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SGV launched the EY STEM program at Rizal High School, Pasig on 26 April 2023 with 600 STEM students in attendance. EY Asean Business Consulting Leader, SGV Consulting Leader, and EY STEM Project Sponsor Rossana A. Fajardo (RAF), EY Asean/APAC Enterprise Risk Competency Leader, SGV Consulting Partner, and EY STEM Program Director Christiane Joymiel “Chin” Say-Mendoza (CSM), and SGV Talent Director and EY STEM Program Manager Luisa Hebron head the program. Rossana and Chin with Rizal High School Assistant Principal Rowena Dimagiba and STEM Department Head Ma. Victoria Señase during the EY STEM program launch Rossana, Chin, and Luisa with Rizal High School STEM Faculty pose for a group photo The EY STEM Girls program was recently 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 fully digital and real-life activities designed to be played like 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. Rossana commenced the launch by giving her opening remarks. She gave a short background of the Firm, its Purpose to nurture future leaders for a better Philippines and its initiatives in helping bridge the STEM gender gap in today’s technologically driven society. RAF also talked more about the app, its launch process, and its goals. RHS STEM Department Head, Ma. Victoria Señase welcomed the SGV representatives and introduced the faculty and STEM sections. Chin and RHS Assistant Principal Rowena Dimagiba gave their respective closing remarks.

Members of the SGV Tax team met with Bureau of Internal Revenue (BIR) Revenue Region 8A – Makati City officials who visited the Firm on 8 March 2023 as part of the BIR’s annual tax kickoff and a follow-up to the 2nd SGV Business Tax Services (BTS) Forum held in February 2023. SGV Tax team with the BIR Revenue Region 8A – Makati City officials SGV Tax Leader Fabian “Fame” K. Delos Santos (FKS) welcomed the BIR officials and facilitated the free-flowing discussion with members of the SGV management committee, partners, senior managers, and staff. Fame reiterated SGV’s continuous commitment to promoting a tax ecosystem where taxpayers are willing to comply; regulators are business partners; tax practitioners are armed with technical skills and integrity; with the Philippines as an investment haven; and where businesses flourish for a Better Philippines.  The BIR delegation was led by Regional Director Florante Aninag, with all the major officers of the Revenue Region as well as heads of the Revenue District Offices under Makati City in attendance, to address some of the concerns of taxpayer-clients within their jurisdiction. Mr. Aninag acknowledged SGV’s crucial role in encouraging taxpayers’ compliance with tax rules and regulations and highlighted the Firm’s invaluable contribution in assisting taxpayers in their dealings with the BIR.  Philippines and Asean Business Tax Services Leader Jules E. Riego (JER), together with BTS Partners Margaux A. Advincula (MAA) and Cheryl C. Ong (CCO), and Markets Leader Vicky L. Salas (VLS) led the open forum with Global Compliance and Reporting (GCR) Leader Sonia D. Segovia (SDS), and Indirect Tax (IDT) Leader Lucil Q. Vicerra (LQV), who also shared their insights on recent changes in the rules on tax-free exchanges, procedures on disposition of cases, and other tax audit concerns including transfer pricing issues. Other Partners in attendance took the opportunity to pose questions to the Revenue District Officers. Assistant Regional Director Editha A. Calipusan, Legal Division Chief Albert C. Arpon, Assessment Division Chief Sion S. Catelo, and Collection Division Chief Anne M. Reyes also attended the session and luncheon hosted by the Firm. Tax Senior Director Donna Frances Ylade-Torres assisted in organizing the event.

