Information

Members of the SGV Indirect Tax (IDT) team conducted a webinar entitled Exploring Trade Opportunities Through the Lens of Logistical Challenges with the British Chamber of Commerce of the Philippines (BCCP) on 17 November 2022. Representatives from the BCCP and the Bureau of Customs (BOC) participated in the joint event, which was held online via Zoom. Speakers at the Exploring Trade Opportunities Through the Lens of Logistical Challenges webinar SGV IDT Senior Director Atty. Alden Patrick C. Labaguis and Ms. Genilyn D. Minardo, Customs Operations Officer V of the BOC, led the webinar. Atty. Alden commenced the webinar by giving a brief update about the Bureau of Customs’ collections as of 31 October 2022, and the factors contributing to the BOC’s revenue and collections. He shared his extensive knowledge on common customs issues and possible workarounds to help clients address these issues and, consequently, help the government to collect the proper taxes on importation. He discussed major customs issues relating to port congestion, logistical delays resulting in demurrage and detention fees, concerns on the issuance of import permits and government approval, and lengthy customs procedures.  Atty. Alden also discussed the governing customs laws in the Philippines, new rules on importation accreditation, Super Green Lane (SGL) accreditation and its benefits, lodgment procedures, post-clearance audit (PCA), the importance of the Prior Disclosure Program (PDP), advance rulings, and the computation of duties, taxes, freight, penalties, and interests. Meanwhile, Ms. Genilyn discussed the Authorized Economic Operator (AEO) Program.  Both speakers addressed questions from the participants during the open forum. SGV IDT Associate Director Atty. Gracia Mae A. Beronilla, and Senior Associates Attys. Michelle V. Alvaro, Charlene Joy W. Millares, Andrea Nicole C. Loreno, and Natividad G. Busa were part of the webinar's organizing 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!

The SGV Climate Change and Sustainability Services (CCaSS) team hosted a Sustainabits session on “Engineering a Greener World for a Better Future – Advanced Technologies on Waste Management and Garbage Recycling.” This session aimed to orient and inform the SGV community on sustainable waste management technologies. The session was attended by about 555 SGVeans on 28 October 2022. CCaSS Associates Ericka Mae G. Lima and Aljomar T. Pedrosa together with CCaSS Manager Ma. Rebecca S. Ruiz were the presenters for this session. Rebecca welcomes the participants Ericka discusses the basic definitions of waste and waste management. She is joined by Rebecca and Aljomar. Among the topics discussed in the session were the fundamentals of waste management, advancements in technologies for waste management, global and local policies, and SGV’s Total Resource Use and Efficiency (TRUE) Program for achieving its zero-waste goal. The definitions of waste and waste management were introduced followed by a discussion on the 5R guiding principles and the waste management process cycle.  The second part of the session focused on waste disposal methods, new waste management technologies, the concept and principle of upcycling, and an in-depth discussion on the 5Rs. The pitfalls and disadvantages of the current disposal methods were also discussed along with the dangers they pose to the open environment.  The current global and local policies implemented to protect and sustain the environment through socio-economic means were discussed in the third part of the session. The session concluded with a discussion on the TRUE Program implemented by the Firm as a form of integrated corporate initiative. SGVeans were encouraged to show their commitment to be part of this initiative to achieve the zero-waste goal through proper waste management in the SGV I and II buildings. The Sustainable Actions for Value Creation and Enablement (SAVE) Council’s Sustainabits initiative is a series of half-hour webcasts that cover ideas, movements, principles, and best industry practices on sustainability, social equity, and climate change. 

SGV Clark Partner-in-Charge and Head Atty. Margaux A. Advincula (MAA) was one of the witnesses to the signing of the Memorandum of Understanding (MOU) between the Federation of Philippine American Chambers of Commerce (FPACC) and the Clark Investors and Locators Association (CILA) on 16 October 2022 at the Alpha Aviation Group Philippines, Inc. (AAG) building. The CILA welcomed near 100 guests. SGV Clark Partner-in-Charge and Head Atty. Margaux A. Advincula (fourth from top-left) with U.S. East Coast/New York Consul General Elmer Cato, Clark Development Corporation Vice President Rynah Ventura, and FPACC and CILA representatives during the MOU signing Group photo after the MOU signing CILA signatories were Chairman Francisco Villanueva, Jr., Vice-Chairman Engr. Radito Tuazon, and President Cristopher A. Magdangal. The signing of the MOU between the FPACC and CILA marked the beginning of a fruitful partnership and the establishment of a consultative process for providing exchanges of information to promote the members and affiliates of both parties throughout the United States and their network of business contacts. 

