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SGV Tax Leader Fabian K. Delos Santos (FKS) and Tax Partner Josenilo G. Mendoza (JGM) joined the 27th Annual General Membership Meeting of the Korean Chamber of Commerce Philippines, Inc. (KCCP). FKS shared updates on new economic legislation while JGM discussed recent tax developments. The virtual meeting was held on 28 April 2022. FKS shares updates on Philippine Economic Legislation FKS talked about three major economic liberalization measures that have been passed over the last six months. He discussed the enactments and amendments to the Foreign Investment Act, the Retail Trade Liberalization Act, and the Public Service Act. He added that amendments to these laws were described by the government as “game-changing reforms” and were expected to stimulate and prime the economy, promote competition in business, enhance the ease of doing business in the Philippines, and generate more jobs.  JGM talks about tax updates JGM discussed some of the latest Bureau of Internal Revenue (BIR) issuances, regulations, and memorandum circulars relevant to the members of the KCCP. Among the topics he covered were the Non-Imposition of Surcharge on Amended Tax Returns, Deadline of Submission of Attachments to the 2021 Annual Income Tax Return, Guidelines on the Submission of Certificate of Entitlement to Tax Incentives (CETI), and Clarifying Issues Relative to RR No. 21-2021 Implementing the Amendments to the VAT Zero-Rating Provisions. Assurance Partner Alvin M. Pinpin (AMP) also attended the meeting.  Tax Senior Managers Zorayda H. Panumpang and Atty. Anne Margaret E. Momongan and Senior Associate Franchezka Bhea Belarmino assisted the Partners during the event. The Annual General Membership Meeting was also conducted to thank the outgoing President of the KCCP, Mr. Ho Ik Lee, for his seven years of leadership and service, and welcome the incoming President, Mr. Hyun Chong Um.

SGV Tax Partner Hentje Leo L. Leaño (LLL) was one of the resource speakers during the 4th Regional Conference for Commerce & Industry: E-Commerce Taxation (Day 1) organized by the Philippine Institute of Certified Public Accountants (PICPA) Luzon Geographical Area Office (LGAO) on 21 May 2022.  LLL during the Q&A session LLL provided a timely and comprehensive discussion on e-commerce-related tax issuances. He focused on the tax rules applicable to entities engaged in e-commerce and the correct tax treatment of their transactions. He also discussed the proposed House Bill on the tax treatment of digital transactions and the registration and tax treatment of social media influencers and certain persons engaged in land transportation businesses. The 2022 LGAO Conference was hosted by the PICPA Northern Luzon Chapters. About 147 PICPA members and participants attended the virtual conference.

Climate Change and Sustainability Services (CCaSS) Partner Benjamin N. Villacorte (BNV) was one of the resource speakers in the Business Continuity Awareness Webinar hosted by the University of the Philippines Institute for Small-Scale Industries (UP ISSI) in cooperation with the Business Continuity Managers Association of the Philippines (BCMAP) on 16 May 2022. BNV talks about sustainability for MSMEs BNV talked about creating long-term value with sustainability for micro, small, and medium-sized enterprises (MSMEs). He highlighted the role and importance of these businesses in achieving sustainability and how sustainability can be integrated into their operations. He also discussed the necessary steps to further engage MSMEs to participate in sustainability and climate change adaptation. Other resource speakers covered topics on the status of business continuity planning awareness of Philippine MSMEs and technical guidance on comprehensive risk assessment and planning in the context of climate change. After their respective discussions, the speakers facilitated an open forum for the participants. The webinar was organized to raise awareness on business continuity planning, disaster risk reduction, and climate risk for resilience-building and sustainable recovery of Philippine MSMEs.

SGV Cebu and SGV Davao tabulated the results of the 9th Globe Media Excellence Awards (GMEA). SGV Cebu Partner Margem A. Tagalog (MAT) and SGV Davao Partner Jose Raoul J. Balisalisa (JJB) led the Visayas and Mindanao tabulation teams, respectively. Various media personalities and Globe Telecom representatives attended the virtual awarding ceremony to honor the winners and Visayas and Mindanao media practitioners and content creators  on 6 May 2022. Globe Media Excellence Awards 2021 tabulators The SGV Cebu tabulators were MAT, Assurance Manager Christopher Ian V. Jayme, and Associates Bianca P. Ballon and Danmar O. Lace. Tabulators from the SGV Davao office were JJB, Assurance Manager Ellaine Louise M. Lagura, and Senior Associates Erick Jan S. Sagot and Cherry Mae V. Prudente. This year’s theme was #PadayonDigital: Uplifting Lives Through Digital Technology. The event celebrated the excellence and dedication of media practitioners and content creators across Visayas and Mindanao in the digital age amidst the COVID-19 pandemic. SGV has been the official GMEA tabulator since 2014. 

Consulting Senior Associate Jerome L. Tarranza passed the Project Management Institute Agile Certified Practitioner (PMI-ACP) examination in March 2022. The PMI-ACP certification formally recognizes one’s knowledge of Agile principles and skill with Agile techniques.  Jerome L. Tarranza, CPA, CAPM, PMI-ACP Jerome successfully passed the three-hour certification exam on Agile, a project management methodology. He also complied with the prerequisites for the exam, which include 21 contact hours of training in Agile practices, 12 months of general project experience within the last five years, and eight months of Agile project experience within the past three years.  In 2019, Jerome acquired his first PMI certification in Project Management. Aside from being a PMI-ACP, he is also a Certified Associate in Project Management (CAPM). Both certificates are recognized globally. Congratulations, Jerome!

