April 2022

SGV Vice Chair and Deputy Managing Partner Maria Vivian C. Ruiz (VCR) was one of the inspiring female finance leaders featured in the March 2022 Women’s Month issue of FINEX Focus, the official newsletter of the Financial Executives Institute of the Philippines (FINEX). VCR in FINEX Focus As SGV’s Vice Chair and Deputy Managing Partner, VCR supports the Chairman and Country Managing Partner in overseeing SGV’s overall strategic direction and business growth. As EY Asean Assurance leader, she plays an integral role in the Region by driving Assurance initiatives on sustainable audit quality and efficiency, digital tools adoption and innovation, and service delivery model transformation. VCR also represents the Firm in the Philippine Business Coalition for Women Empowerment (PBCWE). She is a leader committed to providing a nurturing environment where people can develop and achieve their potential to the fullest.  

Financial Management for Non-Accountants (FINMA) Organizing Committee Team Leader Sonia D. Segovia (SDS) and Member Meynard L. Sardalla, Philippine Institute of Certified Public Accountants (PICPA) President Marydith C. Miguel (MCM), PICPA Western Metro Manila Chapter (WMMC) President Meynard A. Bonoen (MAB) and Non-Government Organization (NGO) Relations Committee Co-chair Aileen L. Saringan (ALS) participated in the FINMA Program held on 24 to 25 March 2022. SDS, MCM, MAB, and Senior Director Meynard SDS gave the opening remarks while MCM shared a message with the participants on the first day of the event. MAB formally opened the program on the second day. ALS also attended the webinar, which was hosted by Senior Director Meynard. The two-day online training focused on Introduction to Financial Management, Breakeven Point Analysis, and Financial Statement Analysis (Day 1) and Working Capital Management and Short-Term Budgeting (Day 2) for Trade and Industry-assisted clients, particularly business owners, bookkeepers, and OFWs. These topics were discussed by resource speakers from Jose Rizal University (JRU) and the Technological Institute of the Philippines (TIP). The FINMA Program is jointly organized by PICPA under the Government Relations Committee, PICPA WMMC, the Department of Trade and Industry (DTI) Negosyo Center, JRU, and TIP. It is participated in mainly by business owners and bookkeepers of micro, small, and medium-sized enterprises (MSMEs) nationwide. 

SGV Clark Tax Partners Atty. Margaux A. Advincula (MAA) and Hentje Leo L. Leaño (LLL) were resource speakers in a briefing on Revenue Memorandum Circular (RMC) No. 24-2022 and a townhall meeting organized by the Clark Investors and Locators Association (CILA). More than 190 CILA members, officers, and locators attended the event on 18 March 2022.  CILA tax briefing and townhall event poster LLL kicked off the discussion proper by sharing the timeline of relevant Value-Added Tax (VAT) issuances for Registered Business Enterprises (RBEs). He also discussed the impact of the VAT provisions in the Corporate Recovery and Tax Incentives for Enterprises (CREATE) law, its effectivity dates, and transitory provisions.  MAA shared her insights on the documentary and registration requirements relevant for RBEs. SGV Clark Partner Jose Pepito E. Zabat (JEZ) also attended the event. LLL and MAA during the Q&A forum Clarktel Relationship Manager Ms. Angela Alcones hosted the event while CILA Chairman Dr. Francisco “Frankie” Villanueva, Jr. gave the opening remarks and concluded the meeting with a question-and-answer forum. The Q&A forum was moderated by Dr. Frankie, Clark Development Corporation (CDC) Vice President for Business Development and Enhancement Ms. Rynah Ventura, and the speakers.

SGV Global Compliance & Reporting (GCR) Partner Aaron C. Escartin (ACE) and International Tax and Transaction Services (ITTS) Senior Director Auresana B. Ines-Torres were resource speakers in the Association of Certified Public Accountants in Public Practice (ACPAPP) Tax Webinar and General Membership Meeting (GMM) held on 29 March 2022. ACPAPP Tax Webinar and GMM speakers ACE provided an in-depth discussion on the Latest Tax Issuances and Court Decisions while Atty. Auresana covered Updates on Transfer Pricing in the Philippines. The virtual event was attended by past and present officers and members of the ACPAPP and non-member registrants.

