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SGV Business Tax Advisory Senior Atty. Ernest Adrian F. Co joined the European Chamber of Commerce of the Philippines (ECCP) Cebu Business Council Meeting held at Harolds Evotel Cebu on 15 May 2023. Twenty-four participants and business leaders from different sectors attended the event.ECCP Cebu Business Council Meeting participants pose for a group photo Atty. Ernest talked about the Bureau of Internal Revenue's (BIR’s) tax collection goals and results from 2019 to present, and how the BIR is becoming more aggressive in its tax collection efforts. ECCP Cebu Branch Officer Jillian Sitchon provided advocacy updates, outlining significant interactions with both the Philippine and European governments. She also discussed important advocacy issues that were addressed at courtesy and luncheon meetings with various department secretaries in the Philippines. ECCP Senior International Trade Fairs Officer Dawn Cabigon introduced ECCP subsidiary company Fairs & More, Inc. (FMI), which aims to promote international trade fairs and provide opportunities for local businesses to showcase their products and services on a global stage. Business leaders from Asia Select, AWC Philippines, Belmont Hotel Mactan, Bottega 8290 Architectural Design Services, Dusit Thani Mactan Cebu, Eastern Communication, FPT Software, Harolds Hotel, IONOS (Philippines) Inc., RAFI – Ramon Aboitiz Foundation Inc., Regus Philippines – Cebu, RISE, Citadines Cebu City, and Spring Rain Global Consultancy also attended the meeting.

SGV Cebu Partner-in-Charge Margem A. Tagalog (MAT) and SGV Tax Senior Director Atty. Anne Margaret E. Momongan-Lim served as speakers at a conference organized by the Philippine Institute of Certified Public Accountants (PICPA) Cebu Chapter entitled Reducing Roadblocks: Relaxing Foreign Business Ownership in the Philippines & Exposure Draft - Third Edition of the International Reporting Standards (IFRS) for small and medium-sized enterprises (SMEs) Accounting Standard held at the Mezzo Hotel on 16 May 2023 with 92 participants. Margem during her presentation (From left to right) Atty. Kara Bagunas, Atty. Geremae Mata, Atty. Anne Momongan-Lim, and PICPA Cebu Chapter Seminar Organizing Team members Margem discussed the third edition of the IFRS for SMEs, its benefits and challenges, and regulatory reforms for attracting foreign investors, enhancing competitiveness, and promoting business-friendly environments.  Atty. Anne discussed reducing roadblocks by relaxing foreign business ownership in the Philippines. She emphasized the value of easing restrictions on foreign ownership in the Philippines to attract investments and promote sustainable economic development through streamlined processes. Atty. Aaron James C. Melendez was a member of the SGV organizing team.

SGV Tax Senior Director Atty. Anne Margaret E. Momongan-Lim and SGV Global Compliance & Reporting (GCR) Associate Directors GJ Robin F. Cobosa and Athena Mae Luce were resource speakers at the Cebu Chamber of Commerce and Industry (CCCI) and Philippine Institute of Certified Public Accountants (PICPA) Cebu Chapter Tax & Accounting Business Cliniquing Session on 14 and 16 May 2023. Seventy participants from 24 companies attended the session, which aimed to enhance the knowledge and understanding of members of the Cebu business community on tax and accounting standards compliance. GCR Associate Directors GJ Cobosa and Athena Luce with CCCI Business Development Officer Karen Autor Atty. Anne receives certificate of recognition GJ and Athena discussed determining compliance bottlenecks in management, planning and control in the first session while Atty. Anne discussed determining compliance bottlenecks in finance and accounting in the second session. They provided practical tips on how to identify and address potential issues before they become major problems. The SGV team for the session also included Atty. Ron Christian T. Eupeña and Atty. Geremae M. Mata. The sessions provided networking opportunities and kept the attendees updated on finance and accounting developments.

The SGV Financial Accounting Advisory Services (FAAS) team was among the global winners for the second round of the Global FAAS Innovation Competition. They were selected from among 45 global entries as part of the top 11 Round 2 finalists for the Asia Pacific (APAC) winner.  FAAS team winners The FAAS team is composed of FAAS Senior Manager Anna Maria Rubi B. Diaz and FAAS Managers Jerwin Esquibel, Dwayne Justin Ignacio, Sheena Dyan Suarez, Gabrielle Andrea Fajardo, Patricia Jazmin Patricio, and Marilen Quicio. The Global FAAS Innovation Competition aims to drive innovation and new ideas in the global FAAS practice. The SGV FAAS team’s submission will advance through a Global FAAS Leadership Panel Review that will determine the Global Finalists. Congratulations, SGV FAAS team!

