Cebu conducts SME seminar

SGV Partner LJM explaining how to identify and mitigate risks in growing businesses

As part of SGV’s commitment to empower entrepreneurs, SGV Cebu conducted a whole-day seminar titled Critical Challenges Family Businesses and SMEs in Expansion Mode Must Overcome.

The seminar featured speeches and discussions on trends, initiatives and challenges businesses face as they grow and expand. Market Group 4 Leader and SGV General Counsel Carolina A. Racelis (CAR) delivered the welcome remarks, emphasizing the importance and relevance of the discussions to family business owners and financial professionals.

SGV Partners CCO and BNV discussing common tax issues and financial reporting, respectively

SGV Cebu Partner-in-charge and Tax Partner Cheryl Edeline C. Ong (CCO) discussed the various tax issues encountered by growing businesses. She also discussed common findings by tax authorities during an audit and how to address them. FAAS Partner Benjamin N. Villacorte described actual scenarios on financial reporting concerns and common weaknesses in different industries. He also spoke on the key activities during the financial reporting remediation process and the ways businesses can restore confidence in their financial reporting.

SGV Partners DMG and ACE discussing intercompany transactions and transfer pricing, and maintenance of accounting records and payroll management, respectively

Tax Partner Deonah Marco-Go (DMG) followed with an overview of transfer pricing rules and regulations in the Philippines and discussed the salient provisions of transfer pricing audit guidelines. Tax Partner Aaron C. Escartin (ACE) spoke on common tax-related challenges encountered by businesses and the solutions that SGV can offer, including back-office support. He also discussed the rules and regulations on records maintenance. SGV Chief Risk Officer, Risk Advisory Partner and EY ASEAN Risk Management Leader Leonardo J. Matignas (LJM) concluded the event with a discussion on the risks associated with business expansion, including the solutions to manage and mitigate them.

Over 50 participants from various sectors in Metro Cebu attended the seminar. Also present during the event were SGV Cebu GCR Partner Saha A. Bulagsak (SAB) and SGV Cebu Assurance Partner Ma. Genalin Q. Arevalo (MQA).

Tax Partner Deonah Marco-Go (DMG) followed with an overview of transfer pricing rules and regulations in the Philippines and discussed the salient provisions of transfer pricing audit guidelines. Tax Partner Aaron C. Escartin (ACE) spoke on common tax-related challenges encountered by businesses and the solutions that SGV can offer, including back-office support. He also discussed the rules and regulations on records maintenance. SGV Chief Risk Officer, Risk Advisory Partner and EY ASEAN Risk Management Leader Leonardo J. Matignas (LJM) concluded the event with a discussion on the risks associated with business expansion, including the solutions to manage and mitigate them.

Over 50 participants from various sectors in Metro Cebu attended the seminar. Also present during the event were SGV Cebu GCR Partner Saha A. Bulagsak (SAB) and SGV Cebu Assurance Partner Ma. Genalin Q. Arevalo (MQA).

CILA and coffee in Clark

The Clark Investors and Locators Association (CILA) held a conference titled Kapihan Session: Improving Customs Processes in Bureau of Customs (BOC) – Port of Clark last 29 October at the SGV Clark office. The session discussed updates on customs processes and operations.

Atty. Wilnora Cawile providing BOC updates to attendees of the Kapihan Session

BOC Deputy Collector for Operations Wilnora Cawile led the session. Participants included members and officers of CILA led by Chairman Dr. Ireneo G. Alvaro Jr., as well as SGV Assurance Partner Jose Pepito E. Zabat III (JEZ), GCR Partner Hentje Leo L. Leaño (LLL) and Tax Partner Margaux A. Advincula (MAA), and Tax Senior Director Atty. Alden Patrick C. Labaguis.

SGV Partners JEZ (far right) and LLL (far left) together with Atty. Wilnora Cawile (center) and the directors and officers of CILA

Representatives from the BOC were also present at the event and responded to questions and concerns raised by the attendees.

Cebu hosts year-end public seminar

SGV Cebu held a
public tax seminar titled Year-End Procedures and Requirements: Are you
ready for it?
last 22 November at the Cebu City Sports Club. The seminar
aimed to update and prepare participants on year-end tax procedures and
requirements in compliance with various regulations.

GCR Senior Director Fatma Aleah A. Datukon discussed potential issues in the preparation of different year-end tax filing and administrative requirements, which include the identification of the year-end adjustments and reconciling items in computing current income tax expense and compliance with tax-related financial statement disclosures. Year-end returns, attachments and reconciliation procedures for expanded withholding tax, value-added tax, withholding tax on wages and final withholding tax were also explained in the afternoon session of the seminar.

