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LLL leads JPIA-SISC virtual conference  Tax Partner Hentje Leo L. Leaño (LLL) was a speaker at the Junior Philippine Institute of Accountants-Southville International School and Colleges (JPIA–SISC Chapter) conference on 4 December. Over 60 participants attended the event, including SISC School of Accountancy Chairperson Dr. Henly S. Pahilagao, SISC faculty and accountancy students. JPIA-SISC Chapter President Aira Jaimee Gonzales moderated the session.   The title slide of LLL’s presentation at the webinar  With the theme, CPAs in Public Practice: Opportunities and Challenges, LLL spoke on his professional journey as an SGV Partner and his career in public practice. He also provided insights on the possible challenges and opportunities CPAs may face in the future beyond the pandemic. 

SGV tabulates Miss Earth 2020   SGV was the official tabulator of the Miss Earth 2020 pageant aired last 29 November. Market Group 2 Partners Ramon D. Dizon (RDD) and Mariecris N. Barbaso (MNB) led the tabulation team and conducted an independent tabulation of scores cast by the judges. Completing the team were Assurance Senior Manager Crystal Aleli Cornell; Manager Julius Ceasar Mercado; Senior Associates Angelu Daphne Villanueva and Jenylyn Rizardo; and Associates Arkangela Jerusha Tobes, Bryan Christopher Torres and Reynaldo Angelo Fecundo.  RDD during the Miss Earth pageant  Miss Earth is an environmental advocacy-driven beauty pageant where candidates promote the preservation and protection of Mother Earth. Celebrating its 20th year, Miss Earth 2020 is the first international environmental pageant to hold a virtual coronation ceremony during the COVID-19 pandemic.  

SGV Partners honored retiring former Chairman and Country Managing Partner (CMP) J. Carlitos G. Cruz (JGC) on 11 December with a program that was webcast from the SGV Development Center. Some of SGV’s leadership and partners who were part of the organizing committee were physically present at the venue and observed proper social distancing and required health and safety protocols. Other partners virtually participated in the celebration from their own offices or homes. Chairman and CMP Wilson P. Tan (WPT) delivered the opening remarks and commended JGC’s valuable contributions to the Firm that have enhanced our services, empowered our professionals, and developed the accounting profession. The first part of the program featured video messages from JGC’s clients, colleagues, former staff and teammates, and family, including several SGV Alumni Partners. They shared how he embodied the different Partner Personas – one who demonstrates integrity and the enthusiasm and courage to lead; delivers exceptional client service; exhibits team leadership; and possesses an entrepreneurial mindset. JGC then expressed his gratitude to all those who became a significant part of his SGV journey. He also shared his thoughts on the mindset needed for SGV’s continued success, emphasizing the value of long-term growth, continuous training, agility and teaming, and staying connected with the Firm’s stakeholders. The program also featured video presentations from the SGV Glee Club and the SGV Dance Company. Volunteer dancers from Market Group 4 and our Cebu, Davao and Clark branches also prepared a special video dance performance featuring facility improvements in SGV offices nationwide – which formed part of JGC’s legacy. This was followed by a virtual after-party hosted by Assurance Partner Raoul Balisalisa. Participants played online trivia games about JGC and listened to more messages from active partners, EY colleagues, his former staff turned clients and friends, and Association of Certified Public Accountants in Public Practice (ACPAPP) members. In honor of his 39 years of service to the Firm, JGC was presented with a token of appreciation, a sculpture titled Gratitude. It depicts a man amid three deeply-rooted trees whose crowns are fused as one. The trees symbolize SGV and represent the growth of our people, our clients and our country. We wish you all the best, JGC.

SGV’s Tax Team held a webinar last 14 December on the Corporate Recovery and Tax Incentives for Enterprises (CREATE) bill, as approved on the 3rd and final reading by the Senate. Chairman and CMP Wilson Tan delivered the opening remarks and welcomed over 1,300 participants from the banking, hotel, manufacturing, real estate, power, BPO and insurance industries, among others. Tax Leader Fame K. delos Santos (FKS) and Tax Partner Cheryl C. Ong (CCO) discussed the bill’s salient features, developments and incentives in corporate income tax. They also provided insights on how companies can maximize and prepare for the proposed tax reforms. Tax Principal Lucil Vicerra also discussed Customs Audit Reminders, including VAT incentives and Performance Commitments. The webinar concluded with a question and answer portion led by FKS and CCO, who were assisted by Tax Partner Thyrza Marbas. Tax Senior Manager Betheena Dizon hosted the session. The webinar’s organizing team included Tax Senior Manager Karen Mae Calam; Manager Aiza Giltendez; and Senior Associates Wennonah Marie Garces, Kyle Almero, and Ma. Gabriellen Quijada.

