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The SGV Tax Markets Core Team and SGV Business Tax Services (BTS) Team held the 1st SGV Business Tax Services Forum on 14 January 2022. Around 400 local and foreign clients and non-clients participated in the event to gain a deeper understanding of the implications of recent developments in taxation to the private sector and the significant changes and improvements they may bring to the economy. Business Tax Services Forum speakers The program kicked off with opening remarks from SGV Chairman and Country Managing Partner Wilson P. Tan (WPT) and was followed by an extensive discussion of topics such as the Overview of Base Erosion and Profit Shifting (BEPS) 2.0 Project by EY ASEAN International Tax and Transaction Services Leader Chester Wee, Philippine Renewable Energy Sector Investment Opportunities in the Philippines by Department of Energy (DOE) Director Mylene Capongcol, Tax Incentives on Green Infrastructure by Atty. Cheryl Edeline C. Ong (CCO), and the Digital Transformation in Tax Administration and Tax Enforcement in the Digital Economy by the Department of Finance (DOF) Undersecretary Antonette C. Tionko. There was also a Q&A session facilitated by Atty. Jules E. Riego (JER) and Atty. Fidela I. Reyes (FIR) for the participants’ inquiries and clarifications for each presentation. The webinar concluded with closing remarks from SGV Tax Leader Atty. Fabian K. Delos Santos (FKS).  The forum was hosted by Atty. Margaux A. Advincula (MAA) and was organized together with the SGV Tax Markets Team and the BTS Team composed of MAA, Senior Director Atty. Donna Frances G. Ylade-Torres and Tax Director Atty. Joyce Elaine H. Laohoo.

SGV Vice Chair and Deputy Managing Partner and EY ASEAN Assurance Leader Vivian C. Ruiz (VCR), as well as SGV MG7 leader and EY ASEAN Financial Accounting Advisory Services Leader Aris “Bok” Malantic (ACM) were invited by the ASEAN Financial Accounting Advisory Services (FAAS) team to join the first virtual EY ASEAN Finance Executive Forum 2022 on 20 January. Around 500 participants including ASEAN clients from a wide range of sectors attended the event. ACM at EY ASEAN Finance Executive Forum 2022 ACM kicked off the panel discussion with an overview of how advanced data analytics, leadership collaboration, and talent strategy can help build a robust finance function. CFO guest speakers Cora Dizon, CFO of AC Energy (Philippines), Munish Kaushal, Vice President Finance - Global Categories, Marketing & R&D of GlaxoSmithKline (Singapore), and Surayut Thavikulwat, CFO of BTS Group Holdings Plc. (Thailand) shared their leadership insights and experiences with their finance teams in leveraging these key aspects to establish an enhanced corporate reporting future. Singapore Financial Accounting Advisory Services Leader Ronald Wong moderated the panel discussion and Q&A session. VCR delivering her welcome address VCR gave a welcome address during the event, emphasizing stakeholders’ growing need for CFOs and finance leaders to become stewards of long-term value for both financial and nonfinancial performance. EY Global Financial Accounting Advisory Services Leader Tim Gordon delivered the keynote speech and EY ASEAN Climate Change and Sustainability Services Leader Simon Yeo further discussed strategies in navigating the complexity of environmental, social and governance (ESG) reporting. The virtual forum concluded with a brief message from ACM thanking the participants and speakers.

