February 2022

The SGV Tax Core Team, Business Tax Services Partners Jay A. Ballesteros (JAB) and Allenierey Allan V. Exclamador (AVE), and International Tax Services/Transfer Pricing Services Group Senior Manager Auresana Torres received the Client Centricity Award, Integration and Teaming Award, and Exceptional Talent Award, respectively, during the EY Asia-Pacific Executive Tax Update event held on 1 and 2 December 2021. The event was attended by Tax executives from EY member firms in the Asia-Pacific Region.  Client Centricity Awardees The Client Centricity Award is given to an individual or team who has acted as a trusted advisor, demonstrated exceptional client service, exceptional service quality, leveraged sector expertise, focused on accounts, and helped build the EY/Tax brand.  In the face of the pandemic, the SGV Tax Core Team delivered speedy and risk-managed closure of tax audits while working with tax authorities. The team was also instrumental in becoming a market leader in advising on Philippine transfer pricing regulations. The Team’s client portfolio includes a number of leading multinational clients. The SGV Tax Core Team is composed of managers representing all clusters in SGV Tax. It is composed of  Katherine G. Fernandez, Marivic M. Rebulanan, Joanna Marie M. Cobacha, Angelo Ramil A. Mongaya, Rose T. Tejerero, Mary Grace N. Cabalida, Zorayda H. Panumpang, Gerardo C. Caiga, Hanna S. Rojo, Don Don T. Mojica, Maria Michaela E. Ledesma, Earvin Darren L. Lee, Gecel G. Codera-Ong, June Catherine G. Tañedo, Joyce Elaine H. Laohoo, Maria Clara Theresa David, Salvador R. Rey, Karen Mae L. Calam, Anne Margaret Momongan, Edison Ortiz, Rule Amethyst L. Oporto, Marian Kris B. Santos, Donna Frances Ylade-Torres, Joan Rouella P. Corrales, Josephine Grace R. Sandoval, Jo Ann Marie O. Casio, Yzrael Edwin Pineda, Rommelle I. Delos Santos, Almer A. Sison, Sta. Cecilia S. Visto, Lindsey S. Fabella, Faustina Victoria Ochoa-Sarmiento, Karen F. Fortaleza, Ana Katrina De Jesus, Andrei Christopher G. Arbas, Maxine Victor E. Manuel, Xandra Jizelle Q. Reyes, Marlynda I. Magsangcay, Jackie Lou D. Lamug, Rosalie Lapuz, Mira Ramirez, and Pamela Arellano.The Tax Core Team also keeps our people and clients informed through webinars and tax updates, focusing on the passage of new laws and tax regulations. Since its organization in October 2019, the Team has expanded its activities to also support business and sector development, consistent with SGV’s Purpose of nurturing leaders and enabling businesses for a better Philippines.  As part of Project Zeus, a global project for a banking client, JAB and AVE, along with other members of the APAC FSO project team, received the Integration and Teaming Award. This award is given to the team that elevated the power of teaming in a virtual environment beyond EY’s single service lines/markets/sectors and across geographies. JAB was instrumental in driving the team’s efforts in leading the bank’s direct and indirect tax compliance while AVE played a significant role in providing ad-hoc tax support. Other members of the project team were Global Compliance and Reporting (GCR) Manager Lady Janica D. Gonzales, Business Tax Advisory (BTA) Manager Ana Ria G. Balingit, GCR Senior Ruviel V. Diez, and GCR Associates Brixter Roven A. Marge, Jenny Marie M. Sado, and Julia Bettina M. De Guia, Integration and Teaming Awardees International Tax Services/Transfer Pricing Services Group Senior Manager Auresana Torres received the Exceptional Talent Award, which is given to exceptional individuals who demonstrate transformative leadership, develop themselves and others, build an inclusive culture, and create a sense of belonging for everyone to focus on ensuring a balance of work and life commitments. Auresana is a lawyer, CPA, mentor, and leader. Her initiatives have brought numerous engagements to the team.  Exceptional Talent Awardees The selection process for the awards started with nominations from Tax partners and staff for colleagues who qualify under any of five categories: Client Centricity, Exceptional Talent, Technology and Innovation, Integration and Teaming, and Living our Purpose and Values. All the nominations were assessed by an Asia-Pacific Tax jury. The winners were announced as part of the closing plenary at the Asia-Pacific Executive Tax Update on 2 December 2021.  The 2021 Asia-Pacific Tax Awards - Celebrating You and Inspiring Others was part of an Area-wide campaign to celebrate exemplary behaviors and contributions, and is aligned with NextWave, EY’s strategy and ambition to create long-term value for clients, people, and society, and ultimately, Building a better working world. 

