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In furtherance of SGV’s Diversity, Equity, and Inclusiveness (DE&I) initiatives, and in celebration of the holidays, the Firm’s Tax team, through Market Group (MG) 10, worked with the Quezon City Kabahagi Center for Children with Disabilities (QC Kabahagi) in holding a Christmas event entitled “Kabahagi Krismasaya 2022” at the Serbisyong Bayan Park Covered Court, Batasan Hills, Quezon City on 13 December 2022. Event poster SGV Partners Auresana B. Ines, Lucil Q. Vicerra, and Victor C. De Dios with QC Kabahagi Director Karen Sagun (second from left) at Krismasaya 2022 MG10 was represented by EY Asean Tax DE&I Lead Victor C. De Dios (VCD), together with Indirect Tax Senior Director Alden Patrick C. Labaguis, Associate Director Lauren Antonette M. Mendoza, and Senior Associates Kierk Robin M. Ret and Andrea Nicole C. Loreno. Indirect Tax Head Lucil Q. Vicerra (LQV), International Tax and Transaction Services (ITTS) Partner Auresana B. Ines (ABI), and other SGV staff were also present at the event.  Krismasaya attendees SGV Tax team at Krismasaya 2022 Krismasaya is an annual holiday activity for children with disabilities by QC Kabahagi, headed by Director Karen Sagun. QC Kabahagi is set to run a disability awareness program for SGV Tax professionals this 2023.

SGV’s Financial Accounting Advisory Services (FAAS) and Climate Change and Sustainability Services (CCaSS) teams hosted a webinar titled Climate change and its impact on your reporting on 5 December 2022. The webinar was attended by about 121 Chief Financial Officers and finance team members.  Event poster Assurance Leader Martin C. Guantes (MCG) delivered the opening remarks while FAAS and CCaSS Partner Benjamin N. Villacorte (BNV) and FAAS Senior Director Anna Maria Rubi B. Diaz (Rhia) were the resource speakers at the event. Benjamin and Rhia were also joined by EY Asean FAAS Leader Aris C. Malantic (ACM) for a panel discussion moderated by FAAS Director Sheena Dyan C. Suarez, who hosted the webinar as well. Martin delivers his opening remarks Benjamin talks about creating long-term value with sustainability Rhia talks about accounting for climate change Benjamin and Rhia talked about creating long-term value with sustainability, developments on sustainability standards, and accounting for climate change. Benjamin said that creating long-term value is a strategic move by organizations. He also added that long-term value and sustainability have created a strategic imperative for business leaders to act, driven by investors, regulators, employees, consumers, and a broader society. Panel discussion Rhia talked about increasing expectations from stakeholders and the role of entities in explaining how climate-related matters are considered material from a qualitative perspective in preparing their financial statements. She also discussed accounting considerations that entities need to contemplate in accounting for climate change particularly Philippine Accounting Standard (PAS) 16, Property, Plant and Equipment; PAS 36, Impairment of Assets; PAS 37, Provisions, Contingent Liabilities and Contingent Assets; and PAS 1, Presentation of Financial Statements. CCaSS Senior Director Crystal Aleli R. Cornell, CCaSS Associate Director Rosheena E. Borlaza, FAAS Associate Director Russel P. Ocol, FAAS Administrative Lead Kristine Kaye E. Bacay, FAAS Senior Associate John Andrew H. King, FAAS Associate Julia John B. Tabuzo, and EY Technology Associate John Edward C. Saw were part of the organizing team.

The SGV Customs team conducted a complimentary Customs Updates seminar for various clients/importers located in Davao on 13 December 2022 at the SGV Davao office. The SGV Customs Updates seminar was headed by Indirect Tax and Customs Partner Atty. Stephanie V. Nava (SVN) and featured discussions led by Senior Director Atty. Jo Ann Marie O. Casio, Associate Director Atty. Dawna Fya O. Bandiola, and Senior Associates Atty. Michelle V. Alvaro and Atty. Andrea Nicole C. Loreno. Event poster SGV Davao clients/importers at the Customs Updates seminar SGV Davao Tax Partner Saha P. Adlawan-Bulagsak (SAB) delivered the opening remarks and Atty. Jo Ann initiated the discussion by giving an introduction on the Bureau of Customs (BOC) processes. She also explained the Post Clearance Audit (PCA) and Prior Disclosure Program (PDP) processes. Atty. Dawna provided an in-depth lecture on the Authorized Economic Operator (AEO) Program, Strategic Trade Management Act (STMA), and New Rules on Accreditation of Importers.  The SGV Customs team with SGV Davao Partners Saha P. Adlawan-Bulagsak and Jose Raoul J. Balisalisa The SGV Customs Team with SGV Davao Partners Saha P. Adlawan-Bulagsak and Jose Raoul J. Balisalisa Atty. Nicole then described the phases of establishing and operating a Customs Bonded Warehouse. She also presented updates on the 2022 ASEAN Harmonized Tariff Nomenclature (AHTN 2022) and discussed the Tariff Classification/Dispute Ruling.  Atty. Michelle provided clarification on the list of imported articles that no longer require the issuance of an Authority to Release Imported Goods (ATRIG) prior to release from the custody of the Bureau of Customs. She discussed the implementation of the Net Weight per Line-Item Declaration for All PEZA Shipments and updated the clients on other recent customs issuances.  The seminar concluded with a message from SGV Davao Partner-in-charge Jose Raoul J. Balisalisa (JJB) who thanked the attendees for their time and mentioned that the Customs Updates seminar is part of the thought leadership initiatives of the Firm. 