SGV Indirect Tax Senior Director Atty. Alden Patrick C. Labaguis and Associate Director Atty. Gracia Mae A. Beronilla led a tax webinar in the Online Q1 General Membership Meeting organized by the Association of Semiconductor and Electronics Industries in the Philippines Foundation, Inc. (SEIPI) Finance Executives (ASEFEX) on 25 March 2022.  ASEFEX Q1 General Assembly speakers Atty. Alden kicked off the session on “Clarifications on RR 21-2021 in connection to the VAT Zero-Rating Provisions” with an overview of the previous rules governing the sale of goods and services of registered business enterprises prior to the effectivity of the Corporate Recovery and Tax Incentives for Enterprises (CREATE) Act. He discussed issues relative to the subject matter as further clarified by Revenue Memorandum Circular No. 24-2022, particularly on local purchase of goods and services directly and exclusively used in the activity of registered business enterprises, as well as other transactions within the Ecozones and Free Port Zones. Atty. Gracia provided other relevant tax updates. She discussed the guidelines for availing of tax incentives under the CREATE Act and the procedures in applying for Tax Treaty Relief and filing a Request for Confirmation. Attys. Gracia and Alden then addressed the participants’ questions in the open forum.  About 130 ASEFEX members, including SEIPI partners and stakeholders, attended the assembly. Participation in the virtual briefing was coordinated by Logistics Market Sector Leader and Tax Principal Stephanie V. Nava (SVN) and Technology Market Sector Leader and Assurance Partner Manolito R. Elle (MRE). Tax Senior Associate Catriona Janelle V. Gayatin was also part of the organizing team. 

The Climate Change and Sustainability Services (CCaSS) team hosted the second episode of the SGV Sustainable Actions for Value-Creation and Enablement (SAVE) Council’s WebCCaSS. The webcast, entitled “Urgent Call to a Low Carbon Future: Greenhouse Gas (GHG) Emissions and Decarbonization,” was attended by more than 440 SGVeans on 29 April 2022. CCaSS team talks about climate change Financial Accounting Advisory Services (FAAS) and CCaSS Partner Benjamin N. Villacorte (BNV) kicked off the session with his opening remarks while CCaSS Manager Ma. Rebecca S. Ruiz, Senior Associate Joyce Anne A. Soriano, and Associate Donna Genella A. Diancin discussed how GHG emissions contribute to climate change. They also emphasized the urgency of the climate crisis.  Among the topics they covered were: Climate Change and Global Warming; Deep Dive into Greenhouse Gases (GHG) and Their Effect; Drivers of Climate Action: Regulatory Landscape; and Low-Carbon Strategy: Decarbonization. CCaSS Associate Kerby Z. Panaligan provided technical assistance during the session. SAVE Council Chair Clairma T. Mangangey concluded the webcast by thanking the organizers and participants and encouraging them to practice sustainable living. The SAVE Council’s WebCCaSS initiative is a quarterly one-hour webcast that covers concepts, trends, regulations and industry practices around sustainability and climate change. 

WPT was featured as one of three Big Names in the Accounting and Finance World in a web article for OneMega magazine’s April 2022 issue.  Outstanding Accounting and Finance Leaders In the article, WPT talked about his personal and professional life. He recounted his humble beginnings and struggles as a student and young professional. He recognized how consistent hard work and unwavering faith in the Almighty played a huge role in his success as a leader in finance and accounting.  As SGV’s Country Managing Partner, he also shared how he finds Purpose in looking after the Firm’s people, assisting clients with their business needs, creating meaningful relationships on a professional and personal level, and returning home to the warmth and comfort of his family at the end of the day. He was featured together with Marivic Españo, Chairperson and Chief Executive Officer (CEO) of P&A Grant Thornton, and Sharon Dayoan, Chairman and CEO of KPMG R.G. Manabat & Co.

Four SGVeans will receive gold and bronze medals from the Institute of Certified Management Accountants (ICMA) for their exemplary performance in the 2021 and 2022 CMA examinations.  CMA topnotchers JM, Carlos, Trisha, and Kimberly Consulting Senior Associate Juan Miguel “JM” G. Mallare and Assurance Senior Associate Carlos Benedict F. Echevarria were among the highest scorers, earning gold medals, while Global Compliance & Reporting (GCR) Manager Trisha Claire Y. Cabanlit and Consulting Associate Kimberly Candice L. Lim were among the third highest scorers, earning bronze medals.  The top scorers are determined during each testing window. Kimberly, Carlos, and Trisha took the exams in 2021 while JM took the exams in the first quarter of 2022.  Congratulations to our new CMA topnotchers!

SGV Davao Partners Jose Raoul J. Balisalisa (JJB) and Thyrza F. Marbas (TFM) were speakers in the Invest in Davao Online Roadshow to USA held on 5 April 2022. They represented SGV in the virtual event which showcased available opportunities for American investors in Davao City. JJB and TFM with other speakers and guests during the Roadshow JJB presented the Doing Business in Davao brochure produced by SGV and the Davao City Investment Promotion Center (DCIPC), while TFM gave an overview of the corporate taxation and incentives for doing business in the Philippines and Davao. They also participated in a panel discussion with prominent businessmen and government officials. The event was organized by the City Government of Davao through the DCIPC, in partnership with the Department of Foreign Affairs (DFA) and the American Chamber of Commerce of the Philippines – Mindanao Chapter (AmCham Mindanao) to market the city and interact with various business entities across the United States.