SGV Financial Accounting Advisory Services (FAAS) and Climate Change and Sustainability Services (CCaSS) Partner, and Philippine Sustainability Reporting Committee (PSRC) Chairman, Benjamin “Benjie” N. Villacorte (BNV) was a panelist at The Future of Sustainability Reporting forum hosted by the Securities and Exchange Commission (SEC) in partnership with the Global Reporting Initiative (GRI). The forum, which was exclusive to executives of publicly listed companies, was held on 14 March 2023 at the SEC Headquarters in Makati. It aimed to bring into focus how the roles of the government and regulators, banking institutions, standard setters, and sustainability leaders interweave to shape the future of sustainability and its reporting.  Benjie (second from right) during the SEC-GRI forum Benjie shared insights on the significance of sustainability reporting and the role of the PSRC in improving and ensuring the quality of sustainability disclosures, carbon credits, the concept of just and reasonable transition, and how practitioners could better engage top management on sustainability reporting. Benjie emphasized that sustainability reporting is part of the future of corporate reporting and that with this type of reporting, the financial and sustainability components of the organization are well-considered and embedded within their policies and processes, and the true costs of pertinent risks and opportunities are measured. He shared that there is currently a disconnect between these aspects and a growing need for them to complement one another. Benjie (first from the right) with the forum organizers, guests, and fellow panelists  Benjie was joined by SEC Commissioner Kelvin Lester Lee and Bangko Sentral ng Pilipinas (BSP) Financial Supervision Sector Assistant Governor Lyn Javier during the panel discussion. Philippine Stock Exchange (PSE) Chief Operating Officer Atty. Roel Refran moderated the session. The panel discussion provided relevant and timely insights into further defining and calibrating the strategic direction of businesses sensitive to stakeholder demand-based projections on sustainability. 

SGV Financial Accounting Advisory Services (FAAS) and Climate Change and Sustainability Services (CCaSS) Partner and Philippine Sustainability Reporting Committee (PSRC) Chairman, Benjamin “Benjie” N. Villacorte (BNV) led the PSRC meeting with Global Reporting Initiative (GRI) CEO Eelco van der Enden and his team from the GRI ASEAN Regional Hub held at SGV on 13 March 2023. PSRC member representatives also joined BNV in welcoming the GRI delegation. GRI CEO Eelco van der Enden (center) with GRI ASEAN Regional Hub team and PSRC member representatives Mr. van der Enden provided the PSRC with key updates related to the GRI and its collaboration with the International Sustainability Standards Board (ISSB). According to him, the two standard setters have committed to coordinating work programs and standard-setting activities, and talked about the need for further harmonization of the sustainability reporting landscape. He expects that the harmonization of International Financial Reporting Standards (IFRS) Sustainability Disclosure Standards and GRI Standards can address distinct perspectives and form a comprehensive corporate reporting regime for the disclosure of sustainability information. GRI CEO van der Enden (center) and GRI ASEAN Regional Hub team with CCaSS Partners Benjamin N. Villacorte (BNV), Katrina F. Francisco (KFF), Clairma T. Mangangey (CSM), Joseph Ian M. Canlas (JMC), and SEC Atty. Rachel Gumtang-Remalante The GRI CEO also highlighted one of GRI’s major plans in the region, the Global Baseline Innovation Hub, as intended to be established with the ISSB. The GRI team addressed queries from the group on the harmonization of reporting standards and its implications for reporting organizations.

SGV Financial Services Organization (FSO) Partner Veronica Mae Arce Balisi (VAB) was a resource speaker at the Financial Executives Institute of the Philippines (FINEX) Anti-Money Laundering and Counter Terrorist and Proliferation Financing (AML/CTPF) training held on 28 April 2023 via Zoom. This was VAB’s 8th time conducting this session for FINEX Academy. FSO Associate Director Juan Paolo Gaco together with Associates Rubin Hollero II and Coleen Mae Panuela served as facilitator and presenters of the training.  Veronica (top left) with SGV Associate Director Juan Paolo Gaco (lower right), FINEX Academy Treasurer Ned Goseco (top right), and FINEX Capital Markets Development Committee Chairman Manny Ocampo (lower left). FINEX Capital Markets Development Committee Chairman Manny Ocampo delivered the welcome remarks and introduced Veronica as the resource speaker. Veronica formally kicked off the training with a call to action on addressing AML/CTPF risks, highlighting the efforts of the authorities to get out of the Financial Action Task Force’s grey list by January next year.   Veronica gave an overview of money laundering, and terrorist and proliferation financing (ML/TPF) and cited sample typologies and actual cases from the Asia Pacific Group on Money Laundering (APG) that are relevant to the industry. She also discussed different concepts of predicate crimes and unlawful activities, the Philippine legislation and updates on the regulatory landscape, and the primary duties of covered persons or institutions in combatting ML/TPF.  Veronica wrapped up the training session with a message to the attendees on not compromising one’s profession, firm, or company by accepting clients that may be involved in money laundering. She added that covered persons have their own roles that can mitigate AML/CTPF risks, and if they use their power or authority for the right purposes, then these risks can be deterred in the country. 

