News

SGV Chief Risk Officer Lucy L. Chan (LLC), Assurance Partner Cyril Jasmin B. Valencia (CBV) and Consulting Partner Warren R. Bituin (WRB) were inducted as members of the Financial Executives Institute of the Philippines (FINEX) during separate General Membership Meetings (GMMs) held in February and March 2022.  Induction of 2022 FINEX members LLC was inducted during the 2nd GMM with the theme “Capital Market Reforms Towards a Deeper, Inclusive and Sustainable Philippine Capital Market” held on 22 February 2022, while CBV and WRB were inducted during the 3rd GMM with the theme “Inang Bayan: The Importance of a Responsible Electorate in a Democracy” held on 16 March 2022. The events were livestreamed on FINEX’s YouTube channel and Facebook page. LLC, CBV, and WRB were sworn into office by 2022 FINEX President Michael Arcatomy H. Guarin.  FINEX 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).

With the longstanding relationship of SGV Founder Mr. Washington SyCip and Dr. Lucio Tan through SGV and the University of the East (UE) and their belief in continuous learning for the Filipino people, the SGV Foundation (SGVF) and UE signed a Memorandum of Agreement (MOA) to grant scholarships for qualified students of the College of Business Administration (CBA). The virtual MOA signing was held on 4 March 2022. SGVF and UE virtual MOA signing The SGV grant will benefit qualified 3rd year (junior) and 4th year (senior) students of the UE CBA from Academic Year/s 2021-2022 to 2025-2026. SGVF Chairman and President Wilson P. Tan, SGVF Vice President Martin C. Guantes, SGVF Trustee Maria Vivian C. Ruiz, SGVF Executive Director Maria Regina O. Maldonado, UE President Dr. Ester Albano-Garcia, and UE CBA Dean Veronica Elizalde attended the virtual MOA signing. WPT is also an alumnus of the UE.

SGV Chairman and Country Managing Partner Wilson P. Tan (WPT), who is a distinguished alumnus of the University of the East (UE), was the commencement speaker at the 23rd UE midyear commencement rites held on 12 March 2022.  23rd UE midyear commencement rites poster The joint virtual UE midyear commencement rites of the University’s Manila and Caloocan campuses was livestreamed via the UE YouTube channel. WPT shared an inspirational message to the Summer 2021 and First Semester, SY 2021-2022 UE graduates and congratulated them on their new milestone. He also thanked his mentors and the University for imparting values of integrity, excellence, professionalism, and teamwork to him in his college years. During the University’s 75th Foundation Anniversary celebration in the previous year, WPT was also recognized as one of UE’s Most Outstanding Alumni for his noteworthy achievements and contributions in the Philippine accounting and business landscape. He graduated summa cum laude from the University with a Bachelor of Science in Business Administration, major in Accounting in 1987 and ranked 12th in the Certified Public Accountant (CPA) Board Examinations in the same year.

Climate Change and Sustainability Service (CCaSS) Director Erika Courteille participated in a Business World Spotlight interview hosted by the American Chamber of Commerce (AmCham) of the Philippines entitled "Sustainability in the Philippines: Understanding and Action" on 23 February 2022.  Speakers on sustainability Together with officers from AmCham Philippines, ADEC Innovations, Procter & Gamble (P&G) Philippines, and Mondelez Philippines, Erika served as a panelist and subject matter resource on sustainability and climate change in the Philippines.  She shared insights on the need for carbon emission reduction commitments to be aligned with policy frameworks like the Philippine Development Plan, Ambisyon 2040, and the Philippine Energy Plan 2018-2040. She also highlighted how corporate and industry association partnerships will be beneficial toward solving critical sustainability issues and creating a more sustainable future for consumers and the planet. The event was organized by AmCham’s Sustainability Committee. Spotlight is BusinessWorld’s sponsored section for brand amplification.

SGV Davao was one of the awardees during the Pasidungog: Garbo sa Davao 2022 in the Business Development category from the City Government of Davao. The virtual awarding ceremony and celebration of the City’s 85th founding anniversary was held on 1 March 2022.  JJB and SAB accepting the award for SGV Davao SGV Davao Partners Jose Raoul J. Balisalisa (JJB) and Saha A. Bulagsak (SAB) accepted the award. The Pasidungog: Garbo sa Davao 2022 in Business Development is given to private individuals, companies, and organizations to honor their efforts and contributions to the City’s various programs, initiatives, and accomplishments in business development and entrepreneurship. Congratulations, SGV Davao team!

SGV Global Compliance & Reporting (GCR) Senior Director Don Don T. Mojica spoke at the “Common Tax Issues and Annual Income Tax Return Filing Reminders” webinar organized by the Philippine Institute of Certified Public Accountants (PICPA) Western Metro Manila Chapter (WMMC) on 26 February 2022.Don Don with PICPA WMMC Tax webinar participants Don Don kicked off the session with a detailed discussion on income tax reminders to ensure compliance with annual income tax filing obligations. He also shared insights on deficiency tax assessments related to income tax, possible defenses under the rules, as well as income tax reconciliation procedures. Other topics tackled during the session included administrative requirements on income tax filing. GCR Senior Tax Associate Cheivy Soliman assisted in preparing the webinar materials.

