News

Financial Accounting Advisory Services (FAAS) and Climate Change and Sustainability Services (CCaSS) Partner Benjamin N. Villacorte (BNV) was a speaker in the 2nd Association of Certified Public Accountants in Public Practice (ACPAPP) International Conference in Central Park Hotel Songdo, Incheon, South Korea from 25 to 29 October 2022. EY South Korea CCaSS Partner Jaeheum Park, Philippine Ambassador to Korea Maria Theresa B. Dizon-De Vega, and SGV Partner Benjamin N. Villacorte Benjamin talked about Environmental Social and Governance (ESG) Reporting. He covered sustainability concepts, standards and frameworks for sustainability reporting as well as the role of accountants in sustainability. In another technical session, Benjamin and EY South Korea CCaSS Partner Jaeheum Park discussed current developments and the regulatory landscape on sustainability reporting in the Philippines and Korea, respectively. 2nd ACPAPP International Conference Chairperson - Technical Session Ludette Mendoza, ACPAPP National President Gladeys Jill A. Santos, SGV Partner Benjamin N. Villacorte, EY South Korea CCaSS Partner Jaeheum Park, EY South Korea CCaSS Senior Junyoon Ha, and 2nd ACPAPP International Conference Chairperson Anita C. Rodriguez SGV Sector Representative Cyril B. Valencia (CBV) and SGV Assurance Partners Dhonabee B. Seneres (DBS) and John T. Villa (JTV) also attended the conference. SGV Sector Representative Cyril B. Valencia, Philippine Ambassador to Korea Maria Theresa B. Dizon-De Vega, and SGV Assurance Partners Dhonabee B. Seneres and John T. Villa

SGV Clark Partner-in-Charge and Head Atty. Margaux A. Advincula (MAA), Market Group Leader Jose Pepito E. Zabat III (JEZ), SGV Clark Tax Partner Hentje Leo L. Leaño (LLL), and SGV Assurance Partner Eleanore A. Layug (EAL) attended the grand opening of the new passenger terminal at the Clark International Airport (CRK) hosted and organized by the Luzon International Premiere Airport Development Corp. (LIPAD) in September 2022 at Mabalacat, Pampanga. They were joined by national and local government officials, as well as other guests from the private sector. SGV Partners Jose Pepito E. Zabat III, Atty. Margaux A. Advincula, Eleanore A. Layug, and Hentje Leo L. Leaño at the CRK new passenger terminal grand opening In his keynote speech, President Ferdinand R. Marcos Jr. said that the new facility will encourage tourism and demonstrate that Clark and the Philippines are open to more domestic and international businesses. LIPAD and Filinvest Development Corp. Director Francis D. Gotianun also emphasized this mission to connect businesses both locally and internationally. SGV Partners with LIPAD representatives Department of Transportation (DOTr) Secretary Jaime Bautista thanked the public and private sectors for their support. The New Terminal building is the first infrastructure project made through a public-private partnership under the former administration’s “Build, Build, Build” program.  Officials of the provinces and cities in Pampanga and Tarlac, the Bases Conversion and Development Authority, Clark Development Corporation, Clark International Airport Corporation and CRK community partners also attended the grand opening. 

SGV Clark Partner-in-charge and DIWATA Member Atty. Margaux A. Advincula (MAA), SGV Clark Tax Partner Hentje Leo L. Leaño (LLL), Market Group 7 Leader Jose Pepito E. Zabat (JEZ), SGV Assurance Partner and DIWATA President Eleanore A. Layug (EAL), and SGV Senior Policy Adviser and DIWATA Chair Delia Domingo Albert (DDA) paid a courtesy call on newly appointed President and CEO of Clark Development Corporation (CDC) Atty. Agnes Devanadera at the CDC Clark office in September 2022. Market Group 7 Leader Jose Pepito E. Zabat, DIWATA member Marilou Dela Cruz, DIWATA trustee Gloria Alicia Veloso, SGV Clark Partner-in-charge and DIWATA Member Atty. Margaux A. Advincula, CDC President and CEO Atty. Agnes Devanadera, SGV Senior Policy Adviser and DIWATA Chair Delia Domingo Albert, DIWATA member Annie Dee, SGV Assurance Partner and DIWATA President Eleanore A. Layug, and SGV Clark Tax Partner Hentje Leo L. Leaño Atty. Agnes presides over the meeting Atty. Margaux organized the courtesy call. During the courtesy call, DDA introduced the partnership between DIWATA – Women in Resource Development Inc., an NGO advocating for the responsible development of the Philippines’ wealth of resources in the fields of mining, oil and gas, quarrying and other mineral resources, the CDC, and the Land Rover Club of the Philippines for DIWATA projects near Clark. Other officers and members of DIWATA also attended the courtesy call. 

