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SGV Indirect Tax (IDT) Principal Atty. Alden C. Labaguis and Global Compliance and Reporting (GCR) Senior Director Marivic “Mavic” M. Rebulanan served as resource speakers at the in-person training event organized by the Semiconductor and Electronics Industries in the Philippines Foundation, Inc. (SEIPI) for the Association of SEIPI Finance Executives (ASEFEX), in collaboration with SGV. Approximately 60 ASEFEX members, including SEIPI partners and stakeholders attended the training, which was held at the Washington SyCip Development Center (WSDC) Training Rooms, SGV I Building in Makati City. Event poster Mavic kicked off the training with a discussion on the significance of Transformative Tax Compliance requirements. She provided updates from the Bureau of Internal Revenue (BIR) regarding invoicing and receipting requirements, the proper income tax treatment of equity-based compensation, the creditable input tax on capital goods, and the relevant tax changes in 2023. Alden discussed and compared the Bureau of Customs (BOC) and BIR’s audit processes, along with recent implementing rules and regulations, including crucial dates to remember and the remedies available to taxpayers and importers throughout the audit process, while also highlighting the significant differences between BIR and BOC audits. He further shared the latest developments and issuances related to BIR and BOC audits, including notable cases decided by the Court of Tax Appeals (CTA) and the Supreme Court (SC). Technology Sector Leader and Assurance Partner Manolito R. Elle and Alden led the coordination of the training, while IDT Associate Director Atty. Lauren Antonette M. Mendoza, and IDT Senior Associates Attys. Kierk Robin M. Ret and Natividad G. Busa formed part of the organizing team.

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 Indirect Tax (IDT) Principal Atty. Alden C. Labaguis was a resource speaker at the "VAT Zero Rating on Local Purchases" seminar organized by PortCalls and the Philippine Multimodal Transport and Logistics Association, Inc. (PMTLAI) on 4 August 2023. About 140 participants and representatives from different logistics companies in the Philippines attended the event, which was held at the Ballroom of Citadines Bay City Manila.  Event poster Alden led the topic discussion on VAT Zero Rating on Local Purchases and discussed several BIR issuances. He also discussed common issues that may be encountered by taxpayers when applying for VAT refund. Alden interactively addressed questions from the participants during the open forum toward the end of the seminar. SGV Tax team with PEZA and PortCalls representatives PMTLAI Training and Education Chair Doris Torres delivered the welcome remarks, while Philippine Economic Zone Authority (PEZA) Deputy Director General (DDG) on Operations Vivian Santos discussed recent PEZA updates. DDG Santos also addressed questions from the participants after her discussion. Alden led the SGV coordinating team for the seminar. He was assisted by IDT Associate Director Atty. Lauren Antonette M. Mendoza, and IDT Senior Associates Attys. Kierk Robin M. Ret and Natividad G. Busa. International Tax and Transaction Services (ITTS) Partner Atty. Auresana "Rhena" B. Ines, ITTS Senior Associates Attys. Ronalyn L. Mamauag and Warlyn D. Dumo, along with Executive Assistant Cristine D. Limho also attended the event.

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.

SGV Climate Change and Sustainability Services (CCaSS) Senior Director Crystal Aleli R. Cornell and Associate Director Carla J. Capistrano were speakers at the Philippine Institute of Certified Public Accountants (PICPA) Western Metro Manila Chapter (WMMC) webinar on Circular Economy and Extended Producer Responsibility held online via Zoom on 20 June 2023.  Crystal and Carla’s Certificates of Appreciation Carla discussed how a circular economy provides an alternative to the current model of linear consumption and shared available solutions being practiced locally and globally. She also gave an overview of Republic Act No. 11898 or the Extended Producer Responsibility (EPR) Act of 2022 which focuses on plastic packaging. Crystal talked about the audit of EPR reporting, specifically referring to the audit requirements of the EPR Act of 2022 and relevant plastic disclosures for assurance. She pointed out that the newly introduced legislation can help facilitate the reduction of single-use plastics by large companies, allowing for a circular economy on a larger scale.