SGV Risk Management Leader and Professional Practice Director and PICPA Ethics Committee Chair Lucy L. Chan (LLC) was one of the panelists at the keynote session of the Ethics & Leadership Summit of the Metro Manila Region and the Eastern Metro Manila Chapter of the Philippine Institute of Certified Public Accountants (PICPA) held last 10-11 December. With the theme Traversing the New Landscape with Stronger Ethical and Leadership Foundation, the summit featured sessions on ethics and leadership in the accountancy profession in light of emerging developments. Following the keynote presentation on Walk the Talk: Operationalizing the Ethical Requirements under the IFAC Code of Ethics for Professional Accountants by incoming Deputy Chairman of the International Ethics Standards Board for Accountants (IESBA) Caroline Lee, LLC discussed challenges faced by professional accountants due to the pandemic and other developments, namely, meeting targets during an economic downturn, adapting to remote work, keeping up with the pace of digitization, and creating new sustainable business models. She then discussed measures for addressing these issues and shared insights on how leaders can uphold a culture of integrity within their organizations in the current environment. LLC’s and other panelists’ presentations were followed by an interactive session with the keynote speaker, the panelists, and other participants at the summit.

The People Advisory Services (PAS) Team conducted a webinar on individual income tax annualization and recent tax and immigration developments last 1 December. Tax Leader Fame delos Santos welcomed over 470 participants to the webinar, including finance, HR and payroll executives. Speakers at the webinar were PAS Partner Czarina Miranda; Executive Director Josephine Adalem; Senior Directors Elena Manuel, Jocelyn Magaway and Marlynda Masangcay; and Director Maria Kathrynna Chavez. They discussed recent developments in individual taxation and immigration based on recent laws, BIR regulations and court decisions. They also provided an overview on performing year-end income tax adjustments, and shared insights on individual compliance for disclosure of related-party transactions, taxation of individuals during the COVID-19 pandemic, tax treaty relief application, and tax incentives for individuals under the Bayanihan to Recover as One Act.

SGV Partners Clairma Mangangey, Julie Ong-Mateo and Conrad Alviz, and Talent Associate Director Luisa Hebron recently completed the first EY ASEAN Coaching Program and are now Certified Master Performance Coaches (CMPCs). They will be taking an active role in furthering our Purpose, supporting ASEAN coaching initiatives, improving our ability to have better conversations and enhancing the development of transformative leaders. The certification is part of the International Coaching Federation (ICF) Accredited Coach Training Program and aims to build a pool of certified coaches to support ASEAN coaching initiatives. Congratulations, everyone!

Tax Partner and International Tax and Transaction Services Country Leader Romulo S. Danao, Jr. (RSD) led a session titled Transfer Pricing - New BIR Requirements for Taxpayers with Related Party Transactions for the Association of Pharma Financial Executives Inc. (APFEI) on 26 November. RSD began the session with an overview of transfer pricing and briefly reviewed the transfer pricing regulations issued in 2013 and transfer pricing audit guidelines issued in 2019. He then discussed the salient features of the new Revenue Regulations No. 19-2020, as recently clarified by Revenue Memorandum Circular Nos. 76-2020 and 98-2020, which require the submission of BIR Form No. 1709. He concluded the session with insights on how concerned taxpayers, particularly companies engaged in the pharmaceutical industry, can comply with the new requirements.

The SGV Financial Services Organization (FSO) conducted Module 2B of the SGV Anti-Money Laundering (AML) and Counter Terrorist Financing (CTF) Webinar Series on 27 November. The webinar covered the risk management framework for insurance companies. AML Council Executive Director Atty. Mel Georgie Racela delivered the opening remarks and welcomed over 40 participants composed of representatives from insurance companies. FSO Associate Damlouie Valladolid hosted the session. SGV FSO Partner Veronica A. Balisi (VAB) and Associate Director Erika Gaanan Teh began the session with a refresher on money laundering, terrorist financing, and proliferation financing followed by a discussion on the results of the 2nd National Risk Assessment (NRA) and Insurance Typologies. They then spoke on updates and key elements of the local AML/CTF framework and the structure and preventive measures for companies engaged in the insurance industry.

SGV Clark Tax Partners Margaux A. Advincula (MAA) and Hentje Leo L. Leaño (LLL) conducted a webinar titled How to Survive a BIR Audit amidst a Pandemic on 7 December. The webinar aimed to guide taxpayers in handling their BIR tax audits especially during the pandemic. MAA welcomed participants to the webinar and provided updates on the BIR’s collection target and priority programs. She then gave a comprehensive overview of the conduct of a BIR audit and remedies available to taxpayers during each stage of the audit, as well as relevant rules, regulations and court decisions. She also discussed COVID-19 related issuances which may affect the participants’ ongoing audits and their tax compliance with the BIR. LLL then led a discussion on the common issues faced by taxpayers with the BIR, emphasizing the importance of tax compliance in managing these issues. Attendees participated in the webinar through interactive polling questions. The session concluded with an open forum, where the speakers addressed the participants’ questions. Tax Director Michael Ray Lapasaran moderated the session. Nearly 100 participants attended the event, including SGV Clark Head Peps Zabat and the managers and associates who were part of the webinar’s organizing team.