Strategy and Transactions (SaT) Partner Marie Stephanie C. Tan-Hamed (MTH) and SaT Consultant Alexander Dacanay were speakers in the recently conducted Market Sounding Webinar for the Mariveles Wellness Center (MWC) Project held on 28 January 2022. MTH and Alex Dacanay at the MWC Market Sounding Webinar MTH is the Team Leader Support and Project Finance Specialist of the MWC Project. She discussed the Project’s market sounding activity objectives, project description, goals and objectives, financial highlights, and key investment highlights. SaT Consultant Alex Dacanay, who is the Economic Specialist of the MWC Project, discussed the national and regional economic profile. The Market Sounding Webinar was organized in coordination with the Public-Private Partnership Center of the Philippines (PPPC) to gather insights from the private sector on the initial concept and structuring of the MWC Project.SGV’s SaT group is conducting a feasibility study to aid the Department of Health (DOH) in the construction and operation and maintenance (O&M) of the proposed MWC of the Mariveles Mental Wellness and General Hospital (MMWGH) in Mariveles, Bataan. The MWC will offer holistic mental, medical and wellness services, including therapeutic services and Complementary and Alternative Medicine, to promote physical, mental, and overall wellness in addition to early intervention and prevention of mental illnesses and non-communicable diseases.

SGV Chairman and Country Managing Partner Wilson P. Tan (WPT) was inducted into office as Treasurer of the Management Association of the Philippines (MAP) during the virtual 73rd MAP Inaugural Meeting and Induction of the 2022 MAP Board of Governors on 13 January 2022. This will be WPT’s second year as a member of the Board of Governors of the MAP.   WPT at MAP oath-taking WPT has been a longtime member of the MAP, which is an exclusive non-profit organization composed of educators, government officials, and top management practitioners from the largest local and multinational companies operating in the Philippines. They advocate good governance, global competitiveness, climate change awareness, and sustainability growth. Congratulations, WPT!

SGV Chairman and Country Managing Partner Wilson P. Tan (WPT) continues to serve as Treasurer and Director of the Financial Executives Institute of the Philippines (FINEX) and Trustee of the FINEX Academy. He attended the virtual 54th FINEX Inaugural Meeting and Induction Ceremonies where he was inducted into the same positions on the FINEX Institute Board of Directors and the FINEX Foundation Board of Trustees on 18 January 2022. 2022 FINEX Trustees 2022 FINEX Academy Trustees WPT 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). Meanwhile, FINEX Academy is the organization’s CFO training center, conducting professional development seminars and other education-oriented activities. Congratulations, WPT! 

SGV Vice Chair and Deputy Managing Partner Maria Vivian C. Ruiz (VCR) was one of the judges at the 11th Junior Achievement (JA) Company of the Year (COY) competition. The event was held on 9 November 2021 and hosted by Junior Achievement Philippines Incorporated (JAPI). COY is JA Asia-Pacific’s annual business competition that aims to inspire and award students from the JA Business Skills Pass program who aspire to be strong and competent business leaders in today’s world.  Program poster The annual JA Business Skills Pass program allows high school students from different countries around Asia-Pacific to create registered mini companies. Eleven finalists from eight countries participated in JA AP COY 2021, where they presented the results of their work to the judges. ScrapCap, a company from Singapore, was declared the winner.

The EY Ripples Team in SGV conducted year three of its business clinic on 16 December 2021. Co-organized once more with Endeavor Philippines, this initiative-oriented impact entrepreneurs on leading practices in tax and financial planning to help drive growth in their respective organizations. Participating company representativesand volunteer managers and partners at the EY Ripples Business clinic SGV Chairman and CMP Wilson Tan (WPT) and Endeavor Philippines Co-Founder and Managing Director Manny Ayala welcomed impact entrepreneurs from companies that are mostly engaged in the medical, fintech, and business process outsourcing industries. WPT and Manny Ayala delivering opening remarks at the EY Ripples Business Clinic Tax Services Principal Arlyn Sy (AAS) led a plenary session on how to handle BIR tax audits. She discussed common issues and practical approaches in dealing with them, as well as helpful tips to manage the audit. She emphasized good reporting standards and practices. She also covered how to instill a culture of compliance in a startup company. AAS leading a plenary on How to Handle a BIR Audit The plenary sessions were followed by group mentoring sessions in breakout rooms, where Strategy and Transactions, Assurance and Tax partners and managers addressed participants’ questions.  EY Ripples is a global corporate responsibility program that provides EY professionals with opportunities to use their knowledge, skills and experience to positively impact millions of lives by working with impact entrepreneurs and supporting the next generation to develop mindsets and skills to find and sustain meaningful work.

