2022

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 Head Atty. Margaux A. Advincula (MAA) was one of the witnesses to the signing of the Memorandum of Understanding (MOU) between the Federation of Philippine American Chambers of Commerce (FPACC) and the Clark Investors and Locators Association (CILA) on 16 October 2022 at the Alpha Aviation Group Philippines, Inc. (AAG) building. The CILA welcomed near 100 guests. SGV Clark Partner-in-Charge and Head Atty. Margaux A. Advincula (fourth from top-left) with U.S. East Coast/New York Consul General Elmer Cato, Clark Development Corporation Vice President Rynah Ventura, and FPACC and CILA representatives during the MOU signing Group photo after the MOU signing CILA signatories were Chairman Francisco Villanueva, Jr., Vice-Chairman Engr. Radito Tuazon, and President Cristopher A. Magdangal. The signing of the MOU between the FPACC and CILA marked the beginning of a fruitful partnership and the establishment of a consultative process for providing exchanges of information to promote the members and affiliates of both parties throughout the United States and their network of business contacts. 

SGV Financial Accounting Advisory Services (FAAS) and Climate Change and Sustainability Services (CCaSS) Partner Benjamin N. Villacorte (BNV), an accredited Verification Service Provider (VSP) of the Chamber of Mines of the Philippines (COMP), participated in the Towards Sustainable Mining (TSM) orientation for VSPs on 12 October 2022. The orientation was conducted by COMP in preparation for the mandatory submission of the TSM 2022 self-assessment reports. VSPs were welcomed by TMC officials and staff led by Resident Mine Manager Artemio Valeroso Benjamin and the other VSPs visited the Taganito Mining Corporation (TMC) mine site in Claver, Surigao del Norte in September to observe the project’s operations as well as its environmental protection and social development programs.  VSPs with TMC officials and staff As VSPs, they will be using measurement tools prescribed by the TSM program to review the performance ratings of the COMP members and ensure that mining operators’ management practices and performance are accurately reflected. They will ensure the objectivity and integrity of the TSM external verification process, which requires validation of the COMP members’ self-assessment reports. Benjamin and SGV Assurance Partner Katrina F. Francisco (KFF) were among the first batch of experienced independent experts in social, environmental, mining, and other related sciences who were trained by the Mining Association of Canada (MAC) in February and March 2022 to be COMP VSPs. 

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

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. 

Tax Principal Ana Katrina C. De Jesus (ACJ) facilitated webinars on Transfer Pricing: Recent Developments on Compliance and Audit hosted by the American Chamber of Commerce of the Philippines (AmCham) on 18 October and the Australia New Zealand Chamber of Commerce of the Philippines (ANZCham) on 19 October 2022.  AmCham webinar poster Tax Principals Ana Katrina C. De Jesus (top-right) and Jules E. Riego (bottom-right) with the AmCham team via Zoom The AmCham webinar was co-facilitated by Revenue District Officer (RDO) Wilfredo S. Reyes, co-author of Revenue Audit Memorandum Order (RAMO) No. 1-2019, the Transfer Pricing (TP) Audit Guidelines. RDO Reyes discussed the salient points of the TP Audit Guidelines from the perspective of the Bureau of Internal Revenue. He also addressed TP issues faced by groups of companies today.  For the ANZCham webinar, Ana discussed Philippine TP rules and focused on TP audit, TP documentation requirements as well as disclosure forms. She also tackled recently issued regulations on Mutual Agreement Procedure Assistance in the Philippines and its relation to TP.  ANZCham webinar poster Ana with the organizers and attendees via Zoom Tax Principal Jules E. Riego (JER) moderated the live Q&A session for the AmCham webinar while Tax Associate Director Natasha Kim R. Tec hosted and moderated the live Q&A session for the ANZCham webinar. She also assisted in organizing the ANZCham and AmCham webinars.

