2021

SGV Strategy and Transactions (SaT) Leader Noel P. Rabaja (NPR) was among the panelists at the EY Global Capital Confidence Barometer – ASEAN virtual media briefing on 7 April. Reporters, writers and media personalities from across ASEAN attended the briefing, which discussed the results of the 23rd EY Global Capital Confidence Barometer, a survey that explores corporate confidence in the economic outlook, identifies boardroom trends and practices in the way companies manage their Capital Agenda, and examines how companies can future-proof their businesses. The survey respondents included an independent panel of senior executives and leaders of the world’s biggest and fastest-growing companies. EY ASEAN SaT Leader Vikram Chakravarty presented the survey’s key findings in Southeast Asia (SEA), the region’s macroeconomic environment and M&A outlook, and the trends and strategic considerations driving business transformation. NPR explained that some companies in the Philippines plan or have already started to pursue M&A opportunities, emphasizing the survey’s findings on the most acquisitive sectors in the Philippines and the growing interest in the technology and consumer goods sectors. He also discussed how the pandemic has forced companies to rethink their business models and drive digital transformation in their organizations. Other panelists, EY Indonesia SaT Leader David Rimbo, EY Malaysia SaT Partner Preman Menon, EY ASEAN M&A Leader Luke Pais and EY Indochina SaT Leader Du Vinh Tran, discussed the primary drivers of economic activity in their respective markets.

As part of International Women’s Day (IWD), SGV held a series of firmwide activities and social media campaigns to recognize the contributions and achievements of all women in the workplace.  Talent team organizes photo contest and forum SGV’s Talent team held the She’s my hero photo contest to recognize the women who have greatly influenced the lives of SGVeans. Participants posted photos of women who have had a positive impact and influence on their lives. The team also organized a forum titled She’s Taking the Lead last 12 March with Ms. Chaye Cabal-Revilla, Chief Finance Officer and Chief Sustainability Officer of Metro Pacific Investments Corporation, as guest speaker. SGV Chairman and Country Managing Partner Wilson P. Tan (WPT) welcomed participants to the webinar and briefly discussed how the pandemic has impacted women who need to balance work and family duties, citing the results of the UN Women study report. He then encouraged participants to develop solutions to better support women in the workplace. Ms. Chaye shared stories about her career journey and her experiences as a wife and mother. She explained how she overcame various challenges she faced through the support of other women, highlighting the mentorship she received from SGV Alumna Partner, the late Amelia B. Cabal (ABC). She also discussed how she turned the unique challenges brought by the pandemic into opportunities to bond with her family and champion sustainability for future generations through various projects. SGV Talent Leader Julie O. Mateo (JOM) delivered the closing remarks and thanked participants for supporting the Firm’s IWD initiatives, highlighting how women empowerment and diversity and inclusiveness have always been a part of SGV’s culture. Consulting hosts 2nd She Inspires webinar SGV’s Consulting and Talent teams also organized a forum on Claiming Our Seat at the Table last 26 March. The forum was part of the She Inspires webinar series where women leaders share their experiences as female professionals and the valuable lessons they have learned over the years. The guest speaker was Ms. Ma. Aurora “Boots” Geotina-Garcia (AGG), SGV Alumna Partner and Chairperson of Philippine Women’s Economic Network (PhilWEN) and Co-Chairperson of The Philippine Business Coalition for Women Empowerment (PBCWE). AGG discussed the various obstacles that women face in the workplace and provided tips on how women leaders can claim their seat at the table through grit and determination. Emphasizing the importance of having women in key decision-making roles, she explained how gender equality can benefit organizations, businesses and the economy. She also spoke on her experiences in the Firm and shared how her mentors supported her professional development, regardless of her gender. The forum’s organizing team included Consulting Leader Rossana A. Fajardo and Consulting Partners Maria Kathrina S. Macaisa-Peña and Leonardo J. Matignas, Jr. and Associate Director Carol Formilleza. WPT, Tax Principal Margarita D. Mallari-Acaban and Consulting Partner Carlo G. Dimarucut also participated in the session. SGV & Co. is a Founding Member of the PBCWE and is the first Philippine multidisciplinary professional services firm to receive EDGE (Economic Dividends for Gender Equality) certification, a leading global assessment methodology and business certification standard for gender equality.

Climate Change and Sustainability Services (CCaSS) Partner Benjamin N. Villacorte (BNV) and Senior Associate Yna Altea Antipala were guest speakers at an episode of Sustain-a-buzz where they talked about the sustainability reporting landscape in the Philippines. They provided an overview of the Firm’s CCaSS practice and discussed how the CCaSS team helps companies with their sustainability reporting. Emphasizing the value of sustainability reporting compliance, BNV explained that regulators and investors do not only evaluate companies based on their financial reporting but on their Environmental, Social, and Governance (ESG) efforts as well. They also shared an overview of the CCaSS report titled Beyond the Bottom Line: Sustainability Reporting in the Philippines which offers a perspective on sustainability and non-financial reporting in the country. Sustain-a-buzz is a weekly online talk show hosted by Mai Baticulon and Marx Astudillo that features sustainability professionals as they share their views on global sustainability. The program is part of an initiative of SustainablePH, a non-profit volunteer organization that promotes sustainability in the country. To watch the episode, please visit https://youtu.be/H6QrQegF_VQ.