SGV Business Consulting Partner Conrad Allan M. Alviz (CMA) was a speaker at the 5th Joint Accountancy Research Summit organized by the Philippine Institute of Certified Public Accountants (PICPA) on 26 May 2023. Over 250 accountants and accountancy students attended the event. Conrad during the Summit SGV Assurance Partner and PICPA event Chair Marydith C. Miguel (MCM) kicked off the event by delivering the opening remarks. SGV Chairman and Country Managing Partner Wilson P. Tan (WPT) spoke about the emerging trend on sustainability and the importance of sustainability reporting in organizations.  Wilson shares his message on sustainability reporting Conrad talked about the global Environmental, Social and Governance (ESG) landscape and the current regulatory developments on sustainability in the country. He discussed the findings in the SGV publication, Beyond the Bottomline 2022, on the review of the sustainability reports of publicly listed companies. He also talked about the development of the International Sustainability Standards Board (ISSB) and its proposed International Financial Reporting Standards (IFRS) sustainability disclosure standards, which are expected to be published in the second quarter of 2023. Toward the end of his discussion, Conrad talked about the role of accountants in achieving consistent metrics, integrating accounting and finance functions, providing assurance over climate reporting and disclosures, serving as consultants in the sustainability space, and advocating for sustainability.

SGV Clark hosted the Clark Investors & Locators Association (CILA) Strategic Trade Management Awareness (STMA) forum organized by CILA with the support of the Trade Industry Development section of the Department of Trade and Industry (DTI) on 4 May 2023, with at least 50 participants in attendance. The forum aimed to assist various Clark locators on the updated trade policies on the import and export process. (From left to right) Trade Industry Development Specialist Darrel L. Cumpas, Senior Trade Industry Development Specialist Danelle Izah G. Manitla, Trade Industry Development Specialist Chloe Andrea S. Anacan, and Supervising Trade Industry Development Specialist Jesse Carla V. De Guzman, DTI Officer-In-Charge Atty. Janice Sacedon-Dimayacyac, Chief DTI Trade Specialist Regina Samantha T. Castro, Senior Trade Industry Development Specialist Archie John T. Talaue, SGV Clark Partner Hentje Leo L. Leaño (LLL), and SGV Senior Director Leo Niño Canlas Dr. Ireneo Alvaro, Chair of CILA’s Advocacy Committee, kicked off the event by delivering the opening remarks and introducing the DTI Team led by DTI Officer-In-Charge Atty. Janice Sacedon-Dimayacyac and the representatives of the DTI Trade Development Specialists and Enterprise Relations Division. DTI Representatives discussed the STMA overview on Registration and Authorization Process and Commodity Classification and STMA Enforcement of Policies. CILA members with DTI representatives at the Strategic Trade Management Awareness Forum The presentation was followed by an open forum with DTI and Clark locators moderated by Dr. Alvaro. CILA awarded Certificates of Appreciation to the DTI Resource Speakers. SGV Clark Global Compliance & Reporting Partner Hentje Leo L. Leano (LLL) also received a Certificate of Appreciation for the Firm’s continuous support for CILA’s initiatives. Leo (center) receives Certificate of Appreciation with CILA Advocacy Committee Chair Dr. Ireneo Alvaro Jr. and CILA Director Darwin Malinit Members of the SGV Clark team present included SGV Clark Senior Director Leo Nino Canlas, Senior Associate Atty. Fatima Kate Garo, Tax Senior Director Atty. Jennyllette Dignadice, and Tax Director Atty. Erika Joy Ruiz.