Members of the SGV Tax team participated in the Online Q3 General Membership Meeting organized by the Association of Semiconductor and Electronics Industries in the Philippines Foundation, Inc. (SEIPI) Finance Executives (ASEFEX) in September 2022. Event poster SGV Associate Directors Atty. Gracia Mae A. Beronilla and Atty. Rommelle I. Delos Santos were resource speakers on e-invoicing and recent tax updates, respectively. Atty. Gracia highlighted the implementation of the new e-invoicing system (EIS) in July 2022 for pilot taxpayers. She also discussed the requirements and mandates for those covered taxpayers under the new e-invoicing system.  Atty. Rommelle’s discussion focused on the recent significant BIR, PEZA and BOC Issuances such as the Guidelines on Availment of Tax Incentives under the Renewable Energy Act of 2008 and new documentary requirements under the Importers Accreditation. He also presented Court of Tax Appeals (CTA) Rulings on matters of right to collect taxes that have already prescribed and issues on refund or tax credit. The speakers and panelist, SGV Tax Senior Director Atty. Jo Ann Marie O. Casio, addressed questions and clarifications from the participants in the open forum. About 90 ASEFEX and SEIPI members 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). Senior Director Atty. Alden Patrick C. Labaguis and Indirect Tax (IDT) Senior Associates Atty. Andrea Nicole C. Loreno and Atty. James E. Gregorio were part of the organizing team.

Tax Principal Ana Katrina C. De Jesus (ACJ) and Global Compliance and Reporting (GCR) Senior Director Fatma Aleah A. Datukon facilitated tax webinars hosted by the Philippine Institute of Certified Public Accountants (PICPA) - Western Metro Manila Chapter (WMMC) in the third quarter of 2022. ACJ led the webinar entitled Filing of Tax Treaty Relief Application with the Bureau of Internal Revenue (BIR) while Fatma led the webinar on Basic Concepts of Expanded Withholding Tax (EWT). Webinar event flyers Ana‘s discussion focused on the procedures and documentation for the availment of tax treaty benefits. She also discussed the flow of filing of the request for confirmation or tax treaty relief application and described the BIR process of granting and denying treaty benefits. Fatma then talked about the basic concepts of EWT such as its nature and principles, withholding agents, the income payments subject to and exempt from EWT as well as the administrative requirements that must be complied with.  Ana and Fatma with the organizers and attendees via Zoom

SGVeans participated in the first hybrid Annual Convention organized by the Institute of Internal Auditors Philippines (IIAP) from 5 to 7 October 2022 with the theme Internal Audit: R.A.I.S.E.D (Resilient, Agile, Innovative, Sustainable, Empowered, Digital). In-person sessions were held at the Clark Marriott Hotel, Pampanga and were simultaneously streamed via Whova and Zoom with previews made available live at the IIAP Facebook page. SGVeans with members of the Annual Convention Committee from other companies and IIAP Annual Convention Special Guest Speaker Atty. Chel Diokno IIAP Annual Convention Chair Christiane Joymiel “Chin” Say-Mendoza (CSM) and IIAP Chairman and President Ryan Gilbert K. Chua (RKC) kicked off the three-day convention with their opening and welcome remarks, respectively. SGV Partners Carlo Kristle G. Dimarucut (CGD) and Philip B. Casanova (PBC) were speakers on tech-enabled Risk Management and Business Continuity practices. Alumni SGV Partner, Mr. Leo J. Matignas, also shared his insights on Combined Assurance through the Three Lines Model. Other convention speakers were Chief Audit Executives (CAEs) and C-Suites from different companies in the Philippines. RKC, SGV Consulting Partner Joseph Ian M. Canlas (JMC), and Consulting Senior Managers Michael Jorge B. Ignacio and Catherine G. Chua also served as moderators for some of the talks.  IIAP Chairman and President Ryan Gilbert Chua and IIAP Annual Convention Chair Chin Say-Mendoza welcome the participants SGV Partners Philip Casanova, Carlo Kristle Dimarucut, and alumni SGV Partner LJM during their respective sessions Consulting Associate Directors Rose Abigael R. Lacuna and Alyssa Ave G. Cui provided live previews of the convention events on IIAP’s Facebook page. 2022 IIAP Annual Convention Committee Members from SGV include Catherine, Consulting Director Janine Fatima M. Beltran, and Consulting Senior Associate Lloyd Christian E. Estillore.  This was the first hybrid convention held by the IIAP after more than two years of holding virtual conventions since the pandemic began. The convention had 159 in-person and 462 virtual attendees, or 621 in total – by far the largest number of participants for the convention, showing the readiness of internal auditors to embrace the “next and better normal.” The discussions and activities during the convention aimed to equip and, as the theme indicated, raise well-rounded and holistically skilled internal audit professionals.