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SGV was the official tabulator at the Ternocon 3 final competition held at the new Cultural Center of the Philippines (CCP) Black Box Theater or Tanghalang Ignacio Gimenez (TIG) on 28 January 2023.  The SGV tabulating team with the Ternocon 3 judges (from left to right) Ternocon 3 Artistic Director Gino Gonzales, Designers Ivarluski Aseron and Philip Rodriguez, Ormoc City Mayor Lucy Torres-Gomez, Bench/Suyen Corporation Chairman and CEO Ben Chan, and designer Lesley Mobo Market Group (MG) 2 Assurance Partner Belinda T. Beng Hui (BTB) led the SGV team in the independent tabulation of scores cast by the judges. Assurance Senior Director Carmi H. Paigma and Assurance Senior Associates Lara Jamillah G. Noble and Lara Mae S. Evalla were part of the tabulating team. The competition was open to practicing Filipino designers or fashion design students. A total of 12 finalists were selected from over 40 applicants from all over the Philippines. Ternocon aims to encourage the use of the terno/balintawak as a popular form of dress; to inspire and motivate emerging designers to create ternos that are at par with the construction skills of professional designers; to encourage dialogue and scholarly discussion of issues concerning the Philippine dress; and to sustain the growing awareness and interest in the Philippine dress.  Ternocon 3 was inspired by the success of the first two Ternocon events in November 2018 and January 2020. The event was a joint effort of the CCP through its Cultural Exchange Department (CED) and Bench/Suyen Corporation to pursue its mission of preserving and promoting the Philippine dress. 

SGV Climate Change and Sustainability Services (CCaSS) Senior Director Crystal Aleli R. Cornell was one of the resource speakers at the 2nd Philippine Institute of Certified Public Accountants (PICPA) Eastern Metro Manila Province Chapter (EMMC) General Membership Meeting and Webinar held on 13 January 2023.  She talked about the role of accountants in sustainability reporting. Crystal talks about the role of accountants in sustainability reporting  Crystal gave an introduction on sustainability and how it can create long-term value for organizations. She discussed the four pillars of sustainability (i.e., economic, environment, social and governance) and its drivers (i.e., institutional investors, standard-setters, regulators and government, employees, consumers, and society).  She emphasized the importance of the connection between financial and non-financial aspects of the business in long-term value creation.  Crystal discussed the global and local developments around sustainability reporting. She also shared highlights of SGV’s publication titled “Beyond the Bottom Line: Sustainability Reporting in the Philippines” where SGV's CCaSS team reviewed how listed companies have responded to the Securities and Exchange Commission’s (SEC’s) call to publish sustainability reports since 2019.  Crystal concluded her presentation by highlighting how accountants can lead sustainability initiatives. She also encouraged the participants to start their sustainability journey individually or within their organizations.

The Climate Change and Sustainability Services (CCaSS) team hosted the final Sustainabits session for 2022 on 16 December. The session titled "Sustainable Gastronomy: A Recipe for a Green and Clean Christmas Dinner" was attended by 347 SGVeans.  Diana, Conrad, and Robert during the webinar Business Consulting and CCaSS Partner Conrad M. Alviz (CMA) kicked off the webcast by greeting the participants, hoping that they would find the session informative and relevant. CCaSS Manager Diana A. Sadili-Chu and Associates Abraham S. Bonnevie and Robert C. Revilla discussed global and local food production and consumption trends, their impact on the environment, and some ways to become more responsible consumers, a timely topic for the holiday season.  The December Sustainabits session focused on elaborating on the effects of people’s food choices on the environment and the initiatives that consumers can take to reduce their negative impact. The session provided an opportunity to gain a better understanding of what sustainable gastronomy entails, particularly choosing and preparing food in a way that is more considerate of the processes entailed as food is prepared for consumers.  Participants join an exercise on measuring the amount of carbon and potential emissions of their food choices The presenters discussed various ways how an individual can practice mindful and sustainable consumption during the holiday season and for many other meals in the future. There was also an interactive exercise that focused on the identification of the estimated carbon equivalent emissions of popular dishes served during the holiday season based on available research on various food ingredients. The presenters concluded the session with a call to action and a declaration survey answered by the participants to observe a healthier and sustainable lifestyle through mindful food consumption. The Sustainable Actions for Value Creation and Enablement (SAVE) Council’s Sustainabits initiative is a series of half-hour webcasts covering ideas, movements, principles, and leading industry practices regarding sustainability, social equity, and climate change.