SGV Clark Tax Partners Atty. Margaux A. Advincula (MAA) and Hentje Leo L. Leaño (LLL) were resource speakers at a briefing on Revenue Memorandum Circular (RMC) No. 24-2022 organized by the Subic Bay Freeport Chamber of Commerce (SBFCC). More than 145 SBFCC members, officers, and locators attended the event on 17 March 2022.  MAA and LLL with the SBFCC officers LLL gave a preview of the discussion outline and recalled the background and timeline of the relevant Value-Added Tax (VAT) issuances for Registered Business Enterprises (RBEs). He also discussed the impact of the VAT provisions in the Corporate Recovery and Tax Incentives for Enterprises (CREATE) law, its effectivity dates, and transitory provisions.  MAA shared her insights in relation to the documentary and registration requirements relevant for RBEs. SGV Clark Partner Jose Pepito E. Zabat (JEZ) also attended the event. To conclude the meeting, LLL and MAA served as moderators in a Q&A forum along with SBFCC Executive Director Donna May Tamayo and SBFCC Marketing Director Jake Oh. 

SGV Consulting Partner and National Federation of Junior Philippine Institute of Accountants - Region Ill Council (NFJPIA-R3) Adviser Conrad Allan M. Alviz (CMA), International Tax and Transaction Services (ITTS) Senior Director Auresana B. Ines-Torres, Global Compliance & Reporting (GCR) Senior Directors Mica Alyana C. Rivera and Edsel Francis T. Lima, and Talent Supervisor Julia-Anne J. Deypalan participated in the virtual NFJPIA Paragons 2022: The Aesir's Quest to Ascendancy program held in March and April 2022. Paragons 2022 speakers and arbiters The five-day extra-curricular activity was co-presented by SGV as one of the sponsors. CMA, along with NFJPIA officers and members, attended the event. Auresana and Julia were resource speakers on Business Etiquette and Organizational Structure and Inherent Career Opportunities, respectively. Mica and Edsel served as arbiters for the Regulatory Framework for Business Transactions (RFBT) and Tax cups featuring the top 50 qualifiers in the region.  The Paragons 2022 was organized by the NFJPIA-R3 Council to further equip accounting students with the necessary competencies in becoming effective accounting practitioners. Other activities conducted during the event were corporate roadshows, talks, quiz bees, case studies, masterclasses, mock-interviews, mixers, and team-building exercises. 

To honor the enduring legacy and relevance of the accountancy profession in the country, SGV Partners joined the launching of the Centenary Year celebration of the Accountancy Profession in the Philippines. The launching of the year-long celebration from 18 March 2022 to 17 March 2023 was held at the Manila Hotel on 17 March 2022.  SGV Partners and PRBOA members at the Centenary launching event SGV Chairman and Country Managing Partner Wilson P. Tan (WPT), Philippine Institute of Certified Public Accountants (PICPA) President Marydith C. Miguel (MCM), Assurance Partners Meynard A. Bonoen (MAB), Aris C. Malantic (ACM), Aileen L. Saringan (ALS), Peter John R. Ventura (PRV), and John T. Villa (JTV), and Tax Partners Aaron C. Escartin (ACE), Maricris U. See (MUS), Sonia D. Segovia (SDS), and Henry M. Tan (HMT) attended the launching of the centennial celebration with the theme “Celebrating the Past. Transforming the Present. Shaping the Future.” The event was also graced by Commissioners from the Professional Regulation Commission (PRC) and the Securities and Exchange Commission (SEC) and other distinguished individuals and luminaries in the profession. The Professional Regulatory Board of Accountancy (PRBOA), led by BOA Chairman Noe G. Quiñanola, formally announced the start of the year-long celebration. During the event, they also launched the “Accountancy Centenary Award of Excellence,” a search for 100 Filipino CPAs worthy of honor and emulation— individuals who have made a mark in the accountancy profession. The launch is the first in-person event organized by the PRBOA since the pandemic began. The accountancy profession will officially be marking its centenary milestone on 17 March 2023.