SGV Partners Maricris U. See (MUS), Christiane Joymiel “Chin” Say-Mendoza (CSM), Benigno “Ben” F. Leongson (BFL), Allan W. Ocho (AWO), Aileen L. Saringan (ALS), Global Compliance and Reporting (GCR) Associate Director Jao Renzo L. Mercado, and GCR Senior Director Marivic Rebulanan joined the Philippine Institute of Certified Public Accountants (PICPA) Metro Manila Region (MMR) Internal Audit and Information Technology (IT) Risk Assessment Summit from 17 to 18 February 2023. They served as resource speakers, reactors, and moderators.  Maricris delivers her welcome remarks The first part of the Summit focused on the topic of Internal Audit Risk Assessment, specifically Sustaining Quality in Risk Assessment by Playing It Forward: Transitioning to a Hybrid Workplace. Chin and Ben shared their insights on the topic as they served as reactor and moderator, respectively. Chin and Ben highlighted the importance of meeting the objectives and performing the fundamental processes of internal audit risk assessment and audit plan development, such as stakeholder reporting, understanding the business, gathering information to identify risks, and developing the risk universe. The second part focused on the topic of Information Technology Risk Assessment, specifically Sustaining Quality in Risk Assessment by Playing It Forward in the Post-Pandemic Environment, where Allan served as a reactor. He stressed the importance and understanding of IT or cyber risk assessment and their trends and impact on assurance practices. Maricris led the two-part Summit while Jao served as a member of the Summit’s overall committee and the Master of Ceremonies for the second part of the Summit. Aileen awarded certificates of appreciation to the speakers, reactors, and moderators at the end of the Summit. Other IT Risk Assessment and Internal Audit Risk Assessment accountants were also present during the event.  The Summit aimed to provide opportunities for the participants to continually advance and develop their technical competencies and knowledge in Internal Audit and IT Risk Assessment. 

SGV Global Compliance and Reporting (GCR) Partner Aaron C. Escartin (ACE) was one of the resource speakers at the Chief Financial Officer (CFO) Summit 2023 with the theme “The Future of CFO in Emerging Markets: Post Pandemic” held from 3 to 4 April 2023 at the Crown Plaza Manila Galleria. Aaron during the CFO Summit Aaron was one of the discussion panelists for “The Critical Role of CFO as Deputy CEO.” He shared his insights on challenges faced by organizations with a particular emphasis on those brought about by the COVID-19 pandemic, strategies to acquire and retain talent, and ways to keep abreast with the dynamic business environment. He also shared that when making business decisions, firms do tax planning which should be performed not only to improve financial performance but also to consider its impact on other stakeholders like customers, suppliers, employees, shareholders, and society. Aaron gives tax updates Aaron was also the keynote speaker on the topics “2023 Tax Updates: What CFOs Need to Know” and “Tax and Finance Functions Transformation” where he shared valuable insights on current trends in the tax and finance functions and the latest developments in the Philippine tax landscape. GCR Senior Director Meynard L. Sardalla and Associate Directors Keith Briane D. Pangilinan and Shaira R. Jamolor were also present during the summit. The two-day event focused on trends and key areas that will help businesses strategize and augment their competitive position in business. It also focused on the following five-point agenda: market and user experience, financial inclusions, digital and latest technologies, data-driven finance and automation, and regulatory and compliance.

EY Asean and SGV Financial Accounting Advisory Services (FAAS) Leader Aris “Bok” C. Malantic (ACM), was a resource speaker and panelist at the Finance Manager Development Program held on 1 March 2023 at the Asian Institute of Management (AIM). A graduate of AIM’s Master in Business Management (MBM) program, Bok talked about the organizational behavior and team dynamics of an external audit team. He also shared his insights on a case study and was a panelist in the closing session. Bok with Prof. Candice Ann Lapan at the Finance Manager Development Program The Finance Manager Development Program under AIM’s School of Executive Education and Lifelong Learning (SEELL) seeks to develop top-notch professionals who add value to the business and manage its overall profitability and cash flow. It also aims to deepen the participants’ understanding of managing treasury and cash functions, working capital efficiency, tax compliance and management, internal audit and controls, risk management, and capital budgeting. The program is led by Prof. Candice Ann Lapan, MBM1998 and is part of AIM’s Audit, Risk and Internal Control class.

