News

SGV’s Consulting Team, led by Consulting Partner Allan W. Ocho (AWO), were among the presenters at the ISACA Manila Virtual Conference. Speakers included Consulting Leader Rossana A. Fajardo (RAF), Senior Directors Aileen Uy and Alvin Manuel, and Directors Kristian Anthony Reyes and Ma. Isabel Herrera. They discussed EY’s Trust by Design methodology and SGV’s third-party risk management practice. They also provided an overview of program risk management, cybersecurity, governance, risk and compliance, internal audit and service organization controls.AWO with the presenters and organizing team of the ConferenceDuring the plenary session, RAF led a discussion on Transformative Leadership focused on creating long-term value by harnessing the power of people, technology and innovation. She noted that the pandemic has encouraged leaders to build greater trust in their organizations, setting a credible vision of the future and guidance on how that vision can be achieved. Trust also enables leaders to make bold strategic moves and seize opportunities in times of disruption. Lastly, she talked about purpose-driven leadership and encouraged participants to uphold their professional and personal values. RAF presenting at the ConferenceThe ISACA Manila Conference is an annual event developed for IT governance, risk management, assurance and security professionals. SGV’s and the Consulting team’s participation in the event helped to orient participants on the Firm’s services and solutions related to IT governance. The sessions concluded with a Q&A portion where the speakers addressed the participants’ questions. The event’s organizing team included Senior Associates Christine Karen Capili and Marigin Fidel, and Associate Ralph Crimuel Roxas.

The Philippine Association of Realty Appraisers, Inc. (PARA) conducted a rerun of the webinar titled Expanding the Valuation/Appraisal Horizon last 10 July. Strategy and Transactions Partner Marie Stephanie Tan-Hamed (MTH) was among the speakers who led a discussion on Valuation for Financial Reporting. The other speakers shared insights on Philippine property market updates, property measurement standards, green building and sustainable design, and amending the Anti-Money Laundering Act. MTH with the other speakers and participants at the webinarMTH provided an overview of valuation concepts, appraisal methods and developments in Philippine Financial Reporting Standards (PFRS) on Fair Value Measurement. She then shared insights on how appraisers can properly issue fair value measurements in compliance with PFRS and the requirements on financial statements disclosures. 

The Subic Bay Metropolitan Authority (SBMA) organized the Briefing on CREATE Title XIII and VAT Updates on 13 July. SBMA Chairman and Administrator Atty. Wilma T. Eisma opened the session with a prayer. He then welcomed over 400 participants from Subic locators and organizations based in nearby provinces, including SGV Clark Head and Assurance Partner Jose Pepito E. Zabat (JEZ).MAA presenting at the briefingTax Partner Margaux A. Advincula (MAA) discussed the recently released Implementing Rules and Regulations of the Corporate Recovery and Tax Incentives for Enterprises Act (CREATE Act), specifically Title XIII. She provided VAT updates, particularly the ones introduced by Revenue Regulations No. 9-2021. SBMA Senior Deputy Administrator for Business and Investment Renato W. Lee III then delivered the closing remarks. The webinar was hosted by Engr. Panfilo S. Jurilla, SBMA Representative to the TWG-SIPP and CREATE and Head of the Business and Investment Department for Information and Communications Technology. Tax Associate Director Michael Ray Lapasaran, Senior Associates Maria Clara Theresa David and John Marti Duya, and Associate Brevin Perez were part of the organizing team.

The Talent and Climate Change and Sustainability Services (CCaSS) Teams were among the speakers at the 2021 American Chamber of Commerce Philippines Business Leadership Program (AmCham–BLP). The BLP is a 10-day program that provides selected students from different courses and universities across the country with an opportunity to interact with AmCham member companies and build their capabilities as future business leaders.Julia presenting at the programTalent Supervising Associate Julia-Anne Deypalan provided an overview of SGV, its services, structure and Purpose. She also discussed how the Firm has addressed and adapted to the disruptions caused by the pandemic, sharing how SGV is leveraging on digital platforms to encourage virtual employee engagement.BNV and Yna presenting at the programBNV and Senior Associate Yna Antipala then led a session on Environmental, Social, and Governance (ESG) issues and sustainability. They discussed the factors that led to the increasing importance of sustainability. Emphasizing the key business drivers in sustainability reporting, they explained how the Firm helps companies track and report their ESG metrics. At the end of the session, they encouraged the participants to get involved in sustainability initiatives and help develop solutions that can address climate change.

