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The SGV Cebu team led by Assurance Partner Margem A. Tagalog was the official tabulator for the Pasigarbo sa Sugbo (“Pride of Cebu”) 2022 Festival Queen and Festival of Festivals held at the Cebu City Sports Center on 26 and 28 August 2022, respectively. These were two of the major events during the 453rd Founding Anniversary of the Province of Cebu. The SGV Cebu team at the Pasigarbo sa Sugbo 2022 The SGV Cebu team led by Ms. Margem was composed of SGV Cebu office Assurance Managers Ian V. Jayme, Frecy M. Catadman, Shearilynn L. Go, Jayvee Anga and Adam M. Opada; Senior Associates Jeyson S. Tugonon, Philip P. Castro and Amabella M. Pacaldo; and Associates Maureen R. Friolo, Jonelene A. Masiado, Jamaica C. Ponce, May B. Velasco, Neca B. Abang and King T. Santiago. The team was also assisted by Senior Manager Richard G. Belda, Manager Haroun D. Cabugatan and Administrative Intermediate Aimee B. Raagas. Official tabulators in action In the spirit of thanksgiving, the office of Governor Gwendolyn Garcia also invited SGV, represented by Market Group 4 Leader Veronica R. Pore, Assurance Partner Margem A. Tagalog, and Assurance Manager Frecy M. Catadman to the “Gabii sa Pasalamat” (Night of Thanksgiving) honoring various stakeholders from the public and private sectors who contributed to the success of Pasigarbo sa Sugbo 2022. Margem receiving token at the Gabii sa Pasalamat The Pasigarbo sa Sugbo events celebrate Cebu Province’s rich and vibrant culture and heritage through the products, customs, history, creativity, and talent of the towns and cities in the province.  A total of 50 contingents representing various provincial towns and cities participated in the Festival of Festivals and, 40 candidates vied for the title of Festival Queen. Token of Appreciation from the Cebu Provincial Government The events are part of the provincial government’s efforts to prime Cebu’s economy after the dent on Cebu’s tourism industry caused by the COVID-19 pandemic and typhoon Odette.

EY Asia-Pacific Area Supply Chain Field of Play Leader Atul Chandna and Asean Supply Chain Competency Leader Ishita Dhamani conducted face-to-face Philippine client visits from 24 to 26 August 2022 as part of the Supply Chain Reinvention Series - Thriving for Excellence.  EY APAC Supply Chain leaders with the Client Supply Chain Team and the SGV Supply Chain Consulting Team composed of Partner Jan Ray Manlapaz and Senior Manager Mary Andrea Bacani  Discussions centered on the specific areas of interest or challenges within the clients’ supply chain and respective industries that EY could assist with. The Philippines is the third ASEAN country that Atul and Ishita visited after Vietnam and Thailand.

The Mactan Export and Processing Zone Chamber of Exporters and Manufacturers (MEPZCEM), in partnership with the Association of MEZ Controllers and Accountants (AMCA), had its first face-to-face seminar since the COVID-19 pandemic on 25 August 2022. The seminar, entitled “VAT, how?” was held at the Waterfront Airport Hotel and Casino Mactan Cebu. Members of the SGV Cebu Tax team were key resource speakers for this event. Tax Senior Directors Atty. Karen and Atty. Anne with members of the MEPZCEM and AMCA Tax Senior Director Atty. Karen Mae Calam-Ibanez discussed the recent tax developments related to Value-Added Tax (VAT) brought about by Republic Act No. 15534 or the Corporate Recovery and Tax Incentives for Enterprises (CREATE) Act, and BIR Regulations such as Revenue Memorandum Circular 24-2022. She also discussed the specific guidelines to implement the Strategic Investment Priorities Plan (SIPP).  Tax Senior Director Atty. Anne Margaret Momongan-Lim discussed the recent tax developments applicable to Philippine Economic Zone Authority (PEZA) and Philippine Board of Investments (BOI)-registered companies and the amendments to laws such as the Foreign Investments Act, the Retail Trade Liberalization Act of 2000, and the Public Service Act.  Senior Associates Kara Marie Angela Bagunas and Joseph Santiago Quino were part of the organizing team. The event was attended by approximately 150 individuals from PEZA/BOI-registered companies. 