SGV held its first virtual AfterBar event to congratulate 2022 Bar Exam takers and invite those interested in exploring a career at SGV. The event was attended by SGVean underbars and 203 external underbar participants on 16 February 2022. SGV Leaders and 2022 Bar Exam takers The participants were accommodated via a microsite developed for the event and were asked to join plenary and breakout sessions. They were given the opportunity to virtually meet the Firm’s Leaders and share their Bar Exam experiences. Breakout sessions were facilitated by Tax Advisory Partners, Principals, Directors, and Managers who expressed their support to the underbars. Participants were also encouraged to join the Firm. Recruitment inquiries were entertained by the Talent team.  Chairman and Country Managing Partner Wilson P. Tan (WPT) and Vice Chair and Deputy Managing Partner Vivian C. Ruiz (VCR) gave welcome remarks, while Tax Services Leader and Partner Fabian K. Delos Santos (FKS) spoke on the role of Tax in nation-building and the Firm’s Tax Practice vision, and Indirect Tax - Customs and Global Trade Principal Victor C. de Dios (VCD) provided an in-depth discussion on SGV’s Tax practice and other services.  Tax Advisory brochures, Service Line videos of Private Tax Principal Jules E. Riego (JER), Indirect Tax Principal Lucil Q. Vicerra (LQV), and International Tax and Transaction Services (ITTS) Principal Romulo S. Danao, Jr. (RSD), and testimonials from ITTS Principal Atty. Betheena C. Dizon (BCD), Business Tax Advisory (BTA) Senior Atty. Verlin A. Entena, and ITTS Senior Manager Atty. Almyrrh Krista “Mira” Ramirez-Uy were also made available to the participants via the microsite. The event was organized by Tax Senior Director Gecel Codera-Ong, Administrative and Workplace Services (AWS) Associate Aisha Bakhit, Talent Assistant Director Julie Ann Rubia, Talent Associate Jazmine Bethany Lo, Talent Associate Director Paula Bianca Gascon, and Talent Supervising Associate Michelle Erica Ong. 

SGV Tax Team members participated in the Philippine Institute of Certified Public Accountants (PICPA) Metro Manila Region (MMR) and Metro Manila Geographical Area Office (GAO) Tax Summit held on 23 and 24 February 2022 with the theme “The Philippine Political, Economic and Tax Settings Now and Beyond 2022 Elections”.  SDS, MAA, MUS, and Meynard at the Tax Summit SGV Global Compliance & Reporting (GCR) Leader and Chair of the Tax Summit Organizing Committee Sonia D. Segovia (SDS) formally kicked off the event. SGV Tax Partners Atty. Margaux A. Advincula (MAA) and Maricris U. See (MUS) served as the panelists during the Q&A portion entitled “Priority Programs of BIR 2022 and Beyond.” MAA also moderated the “Local Fiscal Policy Developments” session while MUS hosted the “Insights on the Political/Economic Scene in the Philippines and What to Expect in the 2022 Elections” session. Meanwhile, GCR Senior Director Meynard L. Sardalla hosted the session on the Digital Tax Road Map of the BIR and BIR Tax Updates. The guest speakers during the Tax Summit were Bureau of Internal Revenue (BIR) Deputy Commissioner Arnel SD. Guballa, BIR Director Marivic A. Galban, BIR Assistant Commissioner Ma. Luisa L. Belen, Bureau of Local Government Finance (BLGF) Director Brenda L. Miranda and Prof. Victor Andres C. Manhit.  Business Tax Advisory (BTA) Partner Atty. Cherry Liez O. Rafal-Roble and BTA Senior Associate Atty. Verlin A. Entena were part of the Tax Summit Organizing Committee.

SGV Chairman and Country Managing Partner Wilson P. Tan (WPT) was sworn into office as Chairman of the Financial Reporting Standards Council (FRSC) during the virtual FRSC Special meeting held on 16 February 2022. The oath-taking was administered by Board of Accountancy (BOA) Chairman Noe G. Quiñanola and was attended by other members of the FRSC.  WPT at FRSC oath-taking In his acceptance speech, WPT thanked the BOA and Assurance Partner Josephine Adrienne A. Abarca (JAA) who served as FRSC Chairman for four years. JAA was also presented with a plaque of appreciation during the event for her invaluable service to the council. She served the FRSC for 10 years. Meanwhile, Cyril Valencia (CBV), SGV’s Real Estate Sector Leader and a Group Assurance Leader, will now represent the Firm in the Philippine Interpretations Committee (PIC).  Cyril has been involved in the PIC for the past four years. The FRSC primarily establishes and promulgates generally accepted accounting principles (GAAP) in the Philippines based on International Financial Reporting Standards (IFRS). Its Chairman and members are appointed by the BOA. The PIC is the technical body that supports the FRSC through the timely issuance of interpretative guidance on implementation of complex IFRS matters. Congratulations, WPT and CBV!

