2023

SGV Climate Change and Sustainability Services (CCaSS) Partner Benjamin “Benjie” N. Villacorte (BNV) joined the Association of Chartered Certified Accountants (ACCA) Asia Pacific Roundtable on International Public Sector Accounting Standards Board (IPSASB) Sustainability Reporting on 9 May 2023. The roundtable was supported by the ASEAN Federation of Accountants (AFA). Benjie with the roundtable participants Benjie provided valuable insights and perspectives, discussing experiences in sustainability reporting, challenges faced, leading practices, and potential areas for improvement. This information is intended to support the IPSASB in developing its agenda on sustainability reporting in the public sector.  Benjie emphasized that sustainability reporting enables organizations to disclose their environmental, social, and governance (ESG) performance. By sharing this information, public sector organizations offer stakeholders a clear understanding of their societal and environmental impact which is crucial in fostering accountability for actions and decisions that also affect the community.

SGV Tax Partner Auresana “Rhena” B. Ines (ABI) was a speaker at the 3rd General Membership Meeting of the Philippine Institute of Certified Public Accountants (PICPA) Southern Metro Manila Chapter (SMMC), held at the MOA Arena Annex Building (MAAX) Auditorium, Mall of Asia in Pasay City on 9 May 2023. 121 CPAs and non-CPAs joined the seminar. Rhena (center) with PICPA SMMC members Rhena provided an overview of transfer pricing in the Philippines. She discussed matters to consider when engaging with related party/intercompany transactions and preparing for a transfer pricing audit. She emphasized the need to consider various factors when engaging in intercompany transactions, such as the nature of the transaction, the functions performed by each party, and the risks involved. She also talked about the current requirement for electronic invoicing and receipting which is now mandatory for covered taxpayers along with policies and guidelines for compliance. 

SGV Tax Partner Auresana “Rhena” B. Ines (ABI) was a speaker at the Philippine Institute of Certified Public Accountants (PICPA) Western Metro Manila Chapter (WMMC) webinar on 10 May 2023 with more than 100 participants in attendance.  Event poster Rhena discussed recent issuances and tax cases related to handling BIR tax examinations. She also talked about the current electronic invoicing and receipting requirements for covered taxpayers and the guidelines, necessary steps, and policies they need to follow. She highlighted that while the BIR tax examination process is complex, businesses can navigate it successfully with proper preparation and documentation and that their compliance with the electronic invoicing and receipting guidelines is crucial.

SGV’s Global Compliance and Reporting (GCR) team, in collaboration with Miriam College’s School of Business, Entrepreneurship, and Accountancy (SBEA), held a tax seminar entitled “Taxverse” from 21 to 22 April 2023. Maricris talks about the qualifications of registered business enterprises for tax incentives Global Compliance and Reporting (GCR) Partners Aaron C. Escartin (ACE), Maricris U. See (MUS), Don Don T. Mojica (DTM), and GCR Senior Directors Christiene Lawrence R. Matic, Debelen O. Panggoy, and Atty. Jan Kriezl M. Catipay shared their insights during the technical sessions. Students participated in the tax review session on Day 1, while faculty members were briefed about the recent developments in Philippine taxation on Day 2. The topics discussed focused on the recent developments in taxation under the Tax Reform for Acceleration and Inclusion Law (TRAIN) Law and the Corporate Recovery and Tax Incentives for Enterprises (CREATE) Act, fiscal incentives granted by the Investment Promotion Agency and new tax incentives under the CREATE Act, as well as an introduction to double-taxation agreements and addressing the challenges of double taxation. The event was spearheaded by GCR Leader Sonia D. Segovia (SDS), Maricris, and Aaron in coordination with SBEA Academic Dean Ruby F. Alminar-Mutya and SBEA Accounting coordinators Alfred Lindon Berbano and Myrna Vidal.