SGV Tax Partner and Clark Partner-in-Charge Atty. Margaux Advincula joined the Philippines Business Mission 2022 at New Clark City (NCC) held on 18 August 2022. The business mission aimed to bring in more investments and strengthen trade relations among countries, particularly Australia and New Zealand. Atty. Margaux (second from right) with BCDA President and CEO Aileen Zosa, CIAC OIC President and CEO Darwin Cunanan, and TIEZA Manager Donaldo Maldonado The event at the NCC was hosted by the Bases Conversion Development Authority (BCDA) led by President and CEO Aileen Zosa. Also present at the event was Clark Development Corporation (CDC) Chairman Atty. Edgardo Pamintuan, CDC Vice President for Engineering Services Group Dennis C. Legaspi, Clark International Airport Corporation (CIAC) Officer-In-Charge, President and CEO Darwin Cunanan and Tourism Infrastructure and Enterprise Zone Authority (TIEZA) Division Manager Donald Maldonado.  Philippine Ambassador to Australia H.E. Hellen De La Vega and Tourism and Multicultural Affairs Minister Zoe Bettison accompanied Australian and New Zealand delegates. The delegation represented various sectors from renewable energy, manufacturing, mining, tourism, property development, agribusiness, banking and finance, education, and information technology and business process management (IT-BPM). The delegates had the opportunity to network during the luncheon hosted in New Clark City by the BCDA. They also visited the Clark Freeport Zone and Freeport Area of Bataan. The event was jointly organized by the Philippine Trade and Investment Center (PTIC) of Australia/New Zealand, the Philippine Board of Investments, the Export Marketing Bureau, the Philippine Economic Zone Authority (PEZA), the Subic Clark and Alliance for Development Council (SCADC), and the freeport and economic zone authorities in the Subic-Clark-Bataan Corridor.

SGV International Tax Partner Atty. Margarita D. Mallari-Acaban was a speaker at the Pacific Business Mission to the Philippines investment briefing held at the Philippine Economic Zone Authority (PEZA) office at the DoubleDragon Plaza in Pasay City on 16 August 2022. Atty. Marga at the Pacific Business Mission investment briefing Atty. Marga briefed 20 representatives composed of potential investor corporations from Australia and New Zealand on the services offered by SGV. She explained how the Firm can assist foreign companies with establishing local headquarters as well as complying with local tax, assurance, and advisory requirements. Atty. Marga also joined the panel discussion during the investment briefing. Tax Senior Directors Mira F. Ramirez-Uy and Cecille S. Visto were present during the event to address some of the questions of the participants from the business process outsourcing, engineering, agricultural, and manufacturing industries, among other sectors. The event was jointly sponsored by the Board of Investments (BOI), the PEZA, and the Philippine Trade and Investment Center of the Department of Trade and Industry (DTI).

SGV Tax Principal Ana Katrina C. De Jesus facilitated a webinar entitled Transfer Pricing: Recent Developments on Compliance and Audit hosted by the European Chamber of Commerce of the Philippines (ECCP) on 1 September 2022. More than 180 ECCP members and non-members attended the webinar.  ECCP Transfer Pricing webinar poster Atty. Ana started with an overview of Philippine transfer pricing rules on documentation, audit, and disclosure forms. She discussed the recently issued regulations on Mutual Agreement Procedure Assistance in the Philippines and its relation to transfer pricing. With the heightened scrutiny on transfer pricing audits, Atty. Ana shared how taxpayers can navigate these complex audits.  Tax Associate Director Marie Angelica C. Espiritu moderated the live Q & A session and Tax Senior Director Anne Margaret E. Momongan-Lim assisted in organizing the webinar with ECCP.