Financial Services Organization (FSO) Partner Veronica Mae Arce Balisi (VAB) conducted the third Anti-Money Laundering (AML)/Counter Terrorism and Proliferation Financing (CTPF) training session for the Financial Executives Institute of the Philippines (FINEX) Academy. The Capital Markets and Fixed Income Securities Course Session 3 was held via Zoom on 6 September 2021. Agents and legal professionals from the securities sector and other participants preparing for the SEC certification exam attended the training session. VAB and Lindza presenting at the training session VAB kicked off the training with updates regarding the addition of the Philippines to the Financial Action Task Force (FATF) grey list once again, followed by an introduction to Money Laundering (ML), Terrorist Financing (TF) and Proliferation Financing (PF), including the concepts of predicate and unlawful activities.  VAB also discussed recent regulatory updates on AML/CTPF and preventive measures of covered persons/institutions for capital markets and the fixed income securities industry in preventing and combatting financial crimes. Afterwards, FSO Senior Associate Lindza L. Julao facilitated quick knowledge checks in the form of survey questions to assess the participants’ learning progress.

SGV Consulting Senior Advisor, former Consulting Partner and 2020-2021 President of the Asian Confederation of Institutes of Internal Auditors (ACIIA), Rebecca G. Sarmenta (RGS), was a speaker during the ACIIA Audit Committee Forum 2021 event that was conducted on 18 November 2021 in South Korea. RGS at the Asian Confederation of Institutes of Internal Auditors (ACIIA) Audit Committee Forum 2021  The event was hosted by the Institute of Internal Auditors (IIA) Korea and was physically and virtually attended by more than 300 internal audit professionals from 17 countries.  Participants included Audit Committee members, Chief Audit Executives (CAEs), Certified Internal Auditors (CIAs), directors and managerial executives, and internal auditors from South Korea and other countries. With the theme of “Beyond Change; Leading through a crisis,” the event was aimed at enhancing the value of internal auditors and the IA role in ensuring competitiveness in today’s environment characterized by unprecedented change and disruption.  RGS presented the results of the survey conducted by ACIIA and SGV on Internal Audit Transformed: Emerging Risks, Trends, and Opportunities.  The survey results show that as IA moves forward to a future with significant uncertainty, the IA function must evolve by recalibrating its methodology, operational model, technology and talent to flexibly address rapid changes in the business environment. IA is  well-positioned to challenge and advise on the risk landscape that business leaders should consider.

SGV Indirect Tax & Global Trade Senior Director Atty. Alden Patrick Labaguis and Cybersecurity Technology Consulting Senior Director Mark Anthony Javiero, together with Climate Change and Sustainability Services Associate Director Ma. Rebecca Ruiz were the guest speakers at the Association of Semiconductor and Electronics Industries in the Philippines Foundation, Inc. (SEIPI) Finance Executives (ASEFEX) Fourth Quarter General Membership meeting on 16 December 2021.   Atty. Labaguis was invited to share his insights on the amendments to the CREATE Law’s Implementing Rules and Regulations. Mr. Javiero, on the other hand, discussed the ins and outs of Cybersecurity and how well the industry is protected from cyberattacks. Lastly, Ms. Ruiz discussed decarbonization of current industry practices and sustainable solutions.  The meeting concluded after an open forum where the speakers addressed the participants’ questions.  Participation in the virtual briefing was coordinated by Logistics Industry Leader and Tax Principal Stephanie V. Nava (SVN) and Technology Industry Leader and Assurance Partner Manolito R. Elle (MRE). The briefing’s coordination and organizing team included Tax Associate Director Gracia Mae A. Beronilla and Tax Senior Associate Roland Joseph C. Mendoza.