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SGV Global Compliance and Reporting (GCR) Partner Hentje Leo L. Leaño (LLL) was the resource speaker at the Philippine Institute of Certified Public Accountants (PICPA) Nueva Ecija Chapter seminar on tax updates during the Chapter’s general membership meeting on 9 April 2023 at the M Palm Event Center in La Torre, Talavera, Nueva Ecija. More than 100 Certified Public Accountants (CPAs) from different industries attended the meeting. Leo receives plaque of appreciation Leo discussed recent tax updates from decisions of the Court of Tax Appeals (CTA) and Supreme Court (SC) as well as recent issuances of the Bureau of Internal Revenue (BIR). The seminar concluded with the awarding of a plaque of appreciation to Leo by Association of CPAs in Commerce and Industry (ACPACI) National President Anna Lissa Chua-Dycaico, PICPA Nueva Ecija Chapter President Aileen Fae M. Africa, and Ex-Officio President Ronald Leabres. SGV GCR Associate Director David Jonathan F. Manalili was also present during the event.

SGV Climate Change and Sustainability Services (CCaSS) Senior Director Crystal Aleli Cornell and Associate Director Rosheena Borlaza were resource speakers at the Junior Philippine Institute of Accountants (JPIA) Far Eastern University (FEU) Alabang summit titled “What’s the Logo?” on 28 February 2023. The webinar focused on sustainability reporting topics.  Crystal and Sheena during the Q&A portion Crystal talked about creating long-term value with sustainability and developments in sustainability reporting and contents of the report. She emphasized the long-term value generated by sustainability reporting and the important factors to be considered in preparing sustainability reports. She also laid out a sample roadmap which contains a step-by-step process for preparing sustainability reports.  Sheena’s discussion focused on the sustainability landscape in the Philippines and the role of accountants in sustainability reporting. She highlighted the regulatory developments in the Philippines and shared an excerpt from the ‘Beyond the Bottom Line: Sustainability Reporting in the Philippines’ publication issued by SGV in 2021. She ended her talk by sharing insights about the crucial role of the accounting profession in sustainability efforts. The webinar concluded with polling questions on sustainability and a question-and-answer session between the resource speakers and the audience. CCaSS Team members Ma. Angelica Videña, Marsha Batusbatusan, and Robert Revilla assisted in preparing the materials for the webinar.

SGV Clark Partner-in-Charge and Head Atty. Margaux A. Advincula (MAA) was appointed the American Chamber of Commerce (AmCham) North Luzon Financial Services, Taxes & Tariffs Committee 2023 Chairperson on 13 March 2023.  Margaux (center) with Vice President of AmCham North Luzon Krizia Chu-Tranquilino (left) and AmCham North Luzon President Goeran Soelter (right) Margaux with AmCham Executive Director Ebb Hinchliffe, guest speaker U.S. Embassy in the Philippines Senior Commercial Officer Paul Taylor, and other AmCham North Luzon members Margaux has been a member of AmCham North Luzon for three years, and as the new Chairperson of the Financial Services, Taxes & Tariffs Committee for the year 2023, she will continue to support the Chamber in its initiatives related to current issues and/or policy changes in the tax system in the Philippines, particularly those affecting Northern Luzon. Congratulations, Margaux!

SGV signed a Memorandum of Understanding (MOU) with the Makati Business Club (MBC) on 7 March 2023 to be part of the "State of Philippine Sustainability Reporting Implementation" project. The MOU was signed by SGV Chairman and Country Managing Partner Wilson P. Tan (WPT) and Financial Accounting Advisory Services (FAAS) and Climate Change and Sustainability Services (CCaSS) Partner Benjamin N. Villacorte (BNV) with MBC Programs and Projects Senior Director Maria Roxanne Lu. The project's goal is to comprehend and evaluate how Publicly Listed Companies (PLCs) in the Philippines are now handling their environmental, social, and governance (ESG) reporting. Wilson (left) and Benjamin (bottom right) with MBC Programs and Projects Senior Director Maria Roxanne Lu during the MOU signing Wilson opened the event by outlining the government and industry sustainability activities pushed by climate change. He said that ESG has become more important to business strategy because of growing regulation, investor pressure, and shifting consumer behavior. He also underlined the necessity of locally adopting the original set of Sustainability Disclosure Standards of the International Sustainability Standards Board (ISSB) to facilitate better transparency and comparability in ESG disclosures. MBC Project Lead Jesi Blantucas presenting a project overview MBC's Project Lead for the Philippines Sustainability Action Project Jesi Blantucas presented a project overview and timeline on how companies implement sustainability reporting and the context of Beyond the Bottom Line results. She said that MBC and SGV should be able to uncover insights, highlight challenges and opportunities, and provide recommendations as a result of the Project. MBC Chairman Edgar O. Chua and SGV Chairman and Country Managing Partner Wilson P. Tan (WPT) hold up the signed MOU MBC Chairman Edgar O. Chua thanked SGV for its work in reviewing the sustainability reports of PLCs in the Philippines. He also thanked the Philippine Sustainability Action Project's founding organization, the Center for International Private Enterprise (CIPE). CIPE Philippines Country Director Ryan Evangelista commended MBC and SGV for working together to promote corporate ethics and sustainability reporting in the private sector. Representatives from SGV, MBC, and CIPE Benjamin delivered the closing remarks. He described the planned activities under the MOU as a great opportunity for collaboration and shared visions to strengthen corporate leaders' grasp of sustainability. He also expressed his appreciation to the affiliate organizations and his unwavering support for the partnership.