SGV Financial Accounting Advisory Services (FAAS) and Climate Change and Sustainability Services (CCaSS) Partner Benjamin “Benjie” N. Villacorte (BNV) and CCaSS Senior Director Crystal Aleli R. Cornell served as resource speakers at Bicol University’s three-day training entitled “International Webinar on Organizations' Resiliency, Inclusivity and Sustainability towards Environment, Social, and Governance (ESG)” held virtually via Zoom from 18 to 20 April 2023. BNV and Crystal led the ESG Conceptual Framework session on the second day. Crystal and Benjie receive their respective certificates of appreciation Benjie began the session with an introduction to ESG, including the relevant factors and examples of ESG-related issues, and an overview of the United Nations Sustainable Development Goals (SDGs). He also discussed the drivers of sustainability, including stakeholder expectations, regulatory requirements, and employee and consumer response. Benjie concluded his discussion with a view on the impact of sustainability on long-term value. He shared the importance of future-proofing sustainability through creating a strategic focus that benefits all stakeholders not just immediately, but also in the future. Benjie anchored his statement on a quote from Steven Varley and Steven Lewis, top executives at EY, which highlighted the need to integrate both the financial and non-financial aspects of business. Crystal, on the other hand, focused on the global landscape of sustainability reporting and the benefits of sustainability reporting assurance. She introduced the current trends in sustainability reporting, such as the increasing prevalence of environmental and social issues in business. She also discussed the existing international frameworks that companies commonly use in sustainability reporting, as well as the contents of a good sustainability report. To contextualize the topic, Crystal showcased SGV’s Beyond the Bottomline: Sustainability Reporting in the Philippines publication, which reviewed the sustainability reports of publicly listed companies in the country.  She concluded her talk by outlining relevant points and conducting an interactive activity to further drive home the concepts from her discussion. To garner commitment from the audience, the participants were asked to share a pledge to promote ESG in business and incorporate sustainability in their daily lives.

EY Latin America North Tax Technology & Innovation Leader Luis D. Beltran Farias (Mexico), Tax Policy for Government Services Partner Richard Stern (US), and Asean Tax Leader Amarjeet Singh (Malaysia) together with SGV Tax Leader Fabian K. Delos Santos (FKS), SGV Clark Partner-In-Charge and Head Margaux A. Advincula (MAA), and Tax Partners Cheryl Edeline C. Ong (CCO) and Thyrza F. Marbas (TFM) joined a Consultative Meeting with the Department of Finance (DOF) and the Bureau of Internal Revenue (BIR) on the Digital Transformation Initiatives in ASEAN at the BIR National Office Building (NOB) in Diliman, Quezon City on 19 April 2023. SGV Partners and EY Global and Asean Leaders with BIR leaders and representatives The EY Global and Asean Leaders and consultants from the different regions shared their experiences on the role of tax intermediaries, data analytics, and e-tax audits in the digital transformation of tax administrations. The participants shared insights on how digital solutions can enhance tax collection, reduce fraud, and improve taxpayer experience. The consultative meeting aimed to discuss the digital transformation initiatives in ASEAN and how other countries have implemented them. It also discussed the challenges and opportunities brought about by digital transformation in the ASEAN region and explored ways to leverage technology for tax administration and compliance. 

The SGV Business Tax Services team headed by SGV Tax Partner Cheryl Edeline C. Ong (CCO) held a webinar on “How to Hurdle your BIR Audit” on 28 April 2023. SGV International Tax and Transaction Services (ITTS) Partner Atty. Auresana “Rhena” B. Ines (ABI) was the resource speaker for the webinar which was attended by 175 clients and non-clients from various industries.  SGV Partners and participants during the webinar ABI discussed how to navigate the complexities of BIR audits, providing valuable insights and practical tips to help participants prepare for and successfully hurdle these audits. The topics discussed in the webinar were highly relevant and informative, covering tax issuances and jurisprudence essential for businesses.  SGV Tax Partners Cheryl Edeline C. Ong and Auresana B. Ines (center) with the Business Tax Services team Rhena also delved into common tax audit issues that businesses face, such as discrepancies in financial statements or incomplete documentation. She provided practical tips on how to handle these issues effectively, including maintaining accurate records and responding promptly to audit requests.  Members of the SGV Business Tax Services team Members of the organizing team included Ala Mei T. Domingo, Ernest Adrian F. Co, Jasmine Ann A. Rosit, Katelene D. Alianza, Kara Marie Angela R. Bagunas, Kimberly Camille G. Mendoza, Kristina Mae V. Cueto, Lou Delianne I. Reboja, Marla Arielle B. So, Niño Louis M. Belarma, Ron Christian T. Eupeña, Tom Lui M. Estrella, Wilfred P. Alfeche, Lei Christianne O. Delos Angeles, Honey Grace O. Carlos, and Cristine Limho.