Fifty-eight SGVeans volunteered for the tree-planting activities through the SGV 100 Hectares, 100 Farmers Reforestation Project. Tree-planting activities to kick off the project were held at the Buhisan Watershed Forest Reserve, Brgy. Sapangdaku, Cebu and the Marikina Watershed on 3 and 17 September 2022, respectively. SGV Cebu Partners Margem A. Tagalog and Cheryl Edeline C. Ong and SGV Makati Partner Christine G. Vallejo and Principal Anurag Mishra led the teams. SGV Cebu Partners Margem A. Tagalog and Cheryl Edeline C. Ong with the SGV Cebu volunteers The tree planting initiative is in line with SGV’s sustainability program, and in celebration of the Firm’s 75th anniversary in 2021. The SGV Foundation initiated this reforestation project with the Philippine Business for Social Progress (PBSP), one of the many notable organizations that Mr. Washington SyCip co-founded. SGV Makati Partner Christine G. Vallejo and Principal Anurag Mishra with the SGV Makati volunteers The project involves planting trees in 100 hectares of depleted land in Marikina and Cebu over a period of eight years. The number 100 is significant, since the program was also launched in honor of Mr. SyCip’s 100 years, but even more meaningful is that it will support 100 farmers in the locations to be reforested.  To date, the project is more than halfway through its first year and volunteers were able to plant trees in two hectares of land, one for each tree-planting site. The volunteers were advised to only plant trees in specific areas for safety considerations. They were accompanied by PBSP and Department of Environment and Natural Resources (DENR) personnel at the planting sites to do a perimeter check. More tree-planting activities under the project will be conducted next year.

SGV was accepted as a participant in the United Nations Global Compact (UNGC), the world’s largest sustainability initiative. The Firm joins a global network of over 15,000 companies and 4,000 non-business participants committed to building a sustainable future. Officially launched at the United Nations Headquarters in New York City in 2000, the UNGC is based on 10 principles that the UN believes must be followed for a company to maintain its environmental and social responsibilities. The UNGC expects member companies to “operate in ways that at a minimum, meet the fundamental responsibilities in the areas of human rights, labor, environment and anti-corruption. They are also expected to recognize the link between environmental issues, and social and development priorities.” SGV has agreed to uphold these principles and produce an annual communication, reporting on its progress that outlines efforts to operate responsibly and support society.  “This is a huge deal for all of us at SGV because this helps us embolden our initiatives in building a sustainable organization that supports communities now and in the future,” said SAVE Council Chair Clair Mangangey.  Global Compact Network Philippines (GCNP) Chairperson Ma. Victoria A. Tan  shared that the GCNP is delighted to welcome SGV as its newest participant, expanding the network's reach and diversity in uniting the country's various business sectors toward a more sustainable future.

SGV Chairman and Country Managing Partner Wilson P. Tan was one of the guests of honor at the first face-to-face mass oathtaking for new Certified Public Accountants (CPAs) since the COVID-19 pandemic began. There were 759 new CPAs who attended the event, out of the 990 who passed the May 2022 CPA Licensure Examination (CPALE). The mass oathtaking was held at the Fiesta Pavilion, Manila Hotel on 22 August 2022. Wilson during the mass oathtaking for new CPAs Wilson delivered an inspirational message to the new CPAs inducted in the afternoon session and congratulated them on their new milestone. He talked about leading a Purposeful professional journey and adhering to values of excellence and integrity. He also reminded the new CPAs of the importance of life-long learning, keeping up with the changing times, and building strong networks.  The mass oath-taking was administered by Board of Accountancy (BOA) Chairman Noe G. Quiñanola. The new CPAs were also inducted as new members of the Philippine Institute of Certified Public Accountants (PICPA) by PICPA President Dr. Erwin Vincent G. Alcala. About 1,000 parents and relatives of the new CPAs witnessed the oath-taking ceremonies for both the morning and afternoon sessions.