The Philippine Amusement and Gaming Corporation (PAGCOR) has accredited SGV and SGV Financial Services Organization (FSO) Partner Veronica Arce Balisi (VAB) to conduct Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) training sessions for the casino sector.  SGV is the first local professional services firm accredited by PAGCOR as an Institutional Training Provider (ITP) and Veronica is the first SGV Partner accredited by PAGCOR as an Accredited Trainer. SGV has relevant experience in anti-money laundering (AML) and counter terrorist and proliferation financing (CTPF) engagements such as policy gap analysis, independent assessments of the AML/CTPF process, transaction monitoring scenarios tuning, institutional risk assessment (IRA), know-your-customer (KYC)/customer due diligence (CDD)/enhanced due diligence (EDD) remediation, and AML/CTPF training. 

SGV Chairman and Managing Partner Wilson P. Tan (WPT), SGV Professional Practice Director and Assurance Partner and Chief Risk Officer Lucy L. Chan (LLC) paid a courtesy call on Securities and Exchange Commission (SEC) Philippines Chair Emilio B. Aquino and SEC General Accountant Emmanuel Y. Artiza on 7 March 2023.   Lucy and Wilson with SEC Chair Aquino, SEC General Accountant Artiza and SEC Assistant Director Preciados They discussed recent significant developments in accountancy and regulation and opportunities for enhanced cooperation for the benefit of stakeholders. The matters discussed were considered especially timely in light of the upcoming plenary meeting of the International Forum of Independent Audit Regulators (IFIAR) in Washington, D.C., which the SEC officials are expected to attend.  Also present at the meeting was Guada May Preciados, Assistant Director at the Office of the General Accountant and Inspection Team Leader in the SEC’s Oversight Assurance Review (SOAR) program.

SGV Partners led by Chairman and Managing Partner Wilson P. Tan (WPT) were resource speakers, organizers, and participants in the Filipino-Chinese General Chamber of Commerce, Inc. (FCGCCI) tax briefing on 14 March 2023 at the Centennial Hall, Manila Hotel. More than 500 persons attended the tax briefing, which aimed to give updates on the latest developments in the Philippine tax landscape and their potential impact on businesses. SGV Partners with FCGCCI members Wilson and FCGCCI President Ramon Chuaying delivered the opening remarks. For the technical sessions, SGV Partners Maricris U. See (MUS), Michael A. Madlangbayan (MAM), Jonathan T. Bino (JTB), Cheryl Edeline C. Ong (CCO), and Arlyn A. Sarmiento-Sy (AAS) identified trends and gave updates and reminders on annual income tax filing and other reportorial requirements, other tax filings/updates on tax issuances, SEC issuances and circulars, Philippine incentives and trends in BIR audits, the Electronic Invoicing/Reporting System (EIS), and customs audits and importer accreditation, respectively. Tax Leader Fabian K. delos Santos (FKS) talked about pending legislation related to tax and its potential impact on businesses. Vice Chairman and Deputy Managing Partner Maria Vivian C. Ruiz (VCR), Assurance Leader Martin C. Guantes (MCG), Market Group 3 Leader Henry M. Tan (HMT), Assurance Partner Albert R. Bon (ARB), Tax Partner Karen Kaye M. Sta. Maria-Constantino (KMC), and Alumni Partner Luis Jose P. Ferrer (LPF) also attended the tax briefing. Henry and Michael organized the event while FCGCCI Member Roger Lim and Luis helped them coordinate with the Chamber. Global Compliance and Reporting (GCR) Manager Jed Marten R. Agbuya moderated the open forum.

