Award of Excellence by the Professional Regulation Commission’s Board of Accountancy (PRC BOA). The event, held at the Conrad Manila on 30 June 2023, highlighted the Firm and its people’s rich legacy of excellence, integrity, and stewardship. More than 100 current and alumni SGV Partners attended the event. Current and Alumni SGV Partners Chairman and Country Managing Partner Wilson P. Tan (WPT) welcomed the attendees and talked about the current state of the Firm. He also congratulated and welcomed the new Partners and Principals. Additionally, he talked about the Firm’s recent achievements with a message centered on the theme, "Stewardship. Grit. Vibrance.” SGV Chairman and Country Managing Partner Wilson P. Tan delivers his welcome remarks Former SGV Chairman and Managing Partner (1999-2004) Cesar V. Purisima (CVP) Former SGV Chairman and Managing Partner (2010-2017) Cirilo “Vic” P. Noel (CPN) Former SGV Chairman and Managing Partner (2017-2020) J. Carlitos “Itos” G. Cruz (JGC)  Former SGV Chairmen and Managing Partners and recipients of the Centenary Award of Excellence Cesar V. Purisima (CVP), Cirilo “Vic” P. Noel (CPN) and J. Carlitos “Itos” G. Cruz (JGC) shared words of wisdom and how they felt about being part of SGV’s living legacy. SGV Alumni during Legacy Night The SGV Dance Club and SGV Glee also performed at the event. SGV Assurance Leader Martin C. Guantes (MCG) concluded the program with his closing remarks and thanked all the SGV alumni Partners for attending the event.

SGV Cebu Partner-in-Charge Margem A. Tagalog (MAT) and SGV Cebu Partner Cheryl Edeline C. Ong (CCO) were inducted as members of the Management Association of the Philippines (MAP) during the MAP General Membership Meeting at the Seda Hotel, Ayala in Cebu. Margem (top center) and Cheryl (bottom center) during the oathtaking Dr. Cielito F. Habito provided a short economic briefing before the induction proper. Cebu City Mayor Mike Rama briefly explained the city’s aspiration to be like Singapore during his welcome remarks. He was also inducted into the association’s membership. The MAP is a non-profit organization composed of educators, government officials, and top management practitioners from the largest local and multinational companies operating in the Philippines. They advocate good governance, global competitiveness, climate change awareness, and sustainable growth.

SGV Climate Change and Sustainability Services (CCaSS) Partner Benjamin N. Villacorte (BNV) participated in the ASEAN Capital Markets Forum (ACMF) and International Sustainability Standards Board (ISSB) Joint Conference and Technical Training on the International Financial Reporting Standards (IFRS) Sustainability Disclosure Standards in Singapore from 27 to 28 June 2023. The event marked the launch of the ISSB’s two inaugural IFRS Sustainability Disclosure Standards. SGV CCaSS Partner Benjamin N. Villacorte (left) with ISSB Vice-Chair Jingdong Hua (second from left) and other representatives from the Philippine delegation On Day 1, ACMF Chair Inarno Djajadi of the Indonesia Otoritas Jasa Keuangan shared his remarks. This was followed by detailed presentations on key aspects of the newly launched standards as well as panel discussions on perspectives relating to sustainability disclosures and the IFRS Sustainability Disclosure Standards with ISSB Vice-Chair Jingdong Hua as one of the speakers.  Technical training sessions for regulators and corporate preparers were conducted on Day 2. The sessions were a deeper dive into the technical aspects of the ISSB standards and their practical implications. More than 1,000 ASEAN regulators, investors, corporate preparers, and other stakeholders participated in the event, of which over 200 attended in-person. Thirty out of the 200 in-person attendants were from the Philippine delegation, which included corporate preparers from various private companies and representatives from local regulators such as the Securities and Exchange Commission (SEC), the Bangko Sentral ng Pilipinas (BSP), and the Insurance Commission.