Tax Principal Ana Katrina C. De Jesus (ACJ) facilitated webinars on Transfer Pricing: Recent Developments on Compliance and Audit hosted by the American Chamber of Commerce of the Philippines (AmCham) on 18 October and the Australia New Zealand Chamber of Commerce of the Philippines (ANZCham) on 19 October 2022.  AmCham webinar poster Tax Principals Ana Katrina C. De Jesus (top-right) and Jules E. Riego (bottom-right) with the AmCham team via Zoom The AmCham webinar was co-facilitated by Revenue District Officer (RDO) Wilfredo S. Reyes, co-author of Revenue Audit Memorandum Order (RAMO) No. 1-2019, the Transfer Pricing (TP) Audit Guidelines. RDO Reyes discussed the salient points of the TP Audit Guidelines from the perspective of the Bureau of Internal Revenue. He also addressed TP issues faced by groups of companies today.  For the ANZCham webinar, Ana discussed Philippine TP rules and focused on TP audit, TP documentation requirements as well as disclosure forms. She also tackled recently issued regulations on Mutual Agreement Procedure Assistance in the Philippines and its relation to TP.  ANZCham webinar poster Ana with the organizers and attendees via Zoom Tax Principal Jules E. Riego (JER) moderated the live Q&A session for the AmCham webinar while Tax Associate Director Natasha Kim R. Tec hosted and moderated the live Q&A session for the ANZCham webinar. She also assisted in organizing the ANZCham and AmCham webinars.

SGV Financial Accounting Advisory Services (FAAS) and Climate Change and Sustainability Services (CCaSS) Partner Benjamin N. Villacorte (BNV), an accredited Verification Service Provider (VSP) of the Chamber of Mines of the Philippines (COMP), participated in the Towards Sustainable Mining (TSM) orientation for VSPs on 12 October 2022. The orientation was conducted by COMP in preparation for the mandatory submission of the TSM 2022 self-assessment reports. VSPs were welcomed by TMC officials and staff led by Resident Mine Manager Artemio Valeroso Benjamin and the other VSPs visited the Taganito Mining Corporation (TMC) mine site in Claver, Surigao del Norte in September to observe the project’s operations as well as its environmental protection and social development programs.  VSPs with TMC officials and staff As VSPs, they will be using measurement tools prescribed by the TSM program to review the performance ratings of the COMP members and ensure that mining operators’ management practices and performance are accurately reflected. They will ensure the objectivity and integrity of the TSM external verification process, which requires validation of the COMP members’ self-assessment reports. Benjamin and SGV Assurance Partner Katrina F. Francisco (KFF) were among the first batch of experienced independent experts in social, environmental, mining, and other related sciences who were trained by the Mining Association of Canada (MAC) in February and March 2022 to be COMP VSPs. 

Financial Accounting Advisory Services (FAAS) and Climate Change and Sustainability Services (CCaSS) Partner Benjamin N. Villacorte (BNV) was a speaker in the 2nd Association of Certified Public Accountants in Public Practice (ACPAPP) International Conference in Central Park Hotel Songdo, Incheon, South Korea from 25 to 29 October 2022. EY South Korea CCaSS Partner Jaeheum Park, Philippine Ambassador to Korea Maria Theresa B. Dizon-De Vega, and SGV Partner Benjamin N. Villacorte Benjamin talked about Environmental Social and Governance (ESG) Reporting. He covered sustainability concepts, standards and frameworks for sustainability reporting as well as the role of accountants in sustainability. In another technical session, Benjamin and EY South Korea CCaSS Partner Jaeheum Park discussed current developments and the regulatory landscape on sustainability reporting in the Philippines and Korea, respectively. 2nd ACPAPP International Conference Chairperson - Technical Session Ludette Mendoza, ACPAPP National President Gladeys Jill A. Santos, SGV Partner Benjamin N. Villacorte, EY South Korea CCaSS Partner Jaeheum Park, EY South Korea CCaSS Senior Junyoon Ha, and 2nd ACPAPP International Conference Chairperson Anita C. Rodriguez SGV Sector Representative Cyril B. Valencia (CBV) and SGV Assurance Partners Dhonabee B. Seneres (DBS) and John T. Villa (JTV) also attended the conference. SGV Sector Representative Cyril B. Valencia, Philippine Ambassador to Korea Maria Theresa B. Dizon-De Vega, and SGV Assurance Partners Dhonabee B. Seneres and John T. Villa

SGV Clark Partner-in-charge and DIWATA Member Atty. Margaux A. Advincula (MAA), SGV Clark Tax Partner Hentje Leo L. Leaño (LLL), Market Group 7 Leader Jose Pepito E. Zabat (JEZ), SGV Assurance Partner and DIWATA President Eleanore A. Layug (EAL), and SGV Senior Policy Adviser and DIWATA Chair Delia Domingo Albert (DDA) paid a courtesy call on newly appointed President and CEO of Clark Development Corporation (CDC) Atty. Agnes Devanadera at the CDC Clark office in September 2022. Market Group 7 Leader Jose Pepito E. Zabat, DIWATA member Marilou Dela Cruz, DIWATA trustee Gloria Alicia Veloso, SGV Clark Partner-in-charge and DIWATA Member Atty. Margaux A. Advincula, CDC President and CEO Atty. Agnes Devanadera, SGV Senior Policy Adviser and DIWATA Chair Delia Domingo Albert, DIWATA member Annie Dee, SGV Assurance Partner and DIWATA President Eleanore A. Layug, and SGV Clark Tax Partner Hentje Leo L. Leaño Atty. Agnes presides over the meeting Atty. Margaux organized the courtesy call. During the courtesy call, DDA introduced the partnership between DIWATA – Women in Resource Development Inc., an NGO advocating for the responsible development of the Philippines’ wealth of resources in the fields of mining, oil and gas, quarrying and other mineral resources, the CDC, and the Land Rover Club of the Philippines for DIWATA projects near Clark. Other officers and members of DIWATA also attended the courtesy call.