Strategy and Transactions (SaT) Senior Manager Lester Jeff D. Pawid is now a fully-fledged Chartered Financial Analyst (CFA) Charterholder. Lester received confirmation from the CFA Institute on 31 January 2023 that after completing the CFA Program, he has now met the work experience requirements for the CFA designation. SaT Senior Manager Lester Jeff D. Pawid, CFA Offered by the CFA Institute, the CFA credential is the standard of choice for investment professionals with real-world analytical skills, technical competence, and high ethical and professional standards. Level 1 of the CFA Program tests a candidate’s knowledge and comprehension of investment tools, while Level 2 focuses on the application of these tools and analysis for asset valuation. Finally, Level 3 synthesizes all learnings in the portfolio management context and incorporates a constructed response component. Candidates who have completed all three levels may seek to earn the CFA Charter after acquiring the required professional work experience.  Lester passed the CFA Level 3 exam in 2022. He says that he is grateful for the support of SaT Partner Marie Stephanie T. Hamed (MTH) who allowed him to start at a later date in SGV so that he could concentrate on his preparation for the exam.  Congratulations, Lester!

SGV Climate Change and Sustainability Services (CCaSS) Senior Manager Crystal Aleli R. Cornell was a speaker at the Junior Philippine Institute of Accountants – University of St. La Salle’s webinar on International Financial Reporting Standards (IFRS) Sustainability Standards on 2 December 2022.  Crystal receives Certificate of Appreciation Crystal provided an introduction to sustainability, including the drivers and relevance of sustainability. She highlighted that sustainability creates long-term value, and for companies to be able to show their commitment to long-term value creation, this entails reporting to the stakeholders as responsible organizations.  Crystal also shared the evolving requirements on sustainability reporting, as well as the significant developments in the standards and guidance around these reports. She discussed the requirements of the two Exposure Drafts on IFRS Sustainability Standards published in March 2022. Crystal emphasized the role that accountants play in the growth of sustainability, particularly in the integration of the accounting and finance function in the non-financial reporting processes and controls based on their experience and knowledge of leading practices.

SGV Cebu held its first in-person alumni cocktails event in over two years since the pandemic began. The event was held at the new SGV Cebu office on 26 January 2023. It aimed to strengthen the bonds of personal and professional friendships with the alumni. It was also a way for SGV Cebu to thank the alumni for their contributions and support over the years. About 60 SGV Cebu alumni, partners, and managers attended the event.   SGV Partners and Leaders with SGV Cebu Alumni SGV partners, leaders, and alumni delivered their respective messages during the event. SGV Chairman and Country Managing Partner Wilson P. Tan (WPT) talked about SGV Cebu's involvement in various projects in the local business community, professional organizations, and local community efforts in line with the Firm’s mission to enable businesses and build a better Philippines.  Market Group 4 Leader Veronica R. Pore (VRP) thanked everyone in attendance and mentioned how the SGV Cebu office is also the alumni’s “home” and that they are welcome to visit anytime. SGV Cebu Tax Partner Saha P. Adlawan-Bulagsak (SAB) shared her realizations on how far SGV Cebu has come, how extensive its networks have become, and how all this has contributed to SGVeans’ exceptional SGV experience that they always carry with them wherever they go.  SGV Cebu Alumnus and former SGV Cebu Partner-in-Charge Ben Dapat gave a short message of appreciation and expressed his willingness to help the Cebu office in any way he can. SGV Cebu Alumna and Securities and Exchange Commission (SEC) Legal Counsel Atty. Mhai Largo also gave a short message thanking her former colleagues and emphasizing SGV’s legacy, which she said is the quality of its people. A short video of SGV Cebu’s history and the Firm’s Purpose song music video were also shown. The event concluded with a toast led by SGV Cebu Partner-in-Charge Margem A. Tagalog (MAT) to the Cebu Office’s past, present, and future. The Cebu Office managers also gave the alumni a brief guided tour of the new office. Assurance Associate Vic Angela L. Jugar served as the emcee.

The SGV Cebu team led by SGV Cebu Partner-in-Charge Margem Tagalog (MAT) was the official tabulator of the municipality of Carmen, Cebu’s 50th Sinulog anniversary Festival Queen and Ritual Showdown event highlights on 22 January 2023. The Sinulog sa Carmen 2023 tabulators SGV Cebu Assurance Managers Ian Jayme, Frecy Catadman and Jayvee Anga were part of the tabulating team. They were assisted by Senior Associates Kitz Genobesa, Jeyson Tugonon and JP Castro and Associates Stella Abayhon, Sybille Dublico, Vince Miramon, and Rodelio Rodrigo.  The Sinulog Festival or Sto. Niño Festival in Carmen, Cebu is an annual religious and cultural festival held in celebration of one of the country’s most famous historic relics, the Santo Niño de Cebú. SGV Cebu was also the tabulator for similar festivities organized by the Cebu Provincial Government in the past such as the Pasigarbo sa Sugbo (“Pride of Cebu”) 2022 Festival Queen and Festival of Festivals. 