SGV’s Global Compliance and Reporting (GCR) team, in collaboration with Miriam College’s School of Business, Entrepreneurship, and Accountancy (SBEA), held a tax seminar entitled “Taxverse” from 21 to 22 April 2023. Maricris talks about the qualifications of registered business enterprises for tax incentives Global Compliance and Reporting (GCR) Partners Aaron C. Escartin (ACE), Maricris U. See (MUS), Don Don T. Mojica (DTM), and GCR Senior Directors Christiene Lawrence R. Matic, Debelen O. Panggoy, and Atty. Jan Kriezl M. Catipay shared their insights during the technical sessions. Students participated in the tax review session on Day 1, while faculty members were briefed about the recent developments in Philippine taxation on Day 2. The topics discussed focused on the recent developments in taxation under the Tax Reform for Acceleration and Inclusion Law (TRAIN) Law and the Corporate Recovery and Tax Incentives for Enterprises (CREATE) Act, fiscal incentives granted by the Investment Promotion Agency and new tax incentives under the CREATE Act, as well as an introduction to double-taxation agreements and addressing the challenges of double taxation. The event was spearheaded by GCR Leader Sonia D. Segovia (SDS), Maricris, and Aaron in coordination with SBEA Academic Dean Ruby F. Alminar-Mutya and SBEA Accounting coordinators Alfred Lindon Berbano and Myrna Vidal.

SGV Tax Partner Auresana “Rhena” B. Ines (ABI) was a speaker at the 3rd General Membership Meeting of the Philippine Institute of Certified Public Accountants (PICPA) Southern Metro Manila Chapter (SMMC), held at the MOA Arena Annex Building (MAAX) Auditorium, Mall of Asia in Pasay City on 9 May 2023. 121 CPAs and non-CPAs joined the seminar. Rhena (center) with PICPA SMMC members Rhena provided an overview of transfer pricing in the Philippines. She discussed matters to consider when engaging with related party/intercompany transactions and preparing for a transfer pricing audit. She emphasized the need to consider various factors when engaging in intercompany transactions, such as the nature of the transaction, the functions performed by each party, and the risks involved. She also talked about the current requirement for electronic invoicing and receipting which is now mandatory for covered taxpayers along with policies and guidelines for compliance. 

SGV Tax Partner Auresana “Rhena” B. Ines (ABI) was a speaker at the Philippine Institute of Certified Public Accountants (PICPA) Western Metro Manila Chapter (WMMC) webinar on 10 May 2023 with more than 100 participants in attendance.  Event poster Rhena discussed recent issuances and tax cases related to handling BIR tax examinations. She also talked about the current electronic invoicing and receipting requirements for covered taxpayers and the guidelines, necessary steps, and policies they need to follow. She highlighted that while the BIR tax examination process is complex, businesses can navigate it successfully with proper preparation and documentation and that their compliance with the electronic invoicing and receipting guidelines is crucial.

SGV Financial Accounting Advisory Services (FAAS) and Climate Change and Sustainability Services (CCaSS) Partner Benjamin “Benjie” N. Villacorte (BNV) and CCaSS Senior Director Crystal Aleli R. Cornell served as resource speakers at Bicol University’s three-day training entitled “International Webinar on Organizations' Resiliency, Inclusivity and Sustainability towards Environment, Social, and Governance (ESG)” held virtually via Zoom from 18 to 20 April 2023. BNV and Crystal led the ESG Conceptual Framework session on the second day. Crystal and Benjie receive their respective certificates of appreciation Benjie began the session with an introduction to ESG, including the relevant factors and examples of ESG-related issues, and an overview of the United Nations Sustainable Development Goals (SDGs). He also discussed the drivers of sustainability, including stakeholder expectations, regulatory requirements, and employee and consumer response. Benjie concluded his discussion with a view on the impact of sustainability on long-term value. He shared the importance of future-proofing sustainability through creating a strategic focus that benefits all stakeholders not just immediately, but also in the future. Benjie anchored his statement on a quote from Steven Varley and Steven Lewis, top executives at EY, which highlighted the need to integrate both the financial and non-financial aspects of business. Crystal, on the other hand, focused on the global landscape of sustainability reporting and the benefits of sustainability reporting assurance. She introduced the current trends in sustainability reporting, such as the increasing prevalence of environmental and social issues in business. She also discussed the existing international frameworks that companies commonly use in sustainability reporting, as well as the contents of a good sustainability report. To contextualize the topic, Crystal showcased SGV’s Beyond the Bottomline: Sustainability Reporting in the Philippines publication, which reviewed the sustainability reports of publicly listed companies in the country.  She concluded her talk by outlining relevant points and conducting an interactive activity to further drive home the concepts from her discussion. To garner commitment from the audience, the participants were asked to share a pledge to promote ESG in business and incorporate sustainability in their daily lives.