Information

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 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.

The Climate Change and Sustainability Services (CCaSS) team hosted the April Sustainabits session on “Sustainable Fashion: Making Fast Fashion Out of Fashion.” This is in line with the SGV Sustainable Actions for Value Creation and Enablement (SAVE) Council’s Earth Day initiatives to celebrate this year’s theme, “Invest in Our Planet.” Two hundred ninety-eight SGVeans attended the virtual session on 28 April 2023. CCaSS team talks about sustainable fashion SGV Chief Sustainability Officer Clairma T. Mangangey (CTM) welcomed the participants to the session and talked about the current trends of clothing overconsumption and the benefits she experienced in clearing her closet for the SAVE Council’s clothing donation initiative. For the rest of the session, CCaSS Manager Ricardo Maulion, Senior Associate Maria Margarita Dela Cruz, and Associate Gregory Ryan Tan presented topics highlighting the importance of sustainable fashion in addressing the detrimental effects of fast fashion, and they shared ways on how the participants could incorporate sustainability into their wardrobes. The session highlighted sustainable fashion as one of the six ways endorsed by Earthday.org that are key to investing in the planet. The presenters introduced the definition of sustainable fashion and how this aims to reorient the current fashion life cycle. The session included video presentations and a discussion on the harmful impacts of fast fashion to people and the environment. The presenters also identified sustainable choices SGVeans can make when shopping for clothes and ensuring their clothes are cared for and could last longer. SGVeans were then encouraged to build their own capsule wardrobes with sustainable fashion brands.  To summarize the learnings from the session, the presenters provided simple reminders on how SGVeans can make their wardrobes more sustainable, then capping off with a declaration of their commitment to leading a sustainable lifestyle by practicing sustainable fashion. The SAVE Council’s Sustainabits initiative is a series of half-hour webcasts covering ideas, movements, principles, and leading industry practices regarding sustainability, social equity, and climate change.

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.

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 Climate Change and Sustainability Services (CCaSS) Partner Benjamin “Benjie” N. Villacorte (BNV) joined the Association of Chartered Certified Accountants (ACCA) Asia Pacific Roundtable on International Public Sector Accounting Standards Board (IPSASB) Sustainability Reporting on 9 May 2023. The roundtable was supported by the ASEAN Federation of Accountants (AFA). Benjie with the roundtable participants Benjie provided valuable insights and perspectives, discussing experiences in sustainability reporting, challenges faced, leading practices, and potential areas for improvement. This information is intended to support the IPSASB in developing its agenda on sustainability reporting in the public sector.  Benjie emphasized that sustainability reporting enables organizations to disclose their environmental, social, and governance (ESG) performance. By sharing this information, public sector organizations offer stakeholders a clear understanding of their societal and environmental impact which is crucial in fostering accountability for actions and decisions that also affect the community.

SGV Vice Chair and Deputy Managing Partner Vivian C. Ruiz (VCR), Markets Leader Vicky L. Salas (VLS), Climate Change and Sustainability Services (CCaSS) Partner Benjamin “Benjie” N. Villacorte (BNV), Business Services Group Leader Alvin M. Pinpin (AMP), Market Group (MG) 1 Leader Michael C. Sabado (MCS), and MG 8 Leader Narciso “Jun” T. Torres, Jr. (NTT) joined the Makati Business Club’s Global Leaders Series 2023 Healthcare Forum on 16 May 2023 at the New World Makati Hotel. The event was sponsored by SGV. (From left to right) Alvin, Michael, Jun, Dr. Wilson, Nigerian Ambassador to the Philippines H.E. Folakemi Ibidunni Akinleye, Vivian, Benjie, and Vicky pose for a photo at the MBC’s Global Leaders Series 2023 forum Vivian delivered the opening remarks. UnitedHealth Group Executive Vice President and Chief Medical Officer Dr. Margaret-Mary Wilson was the guest speaker. Dr. Wilson discussed strategies for leading a global healthcare company through crisis. She highlighted that the government and the private sector must work together to provide proper healthcare in any country. According to her, everyone deserves access to safe, equitable, and affordable healthcare. Dr. Wilson suggested that leaders need to be more visible to promote diversity, especially those from minority or marginalized groups. Moreover, she said that authenticity, a dynamic culture, and the initiative that comes with not fearing failure is key to management and leadership. She also emphasized the importance of building models that are dynamic, agile, and flexible. She added that artificial intelligence and other technology can help speed up bureaucratic processes, but they will not replace humans. (From left to right) Alvin, Michael, Jun, Founder and Chairman Emeritus of the CARD Mutually Reinforcing Institutions Dr. Jaime Aristotle Alip, Nigerian Ambassador to the Philippines H.E. Folakemi Ibidunni Akinleye, Vivian, Benjie, and IBM Philippines President and Country General Manager Aileen Judan-Jiao pose for a photo at the MBC Global Leaders Series 2023 forum The lecture was followed by a brief question-and-answer portion and an open discussion. Dr. Wilson joined MBC Executive Director Francisco Alcuaz, Jr. for a conversation after the open discussion. MBC's Global Leaders series aims to help Philippine executives evaluate, implement, and compete globally through meeting and learning with world leaders from different industries to improve Filipino lives. UnitedHealth is the biggest healthcare company in the United States and is a member of the Makati Business Club.

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 Climate Change and Sustainability Services (CCaSS) Partner Benjamin “Benjie” N. Villacorte (BNV) was a speaker at the Solar Energy Storage Future Philippines 2023 conference held at the Hilton Manila on 17 May 2023. The conference provided solar and energy storage players and other relevant partners, including industry experts and associations, with a platform to exchange knowledge. Benjie (fourth from right) with some of the conference participants from the CCaSS team Benjie was one of the panelists for the panel discussion on “ESG investment and Practice: Practice ESG concept and help enterprises achieve carbon neutrality goals and sustainable development.” He discussed the vital role of renewable energy in achieving the global goal of limiting global warming to within 1.5oC. He also discussed the benefits and challenges of integrating environmental, social and governance (ESG) and the role of top management in directing and developing ESG strategies.  As a closing note, Benjie emphasized the importance of collaboration to integrate ESG effectively within the organization. He was joined by co-panelists, Climate Smart Ventures Head of Transaction Advisory Matthew Carpio, United Nations Population Fund Consultant Margery Bautista, and Nomura Research Institute (NRI) Singapore - Manila Branch consultant Jonas Marie Dumdum, who moderated the panel discussion. Other members of the CCaSS team also attended the event. The conference was organized by Energy Box, a vertical media company dedicated to renewable energy. 

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.