The SGV Tax Core Team, Business Tax Services Partners Jay A. Ballesteros (JAB) and Allenierey Allan V. Exclamador (AVE), and International Tax Services/Transfer Pricing Services Group Senior Manager Auresana Torres received the Client Centricity Award, Integration and Teaming Award, and Exceptional Talent Award, respectively, during the EY Asia-Pacific Executive Tax Update event held on 1 and 2 December 2021. The event was attended by Tax executives from EY member firms in the Asia-Pacific Region.  Client Centricity Awardees The Client Centricity Award is given to an individual or team who has acted as a trusted advisor, demonstrated exceptional client service, exceptional service quality, leveraged sector expertise, focused on accounts, and helped build the EY/Tax brand.  In the face of the pandemic, the SGV Tax Core Team delivered speedy and risk-managed closure of tax audits while working with tax authorities. The team was also instrumental in becoming a market leader in advising on Philippine transfer pricing regulations. The Team’s client portfolio includes a number of leading multinational clients. The SGV Tax Core Team is composed of managers representing all clusters in SGV Tax. It is composed of  Katherine G. Fernandez, Marivic M. Rebulanan, Joanna Marie M. Cobacha, Angelo Ramil A. Mongaya, Rose T. Tejerero, Mary Grace N. Cabalida, Zorayda H. Panumpang, Gerardo C. Caiga, Hanna S. Rojo, Don Don T. Mojica, Maria Michaela E. Ledesma, Earvin Darren L. Lee, Gecel G. Codera-Ong, June Catherine G. Tañedo, Joyce Elaine H. Laohoo, Maria Clara Theresa David, Salvador R. Rey, Karen Mae L. Calam, Anne Margaret Momongan, Edison Ortiz, Rule Amethyst L. Oporto, Marian Kris B. Santos, Donna Frances Ylade-Torres, Joan Rouella P. Corrales, Josephine Grace R. Sandoval, Jo Ann Marie O. Casio, Yzrael Edwin Pineda, Rommelle I. Delos Santos, Almer A. Sison, Sta. Cecilia S. Visto, Lindsey S. Fabella, Faustina Victoria Ochoa-Sarmiento, Karen F. Fortaleza, Ana Katrina De Jesus, Andrei Christopher G. Arbas, Maxine Victor E. Manuel, Xandra Jizelle Q. Reyes, Marlynda I. Magsangcay, Jackie Lou D. Lamug, Rosalie Lapuz, Mira Ramirez, and Pamela Arellano.The Tax Core Team also keeps our people and clients informed through webinars and tax updates, focusing on the passage of new laws and tax regulations. Since its organization in October 2019, the Team has expanded its activities to also support business and sector development, consistent with SGV’s Purpose of nurturing leaders and enabling businesses for a better Philippines.  As part of Project Zeus, a global project for a banking client, JAB and AVE, along with other members of the APAC FSO project team, received the Integration and Teaming Award. This award is given to the team that elevated the power of teaming in a virtual environment beyond EY’s single service lines/markets/sectors and across geographies. JAB was instrumental in driving the team’s efforts in leading the bank’s direct and indirect tax compliance while AVE played a significant role in providing ad-hoc tax support. Other members of the project team were Global Compliance and Reporting (GCR) Manager Lady Janica D. Gonzales, Business Tax Advisory (BTA) Manager Ana Ria G. Balingit, GCR Senior Ruviel V. Diez, and GCR Associates Brixter Roven A. Marge, Jenny Marie M. Sado, and Julia Bettina M. De Guia, Integration and Teaming Awardees International Tax Services/Transfer Pricing Services Group Senior Manager Auresana Torres received the Exceptional Talent Award, which is given to exceptional individuals who demonstrate transformative leadership, develop themselves and others, build an inclusive culture, and create a sense of belonging for everyone to focus on ensuring a balance of work and life commitments. Auresana is a lawyer, CPA, mentor, and leader. Her initiatives have brought numerous engagements to the team.  Exceptional Talent Awardees The selection process for the awards started with nominations from Tax partners and staff for colleagues who qualify under any of five categories: Client Centricity, Exceptional Talent, Technology and Innovation, Integration and Teaming, and Living our Purpose and Values. All the nominations were assessed by an Asia-Pacific Tax jury. The winners were announced as part of the closing plenary at the Asia-Pacific Executive Tax Update on 2 December 2021.  The 2021 Asia-Pacific Tax Awards - Celebrating You and Inspiring Others was part of an Area-wide campaign to celebrate exemplary behaviors and contributions, and is aligned with NextWave, EY’s strategy and ambition to create long-term value for clients, people, and society, and ultimately, Building a better working world.