Financial Accounting Advisory Services (FAAS) and Climate Change and Sustainability Services (CCaSS) Partner Benjamin N. Villacorte (BNV) and CCaSS Senior Director Katrina Francisco were accredited as verification service providers (VSPs) by the Chamber of Mines of the Philippines (COMP).  External verifiers in-training BNV and Katrina were among the first batch of experienced independent experts in social, environmental, mining, and other related sciences who were trained by the Mining Association of Canada (MAC) to be COMP VSPs. The training sessions were conducted in February and March 2022. As VSPs, they will be using measurement tools prescribed by the Towards Sustainable Mining (TSM) program to review the performance ratings of COMP members and ensure that mining operators’ management practices and performance are accurately reflected. TSM is a set of indicators to drive the environmental and social performance of operating mines and ensure key mining risks are managed responsibly and best practices are used at COMP members’ facilities. The program was established by the MAC in 2004 and adopted by the COMP in 2017. It is already being implemented in 10 countries and is rapidly becoming a global standard for responsible mining.

SGV Cebu’s Business Tax Services (BTS) Core Team held a webinar on Maximum Relief: Payments to Non-Residents for private professionals from various industry sectors. Over 100 participants attended the webinar on 17 March 2022.  Maximum Relief: Payments to Non-residents webinar participants The webinar was led by International Tax and Transaction Services (ITTS) Partner Betheena C. Dizon (BCD). She provided a comprehensive discussion on the different tax reliefs for non-residents and practical tips to maximize available benefits, tax treaties and their salient features, and both general and specific documentary requirements under Revenue Memorandum Order (RMO) 14-2021. She also discussed issues that may be encountered in the submission of these documentary requirements such as failure to file and late filing penalties. Other topics explained during the session were the tax sparing rule and some of the more common issues relating to payments to non-residents.  The webinar concluded with an open forum facilitated by BCD. Tax Managers Melissa Joyce Y. To and Maria Crisanta Esgana Lee and Tax Senior Associates Aura Mae G. Trinidad, Athena Dominique J. Bandala, Lex Regis B. Bernados, Harold Justin Y. Go, Niño Akeem V. Amistad, and Kara Marie Angela R. Bagunas were part of the event’s local organizing team.

The SGV SAVE Council hosted a special Women’s Month episode of the Sustainabits series focused on integrating sustainability into diversity, equity, and inclusiveness (DE&I) initiatives. About 400 SGVeans attended the event on 25 March 2022. Faw and Erika talk about sustainable local weaving traditions and products The Weaving Sustainability into DE&I episode featured Founder of Malingkat Enterprise Faw Maridul, a cause-driven entrepreneur and cultural advocate promoting and supporting Philippine indigenous weaving traditions. Her online retail brand, Malingkat Weaves, makes indigenously crafted home and lifestyle products more accessible to Filipinos. Climate Change and Sustainability Services (CCaSS) Head Partner Clairma T. Mangangey (CTM) kicked off the session by sharing her fondness for local products and culture. CCaSS Director Erika N. Courteille then hosted the fireside chat with Ms. Faw. They talked about Ms. Faw’s heritage and inspirations upon establishing Malingkat, the local weaving traditions of Mindanao tribes such as the Yakan and Maranao, and sustainable ways of creating handwoven textiles in partnership with these indigenous weavers. The session concluded with closing remarks from Talent Leader and SGV Purpose Council Co-Chair Julie Christine C. Ong-Mateo (JOM). She also presented a Certificate of Appreciation to Ms. Faw for sharing her valuable knowledge and insights on working with indigenous communities.