Tax Principal Ana Katrina C. De Jesus (ACJ) facilitated webinars on Transfer Pricing: Recent Developments on Compliance and Audit hosted by the American Chamber of Commerce of the Philippines (AmCham) on 18 October and the Australia New Zealand Chamber of Commerce of the Philippines (ANZCham) on 19 October 2022.  AmCham webinar poster Tax Principals Ana Katrina C. De Jesus (top-right) and Jules E. Riego (bottom-right) with the AmCham team via Zoom The AmCham webinar was co-facilitated by Revenue District Officer (RDO) Wilfredo S. Reyes, co-author of Revenue Audit Memorandum Order (RAMO) No. 1-2019, the Transfer Pricing (TP) Audit Guidelines. RDO Reyes discussed the salient points of the TP Audit Guidelines from the perspective of the Bureau of Internal Revenue. He also addressed TP issues faced by groups of companies today.  For the ANZCham webinar, Ana discussed Philippine TP rules and focused on TP audit, TP documentation requirements as well as disclosure forms. She also tackled recently issued regulations on Mutual Agreement Procedure Assistance in the Philippines and its relation to TP.  ANZCham webinar poster Ana with the organizers and attendees via Zoom Tax Principal Jules E. Riego (JER) moderated the live Q&A session for the AmCham webinar while Tax Associate Director Natasha Kim R. Tec hosted and moderated the live Q&A session for the ANZCham webinar. She also assisted in organizing the ANZCham and AmCham webinars.

The Climate Change and Sustainability Services (CCaSS) team hosted the first episode of the SGV Sustainable Actions for Value-Creation and Enablement (SAVE) Council’s WebCCaSS for FY23 in September 2022. The webcast, entitled “The Power of Responsibility – Corporate Social Responsibility (CSR),” aimed to raise awareness on the importance of CSR and highlight local CSR activities as well as SGV's own CSR activities. It was attended by 715 participants. SGV Partner Joseph Ian M. Canlas delivers his opening remarks  SGV Consulting and CCaSS Partner Joseph Ian M. Canlas (JMC) kicked off the session with his opening remarks while CCaSS Senior Director Crystal Aleli R. Cornell, CCaSS Associate Director Rosheena E. Borlaza, Global Compliance and Reporting (GCR) Director Rose T. Tejerero, and SGV Foundation Executive Director Yin O. Maldonado covered the following topics: Overview of Corporate Social Responsibility, Corporate Social Responsibility in the Philippines, and Corporate Social Responsibility Activities in SGV. They discussed the importance of CSR, its definition, classification, and how it relates to sustainability.  GCR Director Rose Tejerero highlights SGV’s CSR activities Participants engaged in interactive polls where they were asked about their involvement in CSR activities within and outside the Firm. The Declaration of Commitment was also introduced to the participants. Through the Declaration, the participants were encouraged to solidify their commitment to living a more sustainable life by setting more attainable sustainability goals. Their participation in the Declaration of Commitment per session serves as their involvement in this EY Ripples initiative. CCaSS Senior Director Crystal Cornell concluded the session by thanking the participants and once again encouraging them to commit to a more responsible and sustainable lifestyle. SGV Foundation Executive Director Yin Maldonado looks back on SGV’s CSR history CCaSS Senior Associates John Niccolo M. Uriarte, Marsha P. Batusbatusan, and France Justine A. Arugay assisted the speakers and organizers in preparing the materials used for the session.  The SAVE Council’s WebCCaSS initiative is a quarterly one-hour webcast that covers concepts, trends, regulations and industry practices around sustainability and climate change.

SGV Consulting Senior Associates Justine Mark D. Siccion and Jayce Tovar G. Jose were speakers in a webinar on The Art of Cyber Investigations: Open-Source Intelligence (OSINT) on 14 October 2022. The webinar was organized by the West Visayas State University and attended by students from the university’s College of Information and Communications Technology. Event poster Justine and Jayce talked about the function of security operations centers and what open-source intelligence is and how it is gathered, analyzed, and used in enabling cybersecurity professionals to identify threats, improve the incident response, and anticipate potential breaches. They also recounted their respective experiences in building their careers in security operations.

