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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!

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.

SGV Assurance Partner and DIWATA President Eleanore A. Layug (EAL) was a speaker at the 2022 Philippine Extractive Industries Transparency Initiative (PH-EITI) Extractives Transparency Week – Women Leaders Forum at the Marco Polo Ortigas on 7 November 2022. The event was organized by PH-EITI and Angat Bayi[JDT1]  (Bayi Inc.) to facilitate an exchange of perspectives on building the capacity of women to reshape initiatives in extractives and natural resources governance. SGV Assurance Partner and DIWATA President Eleanore A. Layug (far right) with PH-EITI officials  Eleanore and Prof. Ladylyn Mangada, Chair of the PH-EITI Technical Working Group (TWG) on Gender, talked about PH-EITI and its gender initiatives. There was also a mentoring session on the role of subnational women leaders on resource management governance and furthering Open Government Partnership (OGP) with PH-EITI’s first global mentor, Former New Zealand Prime Minister Helen Clark. Key messages in the exchange were shared with other stakeholders in the PH-EITI National Conference.  The forum aimed to help women stakeholders define the concept of women empowerment in natural-resource management from the perspective of subnational women leaders, articulate comments on the framework for gender-principled initiatives in natural-resources governance, list key roles of women leaders for furthering open government partnership at the subnational level, and identify areas for collaboration between PH-EITI, Bayi Inc., and other resource governance advocate women’s groups. Bayi Inc.[JDT2]  is a non-profit organization that works to contribute to the full meaningful participation of women in decision-making in all spaces: home, community, educational institutions, workplaces, media, public sector, and regional/international formations.  PH-EITI website: https://pheiti.dof.gov.ph/Angat Bayi website: https://angatbayi.com/Angat Bayi Facebook page: https://www.facebook.com/bayiinc

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 Financial Accounting Advisory Services (FAAS) and Climate Change and Sustainability Services (CCaSS) Partner Benjamin N. Villacorte (BNV) and CCaSS Senior Director Crystal Aleli R. Cornell were resource speakers in the Sustainability and Integrated Reporting: Leading Beyond the Numbers webinar organized by the Philippine Institute of Certified Public Accountants (PICPA) Quezon Province Chapter on 11 November 2022. Benjamin and Crystal accept their virtual certificates Benjamin talked about sustainability reporting and assurance and creating long-term value with sustainability, specifically the concept of sustainability and its four pillars (economic, environment, social, and governance), the United Nations’ Sustainable Development Goals, the relevance of sustainability, and the drivers of long-term value creation such as institutional investors; standard setters, regulators, and government; and employees, consumers, and society.  Benjamin also shared the long-term value framework based on the premise that long-term shareholder value is driven by meeting the demands of stakeholders. He quoted Steve Varley and Steven Lewis saying that there is a need to have a stronger connection between the financial and non-financial aspects of the business – otherwise the true costs and opportunities are not properly measured. Other topics covered during Benjamin’s discussion were the global sustainability reporting ecosystem, journey towards reliable sustainability reporting, and the benefits of sustainability reporting assurance.  Crystal, on the other hand, discussed the global developments and regulatory landscape of sustainability reporting, as well as sustainability reporting in the Philippines. She also shared highlights from SGV’s publication titled “Beyond the Bottom Line: Sustainability Reporting in the Philippines,” where SGV's CCaSS team reviewed how listed companies responded to the Securities and Exchange Commission’s (SEC’s) call to publish sustainability reports since 2019. She concluded the presentation by highlighting how accountants can lead sustainability and climate action and encouraged the participants to start their companies’ sustainability journey.

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.

SGV Clark Partner-in-Charge and Head Atty. Margaux A. Advincula (MAA), Market Group Leader Jose Pepito E. Zabat III (JEZ), SGV Clark Tax Partner Hentje Leo L. Leaño (LLL), and SGV Assurance Partner Eleanore A. Layug (EAL) attended the grand opening of the new passenger terminal at the Clark International Airport (CRK) hosted and organized by the Luzon International Premiere Airport Development Corp. (LIPAD) in September 2022 at Mabalacat, Pampanga. They were joined by national and local government officials, as well as other guests from the private sector. SGV Partners Jose Pepito E. Zabat III, Atty. Margaux A. Advincula, Eleanore A. Layug, and Hentje Leo L. Leaño at the CRK new passenger terminal grand opening In his keynote speech, President Ferdinand R. Marcos Jr. said that the new facility will encourage tourism and demonstrate that Clark and the Philippines are open to more domestic and international businesses. LIPAD and Filinvest Development Corp. Director Francis D. Gotianun also emphasized this mission to connect businesses both locally and internationally. SGV Partners with LIPAD representatives Department of Transportation (DOTr) Secretary Jaime Bautista thanked the public and private sectors for their support. The New Terminal building is the first infrastructure project made through a public-private partnership under the former administration’s “Build, Build, Build” program.  Officials of the provinces and cities in Pampanga and Tarlac, the Bases Conversion and Development Authority, Clark Development Corporation, Clark International Airport Corporation and CRK community partners also attended the grand opening. 

SGV Chairman and Country Managing Partner Wilson P. Tan (WPT) was elected as the 2023 Financial Executives Institute of the Philippines (FINEX) President during the 2023 Board of Directors' Organizational Meeting on 7 November 2022. 2023 FINEX President Wilson P. Tan Wilson served as the organization’s Treasurer for two years before he was elected President. He has been a longtime member of FINEX, which is the country’s premier organization of finance professionals composed of almost 700 executives including CEOs and CFOs of the country’s top corporations, academic institutions, and small and medium-sized enterprises (SMEs).  Congratulations, WPT!

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. 

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