The Philippine Institute of Certified Public Accountants (PICPA) Davao Chapter hosted the Joint 28th PICPA Mindanao Geographical Area (Min GAO) and 39th Association of Certified Public Accountants in Mindanao (ACPAMIN) Conference last 16-17 June. Nearly 400 CPAs from the academe, government and public sector, and commerce and industry across Mindanao attended the event. BNV and Yna with Assurance Partner and PICPA Davao Chapter President Jose Raoul J. Balisalisa and other officers of PICPA Min GAO and ACPAMINCCaSS Partner Benjamin N. Villacorte (BNV) and Senior Associate Yna Antipala led the Conference’s fourth technical session titled How will Environmental, Social and Governance (ESG) Performance shape your future. They discussed the importance of ESG and non-financial reporting to investors based on the 2020 EY CCaSS Institutional Investor Survey. They provided an overview of global sustainability reporting standards and the materiality principle in sustainability reporting. They then presented the Security and Exchange Commission’s guidelines on sustainability reporting for publicly listed companies and sustainability reporting trends in the Philippines, emphasizing the results of the Beyond the Bottom Line: Sustainability Reporting in the Philippines report. The webinar concluded with a Q&A portion where BNV and Yna addressed the participants’ questions. The webinar’s local organizing team included Assurance Manager Sharmaine Mamaed, Senior Associate Ellaine Lagura and Associate Xavierich Castañeda. 

SGV’s Chinese Overseas Investment Network (COIN) team led by Tax Partners Fidela Francisca I. Reyes (FIR) and Maricris U. See (MUS) and Assurance Senior Manager Jonathan T. Bino spoke at a webinar titled Updates in Tax Law (CREATE Law) last 19 June. Hosted by Chiang Kai Shek College (CKSC), the webinar was advertised in at least three major Chinese-language newspapers and was attended by members of the Filipino-Chinese community. FIR, MUS and Jonathan with CKSC officersThe speakers discussed the provisions of the Corporate Recovery and Tax Incentives for Enterprises Act (CREATE Act), including changes in the corporate tax and other tax rates, and other fiscal incentives reforms. The webinar was conducted in Mandarin and English. The session was followed by a discussion between the CKSC team headed by Atty. Chan and the SGV team headed by FIR. Both teams agreed to work closely towards future partnership, including internship programs and future webinars for the Filipino-Chinese community. 

The Junior Philippine Institute of Accountants - Southville International School and Colleges Chapter (JPIA-SISC) recently organized its 8th Business Lecture Series. Accounting students and teachers from 75 schools across the country attended the webinar which was webcast on Facebook Live and moderated by Consulting Associate Ralph Roxas. AWO and Ralph at the webinarConsulting Partner Allan W. Ocho (AWO) led a session titled Future Accountants as Transformational Leaders and focused on how future accountants can lead changes that can contribute to the transformation and betterment of society. He discussed how the role of accountants has evolved through the years. He explained the area of information technology systems audit and emphasized the accountant’s role as a system designer and system auditor. He also presented technology trends that are shaping the future of audit and accounting and how accountants are in the best position to become transformative leaders. Afterwards, he shared his personal experiences in the accounting profession and recounted stories about his journey from an accounting graduate to a Transformation Consultant. He then provided tips on how students can succeed as future members of the workforce.

The Philippine American Chamber of Commerce, Inc. (PACC), in cooperation with the Philippine Consulate General in New York and the Philippine Department of Trade and Industry (DTI), conducted the second and third sessions of the webinar series on Philippine investment opportunities and tax developments. Tax Partner Margaux A. Advincula (MAA), Tax Principal Betheena C. Dizon (BCD), and Philippine Tax Desk Senior Manager Michelle Arias participated in the sessions titled Corporate Tax and Incentives under CREATE Act and Individual Taxation and Estate Tax Amnesty. Other participants included representatives from the PACC, the Philippine Consulate General in New York, the DTI Philippine Trade and Investment Center (PTIC), and investors to the Philippines. MAA, BCD, and Michelle with other speakers at the webinar’s second sessionPACC President Aureo A. Sales delivered the opening remarks during the second session. Special Trade Representative Nicanor S. Bautista of the PTIC then provided a brief discussion on the economic relations between the Philippines and the United States of America amidst the COVID-19 pandemic. He also presented relevant data on the Philippines’ surging economy and enhanced viability as an investment ground.Afterwards, Michelle discussed the corporate tax and incentives under the Corporate Recovery and Tax Incentives for Enterprises Act (CREATE Act). She explained the Act’s salient features, particularly the adjustments in corporate tax and other taxes and the rationalization of fiscal incentives, as well as the enhanced fiscal and non-fiscal incentives provided by Philippine law to prospective investors. BCD and Michelle with other speakers at the webinar’s third sessionThe third session began with opening remarks by PACC Chairman Michael Nierva and Political and Economic Officer of the Philippine Consulate General in New York Ricarte Abejuela III. BCD then led a discussion on the personal income tax regime under the Tax Reform for Acceleration and Inclusion (TRAIN) Law. She also talked about the important principles on estate tax amnesty in the Philippines, including its coverage, immunities and privileges, amnesty period, and exceptions. PACC Executive Director Ledy Almadin was also present. MAA, BCD, Michelle, and Tax Senior Associates Maria Clara Theresa David and Albertson Otchengco were part of the webinars’ local organizing team.