There were 104 SGV staff members who passed the October 2022 Certified Public Accountant licensure exam (CPALE). The results were announced on 26 October, with 1,722 passers out of 6,665 examinees.  SGV extends its warmest congratulations to the following staff members: Abejar,Casey Andrea DAchurra,Lovelaine TAggabao,Jake Emmanuel BAmbay,Mary Grace BAngeles,Christian Mar Renne PAquino,Dale Andrew JArcilla,Nabeela LAspiras,Yves Timothy MBajacan,Ciela Mae Frances MBalagtas,Jemima Eunice LBarbin,Rafael RBartal,Jeffry OBarut,John Leander MBañez,Cathrine Mae PBañez,Nicole PBuefano,Rhea Mae LCandelaria,Lex Oliver BCaringal,Jalen Rose VCastañeda,Edanne Beverly BCeñido,Joan Kris LColumbres,Lea Marie AConstantino,Shaniah Kathleen ICorpuz,Dexter BCostuna,Jude Edzzel ACutillar,Jupher VDalilis,Connery GDano,Shanine Franzel MDatu,Rocelle ADe Guzman,Maria Angela FDe Vera,Loella Gieverlyn MDeocos,Louise SDiego,Patricia Rae PDucalas,Aira Dianne AEcito,Athena Aura VEmperio,Lheiann Vhiev QEscalante,Nicolyn Rae TEspañola,Nathaniel Don BGalarion,Zachary Ivan GGeron,Brent Jacob YGonzales,Jaymee Rose CGuevarra,Shaina THerreria,Carla Mae PHilario,Cadeleine AIbutnandi,John Paul LIndicar,Karla Charina AIturralde,John Rudolf PJandoc,Ciarra Giana MJumawan,Jerico Nouel FKedtag,Rehanna MKonishi,Mica Mae ALeandado,John Richter BLibiran,Angelina GLigon,Edward Joseph MLimjoco,Michelle Angela VLozada,Daisy Marianne CMacabiog,Steve Dan RMaddela,Alicia Bettina DMagsaysay,Nicollene CManapsal,Rob Miguel CMapola,Mia Claire EMateo,Joseph-Ian BMayol,Shania Shahane TMendoza,Jade Camille AMutuc,Christian Dave RMuyco,Rishel PNavalta,Iris Joy TOng,Floriza Mae ROngyaco,Ernalyn ROrallo,Janina NPalogan,Airen BPamintuan,Mariell EPascual,Aila Jean CPataueg,Rizza Joice MPontillas,Kimberly Jayne VPuentevella,James VRama,Renae Gabrielle SRamos,Steve Paulo ARodriguez,Miguel SRoque,Sofia Janine RRosel,Vanessa CRoxas,Victor Franz MSalvedia,Paola VSamutya,Rachel Anne Joyce MSaparita,Cherrylyn PSolamo,Marvin ASta. Maria,Leinell BSusi,Marielle CTarantan,Veatrice STeneza,Madelene GTeodoro,Manuel NTiu,Kelsey Neale CTiu,Pamela Lorraine MTolentino,Nathaniel STolentino,Niña JTriumfante,John Romer BTumamao,Jemimah Claire NUrbano,Ma. Christina Teresa PVenturero,Sheila Marie TVillanueva,Angela Rose MVillar,Mary Joy CVillarama,John Kenneth SViray,Robelou EViray,Shania Grace QYambot,Hazel Angela PYcong,Danah EZamora,Alvin Dan-Neil A Congratulations to our new CPAs!