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 Partners and Managers joined the Accountancy Week Celebration (AWC) 2023 from 16 to 23 July 2023. Over 1000 CPAs, leaders, and other accounting professionals attended the event. SGV Partners and Managers at the AWC 2023 SGV Chairman and Country Managing Partner Wilson P. Tan with the other Big 4 CMP panelists and moderator during the panel discussion SGV Chairman and Country Managing Partner Wilson P. Tan and the other Big 4 CMP panelists and moderator receive plaques of appreciation from the AWC organizers SGV Chairman and Country Managing Partner Wilson P. Tan (WPT) was a resource speaker on the topic “CEOs Most Important Business Challenges in 2023” during the Association of CPAs in Commerce and Industry (ACPACI) Day on 19 July. Wilson, along with the other Big 4 Country Managing Partners, joined the panel discussion conducted as part of the fifth ACPACI Technical Session. Other panelists were PwC Philippines Chairman and Senior Partner Roderick M. Danao, P&A Grant Thornton Chairman and Managing Partner Romualdo V. Murcia III, and Deloitte Philippines Managing Partner and CEO Atty. Fredieric B. Landicho. KPMG Head of Deal Advisory Michael Arcatomy H. Guarin moderated the discussion. SGV Chairman and Country Managing Partner Wilson P. Tan (second from right) with other AWC 2023 attendees PICPA MMR Council Chairman and Global Compliance & Reporting (GCR) Leader Sonia D. Segovia (SDS) delivered the welcome remarks for the AWC opening ceremonies on 17 July, while for the second technical session, SGV Strategy and Transactions (SaT) Senior Manager Lester Jeff D. Pawid talked about the “Philippine Economic Update: End of Pandemic, Road to an Inclusive Recovery.”  PICPA Southern Metro Manila Chapter (SMMC) President Aileen L. Saringan (ALS) and PICPA Western Metro Manila Chapter (WMMC) President Peter John R. Ventura (PRV) introduced the guest speakers and PICPA MMR Professional Development Co-Chair Meynard L. Sardalla was the Master of Ceremonies for PICPA MMR Day. Wilson and SGV Vice Chair and Deputy Managing Partner Maria Vivian C. Ruiz (VCR) also participated in the Spotlight on Public Practice sessions on the third day while Former PICPA President Marydith C. Miguel (MCM) participated in the Annual Business Meeting on the sixth day. Sonia, Aileen, and Peter joined the organization’s annual tree planting activity, PICPA Tanim, on the last day of the AWC. SGV Partners Aileen L. Saringan (second from left), Sonia D. Segovia (third from left), and Peter R. Ventura (right) during the PICPA Tanim tree planting activity at the La Mesa Nature Reserve Other SGV Partners were also present throughout the various technical sessions and activities during the AWC such as the Thanksgiving Mass, Sports Fest, Spotlight on the four accounting profession sectors, Regulator's Forum, Annual Business Meeting, PICPA Tanim, Closing Ceremonies, and the Grand Fellowship Ball at Okada Manila. The event was organized by the Philippine Institute of Certified Public Accountants (PICPA) together with the ACPACI, the National Association of CPAs in Education (NACPAE), the Government Association of CPAs (GACPA), the Association of CPAs in Public Practice (ACPAPP), PICPA MMR, and the National Committee on Cooperative Development.

