TAS professionals earn FMI certifications

Transactions Advisory Services (TAS) Manager Liming “Tony” Wang, TAS Senior Associate Patricia Aira Lao, and TAS Associates James Mark Monteon, Justin Pucyutan and Eva Cuizon recently passed the global Advanced Financial Modeler (AFM) exam. They now hold an AFM designation as certified by the Financial Modeling Institute (FMI).

As the first of three certification levels offered by the FMI, the AFM exam covers financial model layout and best practices, intermediate-to-advanced Microsoft Excel skills, scenario analysis, accounting fundamentals, and model schedules.

Kudos Tony, Patricia, James, Justin and Eva!

VCD named editor-in-chief of Suits the C-Suite

Tax Principal Vic de Dios (VCD) has been named editor-in-chief of SGV’s weekly Suits the C-Suite column published every Monday in BusinessWorld. VCD succeeds former General Counsel Wilfredo U. Villanueva who was an original member of the editorial team created in 2009.

As the editor-in-chief, VCD will coordinate closely with our Service Line leaders to ensure the continuous flow of articles written by partners and managers that underscore SGV’s thought leadership in the market.

VCD regularly contributes to SGV and EY thought leadership programs and also conducts lectures on tax and customs updates for internal and external groups and professional associations.

Log on to C-Suite to view articles in our Suits the C-Suite column.

Congratulations on your new role, VCD!

FAAS Senior Manager discusses PFRS 9 with ASEFEX at PSECE 2019

SGV Financial Accounting Advisory Services (FAAS) Senior Manager Anna Maria Rubi Diaz spoke on how to apply PFRS 9 (Financial Instruments) in a manufacturing set-up during a breakout session at the 16th Philippine Semiconductor Electronics Convention and Exhibition (PSECE) held last 30 May 2019 at the SMX Convention Center, Pasay City. The event was organized by the Semiconductor and Electronics Industries in the Philippines, Inc. (SEIPI). The objectives of the PSECE, which is held annually, include enhancing the technical capabilities of electronics and semiconductor companies in the Philippines by providing a venue for meetings and discussions on matters relevant to the industry, and industry-focused product and service exhibits, with local and international participation.

Rhia’s breakout session featured a refresher course on PFRS 9 changes focusing on Classification and Measurement (C&M) and Expected Credit Loss (ECL), related business considerations and the challenges of adopting the new standard specific to the manufacturing industry. The main participants of the session were members of the Association of SEIPI Finance Executives (ASEFEX).

After the session, Rhia was presented with a certificate of appreciation by William Garcia, ASEFEX Chairman, and Felix Halili, ASEFEX Vice Chairman.

SGV tabulates Binibining Pilipinas 2019 pageant

SGV was the official tabulator for the 56th Binibining Pilipinas pageant held last 9 June 2019 at the Smart Araneta Coliseum, Quezon City. The team was led by SGV Financial Accounting Advisory Services (FAAS) Leader Aris C. Malantic, FAAS Partner Benjamin N. Villacorte and Managers Faye de Sosa and Arra Luciano.

Legacy Night honors retiring partners and former CMP

Current and alumni SGV partners celebrated the Firm’s second Legacy Night last 26 June at the Grand Hyatt Hotel, Bonifacio Global City. The evening commemorated SGV’s rich legacy of excellence, integrity and stewardship.

SGV Chairman and Managing Partner Itos Cruz delivered the welcome remarks emphasizing the significance of SGV’s legacy. He commended SGV Tax Head Luis P. Ferrer (LPF) and SGV Talent Hub Group Leader Arnel F. de Jesus (AFJ) for their invaluable contributions towards the Firm’s growth. He then expressed his gratitude to the alumni partners for serving as stewards and mentors of the Firm and its people. He also thanked the active partners for their commitment to SGV’s Purpose.

The partners paid tribute to former Chairman and Managing Partner David L. Balangue (DLB) who passed away last April. With his wife and children in attendance, DLB was recognized as an outstanding professional who inspired many with his work ethic, passion and intelligence.

Alumni Partners Boots Garcia and Willie Sanchez shared inspirational messages on SGV’s legacy and also shared meaningful advice to this year’s retirees. The program concluded with a presentation of tokens to AFJ and LPF in honor of their exceptional work, loyalty and dedication throughout their many years of service to the Firm.

SGV’s Assurance Service line is ISO Certified again!

SGV’s Assurance Service line is officially ISO 9001:2015 certified! Our Assurance Service line has been ISO certified since 1996.

The SGS Audit Team concluded that our Firm has established and maintained its Quality Management Systems (QMS) in line with the requirements of the ISO 9001:2015 standard, and demonstrated the ability of the QMS to systematically achieve agreed upon requirements for products or services within the scope of the Firm’s policies and objectives.

Congratulations to the ISO Team led by Assurance Partner Ysmael S. Acosta and composed of Team Review (TR) Head for Audit Services Toni Losabio, Risk-IT Senior Manager Jennifer Sy, TR Head for Business Support Services Daniel Mojica, Assistant Director Ana Ruvi Fruelda, Internal Quality (IQA) Head for Audit Services and Assurance Partner Margem A. Tagalog, Manager Charles Castro, IQA Head for Business Support Services Duane Sabado; and Managers Aubrey Anonuevo, Claire Pogeyed, Rafa de Leon, Dexter Madamba, Aidell Gregorio, Loubelle Mendoza, Grail Ragos and Van Acla.