Members of the SGV Tax team participated in the Online Q3 General Membership Meeting organized by the Association of Semiconductor and Electronics Industries in the Philippines Foundation, Inc. (SEIPI) Finance Executives (ASEFEX) in September 2022. Event poster SGV Associate Directors Atty. Gracia Mae A. Beronilla and Atty. Rommelle I. Delos Santos were resource speakers on e-invoicing and recent tax updates, respectively. Atty. Gracia highlighted the implementation of the new e-invoicing system (EIS) in July 2022 for pilot taxpayers. She also discussed the requirements and mandates for those covered taxpayers under the new e-invoicing system.  Atty. Rommelle’s discussion focused on the recent significant BIR, PEZA and BOC Issuances such as the Guidelines on Availment of Tax Incentives under the Renewable Energy Act of 2008 and new documentary requirements under the Importers Accreditation. He also presented Court of Tax Appeals (CTA) Rulings on matters of right to collect taxes that have already prescribed and issues on refund or tax credit. The speakers and panelist, SGV Tax Senior Director Atty. Jo Ann Marie O. Casio, addressed questions and clarifications from the participants in the open forum. About 90 ASEFEX and SEIPI members attended the assembly. Participation in the virtual briefing was coordinated by Logistics Market Sector Leader and Tax Principal Stephanie V. Nava (SVN) and Technology Market Sector Leader and Assurance Partner Manolito R. Elle (MRE). Senior Director Atty. Alden Patrick C. Labaguis and Indirect Tax (IDT) Senior Associates Atty. Andrea Nicole C. Loreno and Atty. James E. Gregorio were part of the organizing team.

SGVeans participated in the first hybrid Annual Convention organized by the Institute of Internal Auditors Philippines (IIAP) from 5 to 7 October 2022 with the theme Internal Audit: R.A.I.S.E.D (Resilient, Agile, Innovative, Sustainable, Empowered, Digital). In-person sessions were held at the Clark Marriott Hotel, Pampanga and were simultaneously streamed via Whova and Zoom with previews made available live at the IIAP Facebook page. SGVeans with members of the Annual Convention Committee from other companies and IIAP Annual Convention Special Guest Speaker Atty. Chel Diokno IIAP Annual Convention Chair Christiane Joymiel “Chin” Say-Mendoza (CSM) and IIAP Chairman and President Ryan Gilbert K. Chua (RKC) kicked off the three-day convention with their opening and welcome remarks, respectively. SGV Partners Carlo Kristle G. Dimarucut (CGD) and Philip B. Casanova (PBC) were speakers on tech-enabled Risk Management and Business Continuity practices. Alumni SGV Partner, Mr. Leo J. Matignas, also shared his insights on Combined Assurance through the Three Lines Model. Other convention speakers were Chief Audit Executives (CAEs) and C-Suites from different companies in the Philippines. RKC, SGV Consulting Partner Joseph Ian M. Canlas (JMC), and Consulting Senior Managers Michael Jorge B. Ignacio and Catherine G. Chua also served as moderators for some of the talks.  IIAP Chairman and President Ryan Gilbert Chua and IIAP Annual Convention Chair Chin Say-Mendoza welcome the participants SGV Partners Philip Casanova, Carlo Kristle Dimarucut, and alumni SGV Partner LJM during their respective sessions Consulting Associate Directors Rose Abigael R. Lacuna and Alyssa Ave G. Cui provided live previews of the convention events on IIAP’s Facebook page. 2022 IIAP Annual Convention Committee Members from SGV include Catherine, Consulting Director Janine Fatima M. Beltran, and Consulting Senior Associate Lloyd Christian E. Estillore.  This was the first hybrid convention held by the IIAP after more than two years of holding virtual conventions since the pandemic began. The convention had 159 in-person and 462 virtual attendees, or 621 in total – by far the largest number of participants for the convention, showing the readiness of internal auditors to embrace the “next and better normal.” The discussions and activities during the convention aimed to equip and, as the theme indicated, raise well-rounded and holistically skilled internal audit professionals.

Tax Principal Ana Katrina C. De Jesus (ACJ) and Global Compliance and Reporting (GCR) Senior Director Fatma Aleah A. Datukon facilitated tax webinars hosted by the Philippine Institute of Certified Public Accountants (PICPA) - Western Metro Manila Chapter (WMMC) in the third quarter of 2022. ACJ led the webinar entitled Filing of Tax Treaty Relief Application with the Bureau of Internal Revenue (BIR) while Fatma led the webinar on Basic Concepts of Expanded Withholding Tax (EWT). Webinar event flyers Ana‘s discussion focused on the procedures and documentation for the availment of tax treaty benefits. She also discussed the flow of filing of the request for confirmation or tax treaty relief application and described the BIR process of granting and denying treaty benefits. Fatma then talked about the basic concepts of EWT such as its nature and principles, withholding agents, the income payments subject to and exempt from EWT as well as the administrative requirements that must be complied with.  Ana and Fatma with the organizers and attendees via Zoom