Members of the SGV Consulting team conducted an Information and Communication Technology (ICT) Immersion at Rizal High School on 26 June 2023 with over 300 attendees composed of Grade 11 and Grade 12 ICT students. The immersion activity was part of the EY STEM Girls program which was also launched in the school earlier this year.  SGV Consulting Seniors Dan and Tricia Tricia and Dan discuss ICT topics Technology Consulting Senior Danielle “Dan” R. Bote and Business Consulting Senior Patricia Angeline “Tricia” Vilaga discussed various topics on ICT and IT Audit. Dan talked about college courses and career opportunities for ICT graduates, an overview of the System Development Life Cycle (SDLC), career opportunities in SDLC, software development, and tips for ICT students, while Tricia gave an overview of IT Audit and discussed its Importance, the role of IT auditors in internal and external audits as well as SDLC, and career opportunities in IT Audit. Rizal High School students during the ICT Immersion Dan and Tricia also facilitated other activities such as ice breakers and knowledge check games in between discussions for the students. The EY STEM Girls program was launched by EY Ripples and Women in Technology (WiT). It aims to recognize, uplift, and empower the next generation of girls in STEM and help break gender bias. The program also introduced the EY STEM app, a gamified mobile platform where girls aged 13 to 18 can engage in digital and real-life activities, such as educational games and activities with high-quality STEM (Science, Technology, Engineering and Math) content to foster an interest in STEM in a way that is exciting and fun as well as explore STEM-related careers.

The Bureau of Customs (BOC) Collection District XII – Port of Davao, spearheaded by District Collector Atty. Erastus Sandino B. Austria, in cooperation with SGV, organized the first-ever Mindanao Customs Summit held in Davao City. About 200 participants from various economic sectors attended the summit with the theme “Empowering MSMEs through Seamless Automated BOC Services.”  SGV delegates with District Collector Atty. Erastus Sandino Austria. (From left to right: Atty. James Gregorio, Atty. Jennyllette Dignadice, Atty. Erika Joy Ruiz, Ms. Frenzie Berenguel, Atty. Alden Patrick Labaguis, District Collector Erastus Sandino Austria, Atty, Stephanie Nava, Atty. Auresana B. Ines, Atty. Victor C. de Dios, Atty. Gracia Mae Beronilla, Atty. Charlene Joy Millares)  SGV Tax Principals Atty. Stephanie “Steph” V. Nava (SVN), Atty. Victor C. de Dios (VCD), and Atty. Alden Patrick C. Labaguis (ACL), and Partner Atty. Auresana “Rhena” B. Ines (ABI) discussed best practices of successful business enterprises, which include proactive compliance with government rules and regulations.  Rhena discussed the impact of transfer pricing considerations in customs-related issues, especially the importance of transfer pricing documentation in cases of import transactions between related parties and the implications of upward or downward adjustments on customs valuation. Steph, Victor and Alden emphasized that the BOC has the power to conduct compliance audits in two levels of assessments, namely: (1) the post-entry modification of duties and taxes and (2) the post-clearance audit of duties and taxes. They added that to do well on both audits, preventive rather than curative measures should be employed.  SGV delegates with Hon. Bienvenido Rubio, Commissioner of Customs, District Collector Erastus Sandino B. Austria, and other customs officials The summit also featured representatives from the Department of Trade and Industry (DTI), the Board of Investments (BOI), and the Authorized Economic Operator (AEO) Program Office, who encouraged importers and exporters, particularly micro, small, and medium enterprises (MSMEs), to avail themselves of the perks and benefits of the government accreditation programs (i.e., BOI accreditation, AEO accreditation, etc.) to enhance their business pursuits. A walkthrough of import and export procedures was also covered during the summit to guide importers and exporters in managing their transactions with the BOC following the recent automation of most BOC processes.  The event was made possible through the efforts of the BOC organizing team led by Administrative Division Chief Nica Chynna Tan-Concepcion, and in close coordination with SGV Associate Director Atty. Gracia Mae A. Beronilla and Senior Associates, Atty. Charlene Joy W. Millares, and Atty. James E. Gregorio.  This collaboration between the BOC and SGV is a manifestation that the dynamics between the BOC and its stakeholders in the private sector – including but not limited to importers and exporters, as well as SGV as a tax advisor – involves collaborations ultimately geared toward attaining business sustainability and economic growth through continuous compliance with laws, rules, regulations, and procedures.