Participants in the year-end procedures and requirements seminar

The SGV GCR team then presented simulated computations on the application of the year-end reconciliation procedures and related allowable deductions, along with several tax cases, BIR Rulings and other recent BIR issuances. These helped participants apply the related theories discussed. The session concluded with an open forum.

Participants were from various industries and sectors in Metro Cebu and other parts of Central Visayas. The seminar was organized by the SGV Cebu GCR team under the leadership of SGV Cebu GCR Partner Saha A. Bulagsak (SAB), Associate Director Arleen Glaze Acha and Senior Associate Jonah Marie Enerlas.

Officials visit Clark office

In line with SGV’s Purpose to foster a diverse and inclusive workplace, Philippine Business Coalition for Women Empowerment (PBCWE) Co-Chairperson, Philippine Women’s Economic Network, Inc. (PhilWEN) Chairperson and SGV alumna-partner Ma. Aurora “Boots” D. Geotina-Garcia recently visited the SGV Clark office.

(From left): Assurance Partner Jose Pepito E. Zabat III (JEZ), Ms. Boots Garcia, Assurance Senior Managers Leo Canlas and Karen Cunanan, and GCR Partner Hentje Leo L. Leaño (LLL)

As a strong advocate of achieving gender parity in the workplace, SGV is one of the seven founding member companies of PBCWE, a coalition that is committed to sustaining programs and policies that ensure equal rights for women, such as closing any gender pay gaps; progressing women into leadership and management positions; improving female workplace participation and working conditions; and developing leaders and managers who will drive the gender equality agenda in their operations.

(From left): Assurance Senior Manager Leo Canlas, Assurance Partner JEZ, Commercial Attaché of the Philippines in Malaysia Miss Katrina Banzon, and Tax Partner Margaux A. Advincula (MAA)

Commercial Attaché of the Philippines in Malaysia, Miss Rosa Katrina V. Banzon, also visited the SGV Clark office to further reinforce the Firm’s professional relationship with the Philippine Trade and Investment Center (PTIC) – Kuala Lumpur, the representative office of the Department of Trade and Industry (DTI) in Malaysia.

PTIC – Kuala Lumpur oversees the mutual promotion of trade and investment between the Philippines and Malaysia. The organization also aids Filipino investors and entrepreneurs who want to do business in Malaysia by conducting trade events and workshops.

SGV tabulates 37th Luna Awards

SGV was the official tabulator at the 37th Luna Awards 2019 held on 30 November at the Maybank Performing Arts Theater in Bonifacio Global City, Taguig City. Organized by the Film Development Council of the Philippines (FDCP) and the Film Academy of the Philippines (FAP), the Luna Awards recognized the exemplary artists and technicians who have created the finest Filipino films in 2018. Awards in 12 categories were presented during the event, including the awards for best motion picture, best actor and best actress.

BNV handing the results to the presenter

(From left): FAAS Senior Associate Narciso Abella, FAAS Manager Arra Luciano, FDCP Executive Director David Fabros, FDCP Chairman and CEO Liza Diño, BNV, FAAS Senior Associates Mary Joy Recuerdo and Sheena Dyan Suarez

Financial Accounting Advisory Services (FAAS) Partner Benjamin N. Villacorte spearheaded the tabulation team. He was assisted by FAAS Manager Arra Luciano, and Senior Associates Mary Joy Recuerdo, Narciso Abella, and Sheena Dyan Suarez.

Clark hosts FAAS workshop on PFRS

FAAS conducted a seminar titled PFRS Changes in 2019 and Beyond; PRFS 16 Leases Workshop on 7 November at the SGV Clark office. Guests included representatives from private companies in Pampanga and nearby provinces.

BNV speaking at the PFRS Workshop

The workshop aimed to help participants understand key developments of the PFRS and the implication of these changes on the financial statements of their organizations. Speakers FAAS Partner Benjamin N. Villacorte and Senior Director TJ Ray Raagas presented an overview of the significant provisions of PFRS 16, including relevant tax considerations.

Cebu holds REIT seminar

SGV Cebu conducted a half-day seminar titled An Exclusive Talk on Preparing for Investments and Real Estate Investment Trusts (REITs) last 28 November. Business owners and C-level executives attended the event.

DCM and EVE at the REIT Seminar

SGV Tax Principal Veronica A. Santos (VAS) discussed the salient provisions of the REIT Law and its Implementing Rules and Regulations (IRR) as well as SEC-proposed amendments. VAS then discussed the possible tax implications on the transfer of real property to an REIT, its operations/transactions, initial public offering, transfer of shares, and distribution of dividends to shareholders in light of the new tax laws and proposed tax reform packages.