On 30 June, SGV held the WS Centennial Celebration to mark the 100th birth anniversary of SGV Founder, Mr. Washington SyCip (WS). SGV Chairman and Country Managing Partner (CMP) Wilson P. Tan (WPT) delivered the opening remarks and welcomed guests, clients and Alumni Partners to the virtual celebration. The event premiered the Washington SyCip Purpose video that reflects on how Mr. SyCip’s journey has positively influenced generations of SGVeans. Prominent industry leaders and close friends of Mr. SyCip then shared personal stories about him, recounting the vital roles he played in their lives. WPT at the WS Centennial CelebrationSGV also prepared several special tokens to honor Mr. SyCip. The Firm unveiled a commemorative marker at the SGV Building I lobby as a tribute to his accomplishments. Available on Spotify, a podcast episode on his early life was produced in collaboration with Pumapodcast. The podcast includes interviews with former SGV CMP Carlos R. Alindada and Mr. SyCip’s biographer, Butch Dalisay. A revamped WS website found at www.washingtonsycip.org was also launched. Furthermore, work is underway on the 2nd edition of his 2009 biography titled Wash: Only a Bookkeeper in print and ebook formats to include a new chapter that focuses on his life from 2009 to 2017. SGV Leaders Vivian Ruiz, Martin Guantes and Noel Rabaja during the unveiling of the WS100 commemorative markerOther noteworthy initiatives presented during the Centennial event include educational programs in collaboration with the Synergeia and WS Family Foundations, tree-planting programs in cooperation with the Philippine Business for Social Progress to be deployed over 100 hectares of depleted land in Marikina and Cebu, and the Owlchievers Program which will recognize 100 outstanding students who embody Mr. SyCip’s values of integrity, excellence, professionalism, discipline and love for the country and the community. The celebration also featured renowned soloist, Rachelle Gerodias who performed some of Mr. SyCip’s favorite songs. The Orchestra of the Filipino Youth of Ang Misyon, led by Gerard Salonga, also paid tribute to Mr. SyCip with a medley of OPM songs. Ms. Vicky at the WS Centennial CelebrationTo close the centennial event Vicky SyCip-Herrera, Mr. SyCip’s daughter, shared a message on behalf of the SyCip family. The day also marked the culmination of the Washington SyCip: 100 days to 100 years posts on social media. Launched on 23 March, the countdown featured the accomplishments, personal milestones and inspirational quotations of Mr. SyCip. 

The Clark Development Corporation (CDC), in cooperation with the Subic-Clark Alliance for Development (SCAD), and the Clark Investors and Locators Association (CILA) conducted a webinar on Republic Act (RA) No. 11534 and the Strategic Investment Priorities Plan last 18 June. The webinar began with an introductory speech by SCAD Executive Director Atty. Carminda Zarraga-Fabros, and opening remarks by CDC President Manuel Gaerlan. SGV Clark and Tax Partner Margaux A. Advincula (MAA) then discussed the salient provisions of the Corporate Recovery and Tax Incentives for Enterprises Act (CREATE Act) and the Act’s amendments on corporate income taxation and the rationalization of fiscal incentives.MAA with CDC President Gaerlan and Director RecolizadoAfterwards, Board of Investments (BOI) Investment Policy and Planning Service Division Chief Director Sandra Marie Recolizado provided an overview of the Strategic Investments and Priorities Plan (SIPP) currently being drafted by the BOI, the lead government agency in charge of the drafting of the SIPP, in coordination with the Fiscal Incentives Review Board and the different investment promotion agencies such as CDC. She also briefly discussed the incentives under the SIPP/interim SIPP.The technical sessions were followed by a Q&A portion where the speakers addressed the participants’ questions. CDC Vice President Rynah Ventura delivered the closing remarks. Over 200 participants from SCAD, CDC and CILA member companies attended the webinar, including CILA Chairman Dr. Irineo Alvaro Jr., and SGV Clark Head and CILA Vice Chair Jose Pepito E. Zabat (JEZ), other CILA Board Members, and CDC and SCAD Officers. The webinar’s organizing team included Tax Senior Associate John Marti Duya.