JGC receives prestigious PICPA award

SGV Chairman and Managing Partner J. Carlitos G. Cruz (JGC) was recognized as one of the leading certified public accountants in the Philippines by the PICPA Foundation, Inc. during the “Parangal San Mateo and Recognition of the Outgoing and Induction of the Incoming Board of Trustees and Committee Chairs of the PICPA Foundation, Inc.” held on 25 June at the Manila Hotel.

The Parangal San Mateo is considered the highest honor given to a CPA in honor of his or her significant contributions to the practice and development of the accountancy profession. PICPA Foundation Chairman Atty. Zenaida P. Alcantara, PICPA Foundation Vice Chairman Ma. Asuncion M. Golez, and PICPA Foundation Secretary Evelyn Corpuz were among those who presented JGC with the Parangal.

JGC was recognized as a paragon of the 21st century accounting profession. He was commended for his ability to blend traditional accounting methods with the dynamic and digital methods of today.

Since he joined SGV in 1981, JGC has steadily made exemplary contributions to the accounting profession. He was instrumental in establishing a talent hub which showcased globally the exemplary skills of Filipino CPAs. During his term as President of the Association of Certified Public Accountants in Public Practice, he initiated what led to The Philippine Financial Reporting Standard for Small Entities, a framework that simplifies financial reporting for micro entrepreneurs and supports inclusivity in the economy, which was eventually published and has become a comprehensive reference in academe and industry.

Congratulations, JGC!

PRC names CPN Outstanding Professional

Former SGV Chairman and Managing Partner Cirilo P. Noel (CPN) was recognized as the Outstanding Professional of the Year in the field of Accountancy by the Professional Regulation Commission (PRC) during the PRC Awards Night held on 20 June at the Manila Hotel.

CPN was recognized for his distinguished contributions to the fields of accountancy, tax and law. He was lauded for his excellent performance in his former roles as chairman and managing partner of SGV, regional executive of EY Global, and chairman and president of the SGV Foundation, Inc. He was also commended for his exemplary service as a member of various organizations and institutions such as PICPA, Philippine Business for Social Progress, Philippine Business for Education, Finance Executives of the Philippines, Management Association of the Philippines, Makati Business Club, and Harvard Law School Association of the Philippines.

The Outstanding Professional of the Year Award is the highest award given by the PRC to professionals from various institutions such as accountancy, science, and healthcare. Nominees are recommended by leading professionals in their respective fields for their significant contributions towards the advancement of their professions.

Kudos, CPN!

SGV Advisory team conducts Blockchain Roadshow

The SGV Advisory team conducted a roadshow on the different applications of blockchain technology at the SGV Automation & Innovation Hub in Makati City on 26-27 June.

EY Global Blockchain Leader Paul Brody led the discussion on the basics of blockchain and its uses in the operations of various industries and businesses.

Together with SGV Principal Armand N. Cajayon and assisted by Advisory Senior Managers Ramil Cantoneros and Dara Ledda Urbiztondo, Paul also discussed the developments in EY’s global blockchain initiatives and provided insights on how blockchain can be leveraged on enterprise solutions. He also demonstrated several EY Blockchain tools namely:

– EY Blockchain for Public Finance: This tool aims to improve public financial services and unlock better finance outcomes; promote transparency on budget allocation and disbursement by defining policies and KPIs on the smart contracts in the blockchain.
– EY Tesseract: This integrated blockchain platform is designed to support the future of the mobility and logistics industry. It can be integrated with ERP to provide more efficient Ops Chain solutions and services.
– EY Blockchain Analyzer: This supports EY audit teams in gathering an organization’s entire transaction data from multiple blockchain ledgers.

Roadshow participants included CISOs and CEOs from the financial, science and technology, academic, and healthcare industries. Also present during the event were Advisory Partners Ryan Gilbert K. Chua, Christian G. Lauron and Francisco A. Lumbres, as well as Tax Partner Lee Celso R. Vivas.

EY participates in ADB-ACEF 2019

The EY regional Energy team (EY India and EY Asean) participated in the Asia Clean Energy Forum (ACEF-2019) held on 17-21 June 2019 at the Asian Development Bank (ADB), Manila, Philippines. EY India Energy Sector Leader Somesh Kumar and Advisory Senior Director Hemant Nandanpawar (Energy & Climate Change) made a presentation on “Extending Innovative Finance to MSMEs for Large Scale Solar Rooftop Distributed Generation” and shared EY’s experience on clean energy sector projects.

The other participants from the EY regional offices included Gilles Pascual (EY Asean Energy Sector Leader), Christian Lauron (SGV Advisory Partner), Russel Marsh (EY Singapore Senior Manager) and Christian Chua (SGV Advisory Senior Manager).

The ADB-ACEF is an annual flagship event of the mega energy sector jointly organized by ADB, USAID and KEA (Korea Energy Agency) at ADB Manila, Philippines. Over 1,400 Clean Energy and Climate Change professionals from around 60 countries participated in the event. The Asia Clean Energy Forum is the premier knowledge-sharing event about the latest developments and key issues in Asia’s clean energy sector. Each June, clean energy professionals convene at ADB Headquarters to network, discuss issues, exchange knowledge, and build business. For more information on the ADB-ACEF, please visit: http://www.asiacleanenergyforum.org/.

Participation at ACEF is important to EY. The global EY team is helping clients for master transformation in power and utilities. The Power & Utilities team does not just react to changing market conditions, but aims to help shape them. The EY global team of over 4,400 energy/power & utilities professionals collaborates with and shares industry knowledge to help clients succeed in a changing world. For the latest thinking of EY on the Energy sector, please visit https://www.ey.com/en_gl/power-utilities.