SGV Assurance Partner Dolmar C. Montañez (DCM) gave an overview of REIT benefits (e.g., asset value realization, capital recycling, and tax incentives) and challenges (e.g., selection of fund and property managers, minimum required public ownership, and tax costs) that sponsor, foreign and local investors may consider before establishing this type of business structure in the Philippines.

VAS speaks at the REIT Seminar

SGV TAS Partner Editha V. Estacio (EVE) then discussed capital agenda, financing options, and valuation of an enterprise. She concluded the talk with a discussion on key considerations when preparing for investments and common reasons why transactions succeed or fail.

The organizing team was headed by SGV Cebu Partner-In-Charge and Tax Partner Cheryl Edeline C. Ong (CCO) and Tax Managers Aiza P. Giltendez, Anne Margaret C. Momongan, and Virnee Joy A. Ting.

MS Alumni come home

SGV hosted the second Management Services (MS) Alumni Reunion last 26 November at the Washington SyCip Development Center, with over 100 former SGVeans in attendance.

The MS Division, which was formed in 1957, was SGV’s answer to the growing market for management consultancy services. It was the first of its kind in the country, and played a significant role in the growth of the Firm. Over the years, the division helped to optimize the productivity, operations and systems of many companies. It eventually became known locally and internationally as SGV Consulting.

Former Prime Minister Cesar E. A. Virata sharing his experiences at SGV

The homecoming started off with quick tours of parts of SGV Building 1, such as the former MS office area at the 6th floor, the executive offices at the 14th floor, and the e-Café area at the 15th floor, formerly called the Pamaypay Room. A thanksgiving mass officially commenced the reunion. SGV Chairman and Managing Partner J. Carlitos G. Cruz (JGC) then welcomed the attendees, sharing with them the Firm’s achievements, legacy and development over the years.

Some of the SGV MS Division alumni present

FAAS conducts PFRS seminars

SGV Financial Accounting Advisory Services (FAAS) conducted a seminar on Philippine Financial Reporting Standard (PFRS) 16 – Leases on 25 November at the Washington SyCip Development Center. Over 100 financial professionals from various industries attended the event.

Assurance Partner John T. Villa (JTV) provided an overview of the significant provisions and salient features of the standard, including relevant tax considerations. FAAS Senior Director Alexander Bughaw then conducted exercises to help participants identify issues in the application of PFRS 16 and plan for its adoption.

JTV discussing the features of PFRS 16
Participants in the PFRS 16 seminar

As part of the thought-leadership programs of FAAS, several other partners conducted PFRS seminars in Makati, Cebu and Clark. These seminars were led by FAAS Partner Benjamin N. Villacorte (BNV), Assurance Partner Albert R. Bon (ARB), Global Compliance and Reporting Partner Frances J. Villamayor (FJV), and FAAS Senior Director TJ Ray Raagas.

SGV will be holding additional PFRS seminars on 16 December in Davao and 17 January in Makati. To register for the upcoming seminars, go to: http://www.sgv.ph/upcoming-seminars/ifrspfrs-seminar/

Doing Business in the Philippines goes to Canada!

Philippine Consul General to Toronto Orontes V. Castro presented a copy of SGV’s brochure, Doing Business in the Philippines, to Mr. Dean Post of the Ontario Ministry of Agriculture, Food, and Rural Affairs (OMAFRA) during a welcome meeting for the Philippine business delegation of the 7th Trade Mission to Canada at the Ontario Investment and Trade Centre in Toronto last October.

Consul General Castro (center) presents SGV’s brochure, Doing Business in the Philippines, to Mr. Dean Post of the OMAFRA. Also in photo are (from left) Senior Trade Commissioner Ma. Roseni Alvero, Consul Edwin Gil Mendoza, and Canadian Chamber of Commerce of the Philippines Manager Heidi del Pilar. (Photo courtesy of the Toronto Philippine Consulate General)

Organized by the Canadian Chamber of Commerce of the Philippines (CanCham), the trade mission focused on the programs of CanCham for Filipino and Filipino-Canadian businesses, trade relations between the Philippines and Canada, business opportunities in the Ontario agri-food sector and recent foreign direct investments of Canada in the Philippines. Participants included delegates from Philippine companies in agri-business, food and other related industries.

Doing Business in the Philippines is an investment guide that features the basic requirements in setting up a business in the country. It presents an economic overview of the Philippines, including local investment policies and incentives, taxation rules and the current administration’s investment priorities plans. It also provides a background on the ASEAN economic community, as well as basic immigration information. SGV has been publishing the brochure since 1968 and it has since been translated to seven languages.