MCM appointed as CAPA Governance and Audit Committee Chair

Assurance Partner Marydith Miguel (MCM) was recently appointed as the Chair of the Governance & Audit Committee (GAC) of the Confederation of Asian and Pacific Accountants (CAPA).

The CAPA is a regional organization that represents 32 national professional accountancy organizations (PAOs) operating in 23 jurisdictions in Asia and the Pacific. These PAOs represent over 1.6 million accountants across the region. Tracing its origins to 1957, the CAPA observed its 60th anniversary in November 2017.

The CAPA provides a structure for enabling relationship-building and knowledge-sharing among PAOs operating in the region. As GAC chair, MCM is tasked to review and provide recommendations to the CAPA Board and members on matters related to finance, audit and governance to ensure consistency with the CAPA’s objectives, policies and procedures.

MCM was cited for her extensive experience in audit and her knowledge of International Financial Reporting Standards (IFRS). She is adept at financial audits and agreed-upon procedures, and has worked on due diligence reviews, as well as cross-border and local equity offerings. She also has deep experience in the review of internal controls over financial reporting. She has worked with companies engaged in telecommunications, power and energy, oil and gas, real estate, infrastructure (roads and rail), investment holdings, car assembly, food retailing, and media and entertainment, as well as with hospitals, schools, and nonstock, nonprofit organizations.

In addition, MCM is the current Chair of the Metro Manila Geographical Area Office of the Philippine Institute of Certified Public Accountants (PICPA). She is also in her second term as member of the PICPA National Board. She served as President of the PICPA Western Manila Chapter in 2006-2007.

Congratulations, MCM!

Happy International Women’s Day!

On 8 March, SGV joined the world in celebrating International Women’s Day. Everyone was encouraged to join the ‘hands out’ #PressforProgress photo challenge by posting their Women’s Day commitment on social media, with the hashtags #PressforProgress; #SGVsupportsgenderparity. Participants had to strike a ‘hands out’ pose, hold an IWD selfie card, and write a caption for the photo entry that presses for women’s advancement.

As the global campaign partner of IWD 2018, EY aims to accelerate achieving gender parity and creating equal opportunities for all.

SGV Cebu holds Annual Corporate ITR Preparation workshop

SGV Cebu held a workshop on the preparation of the Annual Corporate Income Tax Return (ITR) last 15 February at the Cebu City Sports Club. The Global Compliance and Reporting (GCR) team in the Cebu office hosted 50 attendees from various corporations within the region.

The workshop focused on the basics of preparing an Annual Corporate ITR and included topics on the computation of taxable income and administrative requirements, which were discussed by GCR Tax Partner Josenilo Mendoza and culminated with a case study facilitated by GCR Director Rosevi Garcia.

SGV Cebu conducts TRAIN seminar

SGV Cebu recently held a half-day public tax seminar on Tax Reform for Acceleration and Inclusion (TRAIN) Act at the Cebu City Sports Club with 130 individuals from different companies and various sectors in the Visayas region in attendance.

SGV Cebu Partner-in-Charge and Tax Partner Atty. Cheryl Ong facilitated the extensive discussion on the recent amendments to the country’s tax code brought about by the passing of the TRAIN Act. An open forum followed the lecture.

Associate Directors Atty. John Edmar Garde and Atty. Virnee Joy Agot spearheaded the organizing team.

FKS leads Executive Briefings in SGV Davao and Gensan

As part of SGV’s goal of delivering exceptional service to its clients, SGV held executive briefings on the TRAIN Act in the SGV Davao and General Santos City offices. The briefings were attended by C-suite and other key officers of clients and other major companies in Davao, Gensan and neighboring areas within the region.

SGV Tax Partner and Market Group 4 Leader Atty. Fame Delos Santos led the briefings and exchanged views with the participants about the salient features and significant changes in the tax rules brought by the TRAIN Act.

The briefings also provided an opportunity for the firm to hear firsthand clients’ ideas and impressions on the potential impact of the TRAIN provisions on their respective enterprises.

Also present at the briefings were SGV Chairman and Managing Partner Itos Cruz, EY Asean FAAS Leader Aris Malantic, SGV Cavite Partner-in-Charge Benjamin Villacorte, and MG4 Partners Alvin Pinpin, Raoul Balisalisa and Nilo Mendoza.

Advisory Senior Director wins Best Green Leader Award

Advisory Senior Director Hemant Nandanpawar was awarded the 2017 Best Green Leader Award, under the individual category of Global Green Leadership Awards, by the Global CSR Excellence & Leadership Awards panel. He was recognized for his outstanding international contribution towards the development of sustainable green projects. Hemant was invited to receive the award at the 7th annual Global Green Future Summit & Leadership Awards during the World CSR Day Conference in Mumbai, India last 18 February.

An advocate of clean energy, climate-change mitigation and sustainability, Hemant has previously been recognized at national and international levels, having received the Award for Excellence in Energy Management by the Government of Maharashtra State; the DSK Energy Award by the Institution of Engineers India, and the Appreciation Award for Energy Conservation by the Government of Andhra Pradesh State of India.

Congratulations, Hemant!

Philippine Innovation Week opens with Innovation Forum

SGV joined the Benita and Catalino Yap Foundation (BCYF) and the Department of Science and Technology (DOST) in leading an Innovation Forum titled “Innovation for Learning and Development” last 19 February at the PHIVOLCS Auditorium in UP Diliman. SGV Partner Clair Mangangey, representing SGV Chairman and Managing Partner Itos Cruz, delivered the welcome remarks during the opening ceremonies. Also present to give their welcome remarks were BCYF Founder and Chairman Tony Yap and DOST Secretary Fortunato dela Peña.