SGV International Tax and Transaction Services (ITTS) and Global Immigration (GI) Senior Director Atty. Jackie Lou D. Lamug was the Philippine representative in an EY Global Immigration webinar entitled Understanding the changing immigration landscape across ASEAN on 12 January 2023. EY Asean Immigration leaders facilitated the webinar, which was attended by around 400 HR and mobility points of contact from EY clients across ASEAN. EY Asean Immigration practice leaders The speakers gave an overview of recent and upcoming immigration regulations and manpower policies in ASEAN. They talked about the importance of understanding the shifting immigration landscape for businesses across countries as governments around the world continue to encourage businesses to resume international expansion and cross-border movements. They also talked about more inviting immigration programs to reverse the previous COVID-19-related restrictions on immigration to promote and generate business and economic possibilities. They shared how, despite the fierce competition among nations to draw in foreign investments and highly trained workers, governments continue to prioritize and focus on compliance with immigration policies in a bid to ensure a balanced immigration approach.

SGV International Tax and Transaction Services (ITTS) Partner Atty. Auresana “Rhena” B. Ines (ABI) and Indirect Tax (IDT) Senior Director Atty. Jo Ann Marie O. Casio were speakers in the Q4 General Membership Meeting organized by the Association of Semiconductor and Electronics Industries in the Philippines Foundation, Inc. (SEIPI) Finance Executives (ASEFEX) on 22 December 2022. Event poster Atty. Jo Ann opened the session with a discussion on VAT and Customs updates. She highlighted the BIR and Customs issuances from October 2022 to December 2022 such as the guidelines for the proper income tax treatment of equity-based compensation and the extension of work-from-home (WFH) arrangements for Registered Business Enterprises (RBEs) in the Information Technology Business Process Management (IT-BPM) Sector. She presented clarifications issued by the Office of the Commissioner of Customs regarding the posting of bonds for the RBEs in IT-BPM in connection with the WFH arrangement.  Atty. Rhena discussed Transfer Pricing updates and emphasized the two-tiered transfer pricing requirements for submission of BIR Form 1709 and preparation of transfer pricing documentation. In discussing recent compliance and audit developments, she talked about matters relating to the preparation and submission of documents provided for in Revenue Audit Memorandum Order No. 1-2019, which includes, among others, the Functions, Assets, and Risks Analysis. Atty. Rhena, along with Atty. Jo Ann, addressed questions and requests for clarifications from the participants in the open forum. About 90 ASEFEX members, including SEIPI partners and stakeholders attended the event. Logistics Market Sector Leader and Tax Principal Stephanie V. Nava (SVN) and Technology Market Sector Leader and Assurance Partner Manolito R. Elle (MRE) coordinated participation in the virtual meeting. Indirect Tax (IDT) Senior Director Atty. Alden Patrick C. Labaguis, Associate Director Atty. Dawna Fya O. Bandiola and Senior Associate Kierk Robin M. Ret were part of the SGV organizing team.

SGV Financial Accounting Advisory Services (FAAS) and Climate Change and Sustainability Services (CCaSS) Partner Benjamin N. Villacorte (BNV) was a panelist in the session on “Environmental, social, and governance (ESG) as a Value Driver for Real Estate” at the Net Zero Building & Net Zero City Summit Philippines 2023 held on 10 January 2023 at the Dusit Thani Hotel Manila. The session dissected the impact of social good on real estate projects, including why ESG reporting is vital for investors and what impact it has on the community. Benjamin talks about ESG Benjamin with the other panelists Benjamin emphasized the importance and advantages of ESG in doing business, especially in the real estate industry. As investors pay more attention to ESG performance, companies are now integrating sustainability in their business models and plans to access more financing for their business operations and future expansion. He said that companies are realizing that solely aiming for profit is no longer enough to sustain businesses and that creating positive impacts on the environment and society are now gaining momentum as more businesses around the world work toward more sustainable operations.   Given the current trend in the industry on sustainability and “greenwashing,” Benjamin encouraged everyone to act now, aside from just pledging. He also emphasized that when investing in ESG strategies, even though the returns may only manifest in 5-10 years, priority should be given to creating long-term value.