SGV Climate Change and Sustainability Services (CCaSS) Partner Benjamin “Benjie” N. Villacorte and CCaSS Associate Director Carla J. Capistrano joined the simultaneous classes organized by the Junior Philippine Institute of Accountants De La Salle University-Manila Chapter (JPIA-DLSU) via Zoom as part of its 12th Accounting Convention for Business Leaders entitled EXCEED2023 Accounting Challenge and Convention on 18 March 2022. Event poster and Benjie (top right) Benjie discussed sustainability reporting, developments in the practice and the role of accountants in sustainability reporting. He emphasized that as future accountants, the participants must also be familiar with sustainability aspects and how long-term value is created across stakeholders as these are now incorporated into businesses’ financial statements. With this knowledge, they would be able to help businesses understand the additional information needed to communicate their environmental and social impact. Benjie and Carla with JPIA-DLSU participants Carla discussed the concept of circular economy and how the Extended Producer Responsibility (EPR) Act of 2022 is driving this in the Philippines. Accountants also play an important role in that obliged enterprises must engage independent third-party auditors in their upcoming EPR compliance audit report to certify the veracity of the reported plastic product footprint generation, recovery, and overall EPR program compliance. She concluded her discussion with practical examples of circular economy and how companies have started to practice EPR in the Philippines and globally.  Aside from the simultaneous classes, the four-day business and accounting convention with the theme “Empowering Business Visionaries, Defying Socio-Economic Uncertainties” also featured a plenary, symposium, and various accounting challenges.

SGV has 55 new lawyers who passed the Bar Examinations for 2022. The results were announced on 14 April 2023 with 3,992 passers out of 9,183 examinees or a national passing rate of 43.47%. The Firm extends its warmest congratulations to the following staff members: Abary III, Patrocinio Irving C.Abenio, Mary Gail A.Acain, Susannie Jean V.Anenias, Frances Catherine D.Aquilizan, Dohn Alfred E.Areño, Kim Louise C.Arquero, David Angelo S. Bacarro, Tracie Kathlynne B.Balladares, Ryan P.Banuelos, Kelvinn L.Baysa, Maiko Kaye U.Belarma, Niño Louis M.Berlanga, Henry Daniel B. Cacho, Carlo Miguel M.Castro, Dennis Lazobert D.Cruz, Louie Lou E.Culajara, Jeserie B.Custodio, Jerrlito P.Cuyugan, Paolo G. Dawis, Bianca Denise D.Daytia, Jewel Joice G.Deculin, Cedy M.Dumlao, Cheyenne Hope  Francia, Merryl Kristie M. Gabrillo, Judith Lou A.Garcia-Jocson, Ivy G.Gonayon, Glomarie M. Ibarra, Marco Antonio J. Jagonos, Ella Rose V.Lagman, Jessica Ella S.Laurencio, John Ednold E. Marasigan, Shiela Marie M.Mendoza, Kimberly Camille G.Mendoza, Lauren Antonette  Ocampo, Louisse Erika C.Oliveros, Bernice Joyce V.Ong, Roberto Ruiz B.Ortigoza, Beatriz Anne D. Pagallamman, Eloisa Gee F. Regencia, Marie Anna Karla M.Resurreccion, Denzel G.Ret, Kierk Robin M.Romanca, Rosanna P.Roño, Ma. Selyna V. Santos, Bryan Joel C.Señoran, Artlyn Gem G.Singzon, Marian Therese S.Sy, Isobel Laurelle R. Teodoro, Cayenne Mae G.Tiangco, Rian Lee B.Tolentino, Inah Beatriz R.Torres, Giana Giorgia C.Trinidad, Aura Mae G.Tumbali, Fatima Mae D. Valdez, Lorrianne N. Congratulations to our new attorneys!