From left to right: Lyn Talingdan, Emcee from NRCP-DOST; Fortunato dela Peña, DOST Secretary; Winston Chan, retired SGV Partner; Mylene Abiva, President and CEO of FELTA Multi-Media, Inc.; Kathrina Macaisa, SGV Partner; Christina Barroga, President of PICPA Western Metro Manila; Clairma Mangangey, SGV Partner; Prof. Melito Salazar, Dean of the School of Accountancy and Management at Centro Escolar University; and Tony Yap, BCYF Founder and Chairman.

The forum featured three plenary sessions which focused on innovation in the fields of education, research and development, and business. Also present during the forum were BCYF Advisory Council Member Renelyn Tan-Castillejos who served as a session moderator, and SGV Advisory Partner Kathrina Macaisa who served as a session speaker. Retired SGV Partner Winston Chan and Entrepreneur Of The Year 2009 Finalist Mylene Abiva served as session panelists.

The Innovation Forum marked the start of Philippine Innovation Week (PIW) 2018 and was the first in a series of activities lined up for the week. It aims to focus national attention on the significance of innovation and its benefits to society, as well as recognize and stimulate worthy innovations in various fields.

SGV hosts seminar on Rethinking Counter-terrorism Financing

SGV/EY Philippines hosted a seminar on Counter-Terrorism Financing (CTF) last 6 February 2018. Anti-money laundering (AML) professionals and compliance officers from different financial institutions, representatives from the Board of Trustees and Founding Members of the Association of Certified Anti-Money Laundering Specialists (ACAMS) Philippine Chapter, along with SGV Chairman and Managing Partner J Carlitos Cruz, Vice Chairman and Deputy Managing Partner Wilson Tan, FSO Leader Vicky Salas and other SGV professionals attended the seminar.

Vicky opened the seminar and discussed the importance of AML/CTF considering the current environment and continuing terrorist attacks. Jose Gabriel Sebastian then introduced the key speakers, who were Tom Keatinge (Director) and Florence Keen (Research analyst) from the Royal United Services Institute for Defence and Security Studies (RUSI) in London.

From left to right: Tom Keatinge and Florence Keen, speakers from the Royal United Services Institute for Defence and Security Studies; SGV FSO Leader Vicky Salas; and SGV Chairman and managing Partner J Carlitos Cruz.

Both speakers have visited different countries to gather information and present their research work from their Research Centre in RUSI, which focuses on public-private partnerships, information sharing and making use of financial intelligence. The seminar focused on the evolving tactics of terrorist financing over the past two decades, what CTF means, what is a CTF strategy and whether the current approaches of covered persons are effective. Tom and Florence presented their ideas on the need for greater focus on finance as an intelligence tool and shifting the approach from ‘stopping terrorist finance’ toward ‘using finance to stop terrorists’. Further, the discussion highlighted the importance of collaboration between the public and private sectors.

Ms. Sally Camposano, who represented the ACAMS Philippine Chapter, gave the closing remarks. The seminar was organized by Vicky Lee Salas and her team, Veronica Arce, Glaiza Escaño, Radelaine Borreta and other members of the SGV AML Team.

ACM speaks at World Bank IFRS Conference

EY ASEAN Financial Accounting Advisory Services (FAAS) Leader and SGV Assurance Partner Aris Malantic participated as a panelist, representing the Philippine Institute of Certified Public Accountants (PICPA), in the recent World Bank IFRS (International Financial Reporting Standards) Conference, which took place in Vientiane, Lao PDR. Representatives from various accounting organizations all over South East Asia, including PICPA President Atty. Zenaida Alcantara, attended the conference.

Organized by The World Bank in collaboration with the ASEAN Federation of Accountants and the Lao Chamber of Certified Professional Accountants and Auditors, the conference focused on the benefits of IFRS, its implementation across the ASEAN countries, the standards’ link to improved corporate governance, transparency and disclosure by public interest entities, and assistance and support available from the IFRS Foundation. As part of the panelists, ACM provided an overview of the progress of IFRS adoption in the Philippines. He also shared the key lessons learned in the adoption that can be useful to other developing countries preparing for initial adoption of iFRS.

Spotlight on Advisory

Everyone is talking about disruption and transformation these days. But we want to differentiate ourselves by naming the era we are living in as the Transformative Age, which is more positive and impactful. With SGV’s unique position in the market and our relentless focus on exceptional client service, we are better equipped in our journey to becoming the number one consulting brand in this Transformative Age.

Advisory, in simple terms, is providing clients with support or advice in any aspect of their business. We help them in their transformation projects to increase efficiency/security, cut costs, improve customer relationships, address compliance requirements, to name a few. And while the current Advisory structure is composed of 2 sub-service lines—(1) Performance Improvement and (2) Risk—our strategy is to offer our clients with an integrated solution to seamlessly address their requirements.

Some of the things we do include:

· Implementing service and cost improvement initiatives
· Assisting clients in implementing fundamental change in their operations performance to support sales growth, become more cost competitive, minimize risk, and ensure operational resilience
· Embedding a performance management process and culture that unites the business around its core objectives
· Unlocking customer value through organizational and strategic changes
· Helping organizations achieve alignments in finance, IT, and HR
· Supporting complex and large scale program and portfolio management
· Enabling robust and agile risk-aware organizations
· Dealing with cybersecurity and data privacy issues from high-level strategy and governance work to detailed technical operations

Advisory is led by Rossana A Fajardo, who also heads Performance Improvement. SGV Chief Risk Officer Leonardo J Matignas, Jr leads the Risk sub-service line.

SGV eNews will regularly feature Advisory services and solutions as well as team members to showcase the diverse competencies that the service line can provide to clients.