The SGV Business Tax Services (BTS) team conducted an Electronic Invoicing System (EIS) webinar for clients on 7 November 2022. It was attended by over 800 SGV clients engaged in the export of goods and services, e-commerce, and/or classified as Large Taxpayers by the Bureau of Internal Revenue (BIR), which are covered taxpayers in the upcoming implementation of the EIS. EIS webinar speakers and participants SGV BTS Team awards certificates of appreciation to BIR speakers SGV Technology Consulting Partner Armand N. Cajayon (ANC) discussed the basics of developing an Application Programming Interface (API) that can transmit invoices issued from the taxpayers' system to the BIR. Tax Senior Associate Atty. Ma. May P. Matuguina hosted the webinar and moderated the Q&A session.  The team was also joined by representatives from the BIR. BIR Assistant Commissioner Janette Cruz discussed and answered questions on Revenue Regulations 8-2022 and 9-2022 as well as the latest information, updates, and insights on the BIR’s implementation of the e-Invoicing System (EIS). She was joined by BIR Tax Audit Review Division OIC-Chief Junjun Andallo and Taxpayer Service Programs & Monitoring Division Revenue Officer Tessa Hermosura. SGV Tax Partners Atty. Thyrza F. Marbas (TFM) and Atty. Arlyn A. Sarmiento-Sy (AAS), Senior Directors Atty. Melissa Joyce To and Atty. Rule Amethyst Oporto, Associate Director Atty. Grace Lilac Desuasido, and Senior Associate Atty. Cecille De Villa led the webinar’s organizing team.

SGV International Tax and Transaction Services Partner Atty. Auresana “Rhena” B. Ines (ABI) was a resource speaker at the Excursion: Navigating the Trail of the Accounting Profession webinar organized by the Junior Philippine Institute of Accountants - Pamantasan ng Lungsod ng Maynila (JPIA-PLM) on 20 November 2022 via Zoom. Around 60 Accountancy students attended the event. Atty. Rhena with some of the participants Atty. Rhena talked about her journey to becoming a CPA-Lawyer and personal and professional challenges she encountered. She also shared tips on getting good grades, passing the board and bar exams, and joining a firm that advocates integrity. Atty. Rhena highlighted the need to have a firm purpose to withstand challenges. She shared that she was able to achieve what she had always wanted to do because of her family, team, and SGV’s support. She added that the Firm’s Purpose aligned with hers and that the Firm gave her the opportunity to do what she loves – mentoring, teaching, and helping others comply with rules. Talent Supervising Associate Julia-Anne J. Deypalan and Talent Associate Juliene Marinela M. Salayon assisted Atty. Rhena in coordinating with the JPIA-PLM team.

SGV International Tax and Transaction Services Principal Atty. Veronica A. Santos (VAS) was a resource speaker at the Philippines-France Business Forum: Celebrating 75 Years of Bilateral Relations conducted by the Makati Business Club (MBC) and the Philippines-France Business Council on 24 October 2022 at the Discovery Primea, Makati City. About 60 guests, including both French and Philippine executives from the infrastructure, transportation, energy, water management, and banking industries attended the forum. SGV ITTS Principal Veronica A. Santos (second from right) with the other panelists during the panel discussion Atty. Santos served as one of the panelists in the Panel Discussion: Fireside Chat session, where they exchanged ideas and feedback, and provided a private-sector perspective on the keynote presentations. They also raised questions to fellow panelists, keynote speakers, and audience members and encouraged a lively exchange of ideas before proceeding to the Q&A session. Indirect Tax Principal Atty. Lucil Q. Vicerra (LQV) and Indirect Tax Associate Director Benedict B. Magat were part of the forum’s organizing team. The Philippines-France Business Forum highlighted key industry priorities and challenges, as well as strengthened bilateral ties between France and the Philippines to address these. It also explored bilateral infrastructure, transportation, and energy opportunities under the Marcos and Macron administrations. The event featured government presentations, panel discussions, open Q&As, and networking opportunities.