The SGV Glee Club performed two songs at the grand celebration of the Centenary of the Accountancy Profession in the Philippines held at the Grand Ballroom of the Manila Hotel on 17 March 2023. The Firm’s official choral group sang “Look at the World” for the opening prayer and the National Anthem of the Philippines, “Lupang Hinirang.” Ma. Rhina Paula Palma-Cruz served as the choir’s conductor.  SGV Glee Club sings the Philippine National Anthem The Centenary Year celebration of the Accountancy Profession in the Philippines with the theme “Celebrating the Past. Transforming the Present. Shaping the Future.” was held to honor the enduring legacy and relevance of the accountancy profession in the country. During the event, 45 SGV Certified Public Accountants (CPAs), including former leaders and alumni were among the country’s 100 CPAs who were conferred the Accountancy Centenary Award of Excellence by the Professional Regulation Commission’s Board of Accountancy (BOA). The celebration was organized by the Professional Regulatory Board of Accountancy in partnership with the Philippine Institute of Certified Public Accountants (PICPA) and in cooperation with the Association of Certified Public Accountants in Commerce and Industry (ACPACI), the Association of Certified Public Accountants in Public Practice (ACPAPP), the Government Association of Certified Public Accountants (GACPA), and the National Association of Certified Public Accountants in Education (nACPAE).

SGV Assurance Partner and PICPA National Sectoral Director for Public Practice John T. Villa (JTV) and SGV Tax Partner and PICPA Metro Manila Region (MMR) Regional Sectoral Representative for Public Practice Maricris U. See (MUS) together with PICPA National Summit on Public Practice Committee member and Tax Senior Director Meynard Sardalla and Tax Associate Director Edsel Francis Lima, organized the first PICPA National Summit on Public Practice. The PICPA National Summit on Public Practice Core Team facilitated the summit from 31 January to 1 February 2023, at the Century Park Hotel, Manila with the theme “Sustaining the Public Practice Profession in the Philippines by Playing it Forward – with Quality.” The summit covered some of the hot topics on quality assurance review (QAR), updates on the BOA accreditation, accounting and other tax topics which are relevant to public practitioners. More than 200 public practitioners from all over the country attended the summit. Meynard, Maricris, John, and Edsel at the summit Philippine Regulatory Board of Accountancy Chair Hon. Noe Quiñanola shared updates and a timeline of the Quality Assurance Review (QAR) program, while Hon. Thelma Ciudadano discussed QAR focus areas. SGV Professional Practice Director and Head of Risk Management Lucy L. Chan (LLC) highlighted the importance of an effective internal control system and risk assessment in conformity with ISA 315 (Revised) - Assessing the Risks of Material Misstatement. SGV GCR Leader Sonia D. Segovia (SDS) was also present during the event and introduced one of the resource speakers. Tax Senior Director Meynard Sardalla was the master of ceremonies for the first day of the summit. Lucy (left) and Roel (right) during their respective technical sessions Maricris moderates panel discussion on e-invoicing On the second day, PRBOA Vice Chair Hon. Atty. Samuel Padilla discussed PRC Resolution No. 53 with updates on the BOA accreditation requirements for CPAs in public practice and the education sector. SGV Accounting Standards Group and International Financial Reporting Standards Leader Roel E. Lucas (REL) facilitated the discussion on the exposure draft on IFRS for SMEs. Other resource speakers covered topics such as the economic forecast for the Philippines, common 2021/2022 SEC findings, tax implications of online transactions, and the e-invoicing system of the BIR. Maricris moderated the discussion on the challenges encountered in the implementation of e-invoicing in the Philippines. 

The SGV Clark Tax team hosted an in-person tax updates seminar with the Clark Investors and Locators Association (CILA) at the SGV Clark Office on 10 March 2023, with more than 150 attendees. The seminar focused on customs compliance, transfer pricing rules, and the electronic invoicing system for various Clark locators. Event poster Leo, Auresana, Margaux, Assistant Commissioner Janette Cruz, CILA President Dr. Frankie Villanueva, Ana, and Victor CILA President Dr. Frankie Villanueva kicked off the event by welcoming various Clark locators and delivering his opening remarks. SGV Tax Partners Atty. Victor C. De Dios (VCD) and Atty. Ana Katrina C. de Jesus (ACJ), and BIR Assistant Commissioner for Client Support Service Janette Cruz were the speakers for the seminar. They discussed updates on their respective topics while SGV Clark Partner-In-Charge and Head Atty. Margaux A. Advincula (MAA) moderated the Q&A session.  Margaux (right) during the Q&A session SGV Tax Partners with BIR RDO 21C Chief Juvy Dela Peña, BIRAssistant Commissioner Janette Cruz, and CILA President Dr. Frankie Villanueva SGV Global Compliance Reporting (GCR) Partner Hentje Leo L. Leaño (LLL), Tax Partner Auresana B. Ines (ABI), Market Group 7 Leader Jose E. Pepito Zabat (JEZ), and Tax Senior Associate Atty. Fatima Kate Garo also attended the event. BIR RDO 21C Deputy Chief Juvy Dela Peña was one of the guests.