SGV Climate Change and Sustainability Services (CCaSS) Partner Benjamin “Benjie” N. Villacorte (BNV) was a speaker at the International Climate Partnership 2023: Forum on Reforestation, Waste Management, and Carbon Trading, which was organized by the Climate Change Commission through the Office of Commissioner Albert P. Dela Cruz. The forum was held at the Marriott Hotel, Clark, Pampanga on 2 May 2023. It aimed to address climate emergencies, reduce global greenhouse gas emissions, and build adaptive capacities of communities to climate change.  SGV CCaSS Partner Benjamin N. Villacorte receives a plaque of appreciation from His Excellency, Business Management Office of the Embassy of United Arab Emirates in the Philippines Executive Director Zulfiquar Ghadiyali (center) and Climate Change Commissioner Albert dela Cruz (far left) Benjie introduced SGV and its Climate Change and Sustainability Services to local and international participants and discussed the role of accountants and assurance in climate change and how audits are important in preventing greenwashing.  He also talked about the importance of the Internationally Transferred Mitigation Options (ITMOS) and recent developments on carbon markets, particularly the recent adoption of Article 6 of the Paris Agreement. Benjie highlighted the potential of ITMOS for the Philippines to generate more climate financing and other opportunities to realize its climate ambitions. (From left to right) SGV CCaSS Partner Benjamin N. Villacorte, Associate Director Judd P. Tablazon, and Senior Associates Russel James S. Andrade and Louie Adrianne R. Cediño at the International Climate Partnership 2023 Forum Other experts from Taiwan, Singapore, and the Philippines also shared recent developments on carbon trading while climate partners from the academe, people’s organizations, and local government units also shared their experiences on reforestation, landfill management, and climate education. 

SGV Technology Consulting Partner Warren R. Bituin (WRB), Indirect Tax (IDT) Senior Director Atty. Alden Patrick C. Labaguis, and IDT Senior Associate Atty. Natividad G. Busa attended the “Safeguarding the Future: Perspectives on Cybersecurity Readiness” CEO Forum conducted by the IT & Business Process Association of the Philippines (IBPAP) and co-sponsored by EY Global Delivery Services (GDS) Philippines on 10 May 2023. About 50 C-level Executives of IBPAP member organizations, IT and Business Process Management (IT-BPM) industry leaders, investors, policymakers, and other stakeholders participated in the joint event held at Shangri-La, The Fort.  Event poster Warren together with the Leader and Executive Director of EY Global Delivery Services Philippines Digital and Emerging Technologies Marilene “Malen” Tayag, United States Agency for International Development (USAID)/Philippines Better Access and Connectivity (BEACON) Activity Chief of Party John Garrity, and Head of Macquarie Offshore Services Pty. Ltd. Manila Office Eric Yaptangco led the panel discussion. Safeguarding the Future: Perspectives on Cybersecurity Readiness panel Warren commenced the panel discussion by giving a brief background about cybersecurity and its different domains. He shared information about the Philippine cybersecurity landscape, innovations which organizations can leverage on, and areas where organizations can invest to protect their key information assets, and how leaders can help the industry to take the next steps toward transformation. He emphasized that cybersecurity is not limited to Information Technology (IT) and highlighted that it is about promoting trust in the organization’s products and services and the protection of its brand. He further explained that creating the right governance structure for cyber management and investing in the right security solutions are the major areas where organizations can invest to protect their information assets. He also highlighted the crucial role of preparing and developing strategies in managing the risks of cybersecurity breach. Other panelists, Malen and John, shared their knowledge on the different areas in cybersecurity that organizations should be concerned about. The members of the panel also addressed questions from the participants during the open forum.  Technology Sector Leader Manolito R. Elle (MRE) coordinated participation in the event. Warren and Atty. Alden thanked IBPAP, EY Global Delivery Services Philippines, and the participants and ensured them that SGV is always eager to participate in subsequent events with the organization.

SGV Climate Change and Sustainability Services (CCaSS) Senior Associate Jouelle Hannah Nerveza was the resource speaker in a Thought Leadership Series session entitled “Building Professionals for Sustainability and Climate Action” held at Mapúa Malayan Colleges Laguna (MCL) on 11 May 2023. Jouelle talks about building professionals for sustainability and climate action Jouelle gave an introduction on sustainability and its relevance to society. She discussed the four pillars of sustainability - economic, environment, social and governance - and its drivers - regulators and government, investors, NGOs and communities, employees, customers, and private entities. She also shared her path towards sustainability and some significant global and local developments on sustainability reporting. She introduced SGV and CCaSS and shared some of SGV’s sustainability initiatives particularly the formation of the Sustainable Actions for Value Creation and Enablement (SAVE) Council, which aims to help drive and integrate sustainability in the Firm. She also talked about the publication of SGV’s Sustainability Report including Beyond the Bottom Line: Sustainability Reporting in the Philippines, which contains a review of Philippine publicly listed companies’ sustainability reports, as well as discussions on global and local developments around environmental, social, and governance (ESG). Jouelle Nerveza with Mapúa MCL’s Vice President Prof. James Ronald Mesina and the onsite participants Jouelle concluded her presentation by highlighting how different professionals have the opportunity to apply their respective experiences in leading sustainability initiatives. She also encouraged the participants to start their journey towards sustainability.