Financial Services Organization (FSO) Director Christopher G. Yu passed the 2022 Sustainability and Climate Risk (SCR®) certification exam administered by the Global Association of Risk Professionals (GARP). He received his certification on 22 November 2022. GARP-certified SCR professional Christopher G. Yu The GARP SCR certification formally recognizes proficiency in the following subject matters: Foundations of Climate Change; Sustainability; Climate Change Risk; Sustainability and Climate Policy, Culture, and Governance; Green and Sustainable Finance: Markets and Instruments; Climate Risk Measurement and Management; and Climate Models and Scenario Analysis. It also demonstrates one’s ability to assess and manage the sustainability and climate risk challenges that many industries face. Congratulations, Christopher!

Strategy and Transactions (SaT) Senior Manager Lester Jeff D. Pawid passed the Chartered Financial Analyst (CFA) Level 3 examination. Lester took the Level 3 exam on 6 September 2022 and received the positive news in the first week of November. CFA Level 3 passer, SaT Senior Manager Lester Jeff D. Pawid Offered by the CFA Institute, the CFA credential is the standard of choice for investment professionals with real-world analytical skills, technical competence, and high ethical and professional standards. Level 1 tests a candidate’s knowledge and comprehension of investment tools, while Level 2 focuses on the application of these tools and analysis for asset valuation. Finally, Level 3 synthesizes all learnings in the portfolio management context and incorporates a constructed response component. Candidates who have completed all three levels of the exam may seek to earn the CFA Charter after meeting the required professional work experience.  Lester took the Level 3 exam a week before he reported for his first day of work at SGV. He says that he is grateful for the support of SaT Partner Marie Stephanie T. Hamed (MTH) who allowed him to start at a later date so that he could concentrate on his preparation for the exam.  Congratulations, Lester!

SGV Clark launched the inaugural edition of the Doing Business in Clark publication on 7 November 2022 at the SGV Clark office. Over 100 SGV partners and alumni, key government officials, and representatives from different foreign embassies attended the launch. SGV partners and leaders pose with the DBC brochure Developed by SGV in close collaboration with the Bases Conversion and Development Authority (BCDA), Clark Development Corporation (CDC), and Clark International Airport Corporation (CIAC), the publication is a brief guide for potential foreign and local investors looking to set up business operations in Clark. The publication aims to promote and highlight the developments in Clark, Pampanga, as well as the reforms and initiatives set forth by the government and the private sector that would benefit locators and investors alike. SGV Chairman and Country Managing Partner Wilson P. Tan (WPT) gave the opening remarks. Keynote speakers SGV Vice Chairman and Deputy Managing Partner Maria Vivian C. Ruiz (VCR), SGV Senior Policy Adviser and Former Ambassador Delia Domingo Albert (DDA), BCDA Chairman Delfin N. Lorenzana, BCDA President and CEO Aileen Zosa, CDC President and CEO Atty. Agnes Devanadera, CIAC OIC President and CEO Darwin Cunanan, and Philippine Ambassador to Korea Maria Theresa B. Dizon-De Vega also delivered their respective messages. SGV Clark Partner-in-Charge and Head Margaux A. Advincula (MAA), Market Group 7 leader Jose Pepito E. Zabat III (JEZ), and SGV Clark Tax Partner Hentje Leo L. Leaño (LLL) organized the event. The Doing Business in Clark publication is the latest edition in SGV’s Doing Business in the Philippines series. The brochure presents an economic overview of Clark, its taxation rules, investment policies, incentives for investors, and essential information on Clark’s assets.

SGV International Tax and Transaction Services (ITTS) Leader Atty. Romulo S. Danao Jr. (RSD) was one of the resource speakers at the Philippine Extractive Industries Transparency Initiative (PH-EITI) Beneficial Ownership Forum organized by PH-EITI [JDT1] at the Marco Polo Ortigas Manila on 7 November 2022. Atty. Danao talks about transfer pricing Atty. Danao shared his expertise on transfer pricing and its interface with beneficial ownership. He addressed questions on beneficial ownership's relevance to issues in transfer pricing particularly in the extractive industries. He also discussed how beneficial ownership disclosure or transparency can help address these issues. Atty. Danao received positive feedback and appreciation from various sector participants after the session.  The Beneficial Ownership Forum is part of PH-EITI’s Extractives Transparency Week (ETW) which is an annual series of fora and learning sessions on extractives resource governance and revenue management. For 2022, the ETW provided a space for the development of actionable recommendations to address extractive-industries-related priority issues of mining, oil, gas, and coal stakeholders.