The Mandaue Chamber of Commerce & Industry (MCCI) organized a webinar titled How to Handle Customs Audit with Tax Principal Victor C. de Dios (VCD) on 10 March. MCCI President Steven Yu delivered the opening remarks and welcomed participants composed of exporters and importers from the retail, logistics and construction industries. MCCI VP of Internal Affairs Kelie Ko then introduced VCD who began his presentation on Post-Clearance Audit (PCA) and the PCA provisions of the Customs Modernization and Tariff Act (CMTA) and the Customs Administrative Order (CAO) No. 1-2019. Afterward, he spoke on the implementation of the Prior Disclosure Program and shared practical tips on how to manage a customs audit. The webinar concluded with an open forum where VCD addressed participants’ questions.

SGV Davao Partner-In-Charge Jose Raoul J. Balisalisa (JJB) and Tax Partners Thyrza F. Marbas (TFM) and Saha A. Bulagsak (SAB) led a webinar titled Mindanao Talks: Updates on Tax and BIR Audits on 15 March for members of the European Chamber of Commerce of the Philippines (ECCP) Mindanao. TFM discussed the BIR audit program and explained how the new rulings will impact the audit process during the pandemic. SAB then provided updates on recent BIR developments and issuances, including salient features of the Corporate Recovery and Tax Incentives for Enterprises (CREATE) bill. The session concluded with a Q&A portion moderated by JJB.

SGV Davao held a webinar titled Handling BIR Audit and Tax Updates for the locators of Anflo Industrial Estate in Panabo City and Damosa IT Park last 12 March. Damosa Land President Ricardo Lagdameo and SGV Davao Partner-in-Charge Jose Raoul J. Balisalisa (JJB) welcomed over 30 participants to the webinar. Tax Partner Thyrza F. Marbas (TFM) discussed the tax audit process and taxpayers’ rights and remedies to BIR assessments. She also shared tips on how participants can effectively handle a BIR audit. Tax Partner Saha P. Adlawan-Bulagsak (SAB) then talked about recent developments in taxation, including the salient provisions of the Corporate Recovery and Tax Incentives for Enterprises (CREATE) bill. Tax Associate Jan Joy Zamora moderated the open forum.

The Philippine Multimodal and Transport and Logistics Association Inc. (PMTLAI) held a webinar last 17 March on the BIR’s simplified requirements for VAT refund and Corporate Recovery and Tax Incentives for Enterprises (CREATE) bill updates. Over 65 finance professionals from the logistics industry participated in the event which was co-organized by SGV’s Logistics Sector Team and Tax Partner Cheryl Edeline C. Ong (CCO). SGV Tax Senior Director Anne Margaret Momongan opened the discussion on the new and simplified requirements for the VAT refund application of taxpayers. She also provided insights on how to handle the VAT refund process. Tax Senior Director Don Don Mojica then discussed the line-by-line requirements of the VAT refund checklist, highlighting the changes brought about by the recent regulations. CCO led a session on the proposed changes in Philippine taxation due to the most recent version of the CREATE bill. She explained how the bill may affect businesses and other companies availing themselves of fiscal incentives.

SGV Vice Chair and Deputy Managing Partner Vivian C. Ruiz (VCR), Consulting Leader Rossana A. Fajardo (RAF) and ASEAN Risk Management Leader and Consulting Partner Leonardo J. Matignas, Jr. (LJM) were inducted as members of the Management Association of the Philippines (MAP) during the MAP General Membership Meeting. MAP President Aurelio "Gigi" Montinola III delivered the welcome remarks and MAP Membership Committee Chair Francis ED. Lim presented the new members to be inducted. During the oathtaking ceremony, VCR, RAF and LJM pledged to support the MAP’s mission of promoting management excellence for nation building.

SGV Consulting Leader and EY ASEAN Business Consulting Leader Rossana A. Fajardo (RAF) was invited to present at the National Federation of Junior Philippine Institute of Accountants (NFJPIA) Region 6 Regional Mid-Year Convention and the University of the Philippines-JPIA Planning Seminar: Beyond Numbers Leadership Program last February. Both events welcomed accounting students from various schools and universities. RAF discussed the importance of a Purpose-led career, sharing anecdotes about her experiences at SGV. She then shared her insights about the essential qualities of a global leader, emphasizing the value of hard work, passion and integrity. She also provided tips on how students can become future leaders in their chosen careers by reflecting on their aspirations and searching for their Purpose. 

SGV Chairman and Country Managing Partner Wilson P. Tan (WPT) was one of the panelists at a tax webinar hosted by the Tax Management Association of the Philippines (TMAP) last 18 February. WPT and other panelists discussed the implications, implementation, and industry issues of the Corporate Recovery and Tax Incentives for Enterprises (CREATE) bill. As a member of the Association of Certified Public Accountants in Public Practice (ACPAPP), WPT represented the organization and discussed the financial reporting considerations and implications of the bill, particularly on the proposed retroactive adjustments in corporate income tax rate. WPT, who is the Chairman of the Philippine Interpretations Committee (PIC), also covered the salient provisions of a new guidance recently issued by the PIC on the financial reporting implications of the CREATE bill and its anticipated passage into a law.