Strategy and Transactions (SaT) Partner Marie Stephanie C. Tan-Hamed (MTH) and SaT Consultant Alexander Dacanay were speakers in the recently conducted Market Sounding Webinar for the Mariveles Wellness Center (MWC) Project held on 28 January 2022. MTH and Alex Dacanay at the MWC Market Sounding Webinar MTH is the Team Leader Support and Project Finance Specialist of the MWC Project. She discussed the Project’s market sounding activity objectives, project description, goals and objectives, financial highlights, and key investment highlights. SaT Consultant Alex Dacanay, who is the Economic Specialist of the MWC Project, discussed the national and regional economic profile. The Market Sounding Webinar was organized in coordination with the Public-Private Partnership Center of the Philippines (PPPC) to gather insights from the private sector on the initial concept and structuring of the MWC Project.SGV’s SaT group is conducting a feasibility study to aid the Department of Health (DOH) in the construction and operation and maintenance (O&M) of the proposed MWC of the Mariveles Mental Wellness and General Hospital (MMWGH) in Mariveles, Bataan. The MWC will offer holistic mental, medical and wellness services, including therapeutic services and Complementary and Alternative Medicine, to promote physical, mental, and overall wellness in addition to early intervention and prevention of mental illnesses and non-communicable diseases.

SGV Vice Chair and Deputy Managing Partner and EY ASEAN Assurance Leader Vivian C. Ruiz (VCR), as well as SGV MG7 leader and EY ASEAN Financial Accounting Advisory Services Leader Aris “Bok” Malantic (ACM) were invited by the ASEAN Financial Accounting Advisory Services (FAAS) team to join the first virtual EY ASEAN Finance Executive Forum 2022 on 20 January. Around 500 participants including ASEAN clients from a wide range of sectors attended the event. ACM at EY ASEAN Finance Executive Forum 2022 ACM kicked off the panel discussion with an overview of how advanced data analytics, leadership collaboration, and talent strategy can help build a robust finance function. CFO guest speakers Cora Dizon, CFO of AC Energy (Philippines), Munish Kaushal, Vice President Finance - Global Categories, Marketing & R&D of GlaxoSmithKline (Singapore), and Surayut Thavikulwat, CFO of BTS Group Holdings Plc. (Thailand) shared their leadership insights and experiences with their finance teams in leveraging these key aspects to establish an enhanced corporate reporting future. Singapore Financial Accounting Advisory Services Leader Ronald Wong moderated the panel discussion and Q&A session. VCR delivering her welcome address VCR gave a welcome address during the event, emphasizing stakeholders’ growing need for CFOs and finance leaders to become stewards of long-term value for both financial and nonfinancial performance. EY Global Financial Accounting Advisory Services Leader Tim Gordon delivered the keynote speech and EY ASEAN Climate Change and Sustainability Services Leader Simon Yeo further discussed strategies in navigating the complexity of environmental, social and governance (ESG) reporting. The virtual forum concluded with a brief message from ACM thanking the participants and speakers.

The SGV Tax Markets Core Team and SGV Business Tax Services (BTS) Team held the 1st SGV Business Tax Services Forum on 14 January 2022. Around 400 local and foreign clients and non-clients participated in the event to gain a deeper understanding of the implications of recent developments in taxation to the private sector and the significant changes and improvements they may bring to the economy. Business Tax Services Forum speakers The program kicked off with opening remarks from SGV Chairman and Country Managing Partner Wilson P. Tan (WPT) and was followed by an extensive discussion of topics such as the Overview of Base Erosion and Profit Shifting (BEPS) 2.0 Project by EY ASEAN International Tax and Transaction Services Leader Chester Wee, Philippine Renewable Energy Sector Investment Opportunities in the Philippines by Department of Energy (DOE) Director Mylene Capongcol, Tax Incentives on Green Infrastructure by Atty. Cheryl Edeline C. Ong (CCO), and the Digital Transformation in Tax Administration and Tax Enforcement in the Digital Economy by the Department of Finance (DOF) Undersecretary Antonette C. Tionko. There was also a Q&A session facilitated by Atty. Jules E. Riego (JER) and Atty. Fidela I. Reyes (FIR) for the participants’ inquiries and clarifications for each presentation. The webinar concluded with closing remarks from SGV Tax Leader Atty. Fabian K. Delos Santos (FKS).  The forum was hosted by Atty. Margaux A. Advincula (MAA) and was organized together with the SGV Tax Markets Team and the BTS Team composed of MAA, Senior Director Atty. Donna Frances G. Ylade-Torres and Tax Director Atty. Joyce Elaine H. Laohoo.

The SGV Foundation donated P500,000 to the Vivant Foundation in Cebu on 24 December 2021 to aid in the relief efforts for victims of typhoon Odette. SGV Cebu Volunteers repacking goods for Odette victims Funds were used to purchase rice, assorted canned goods, water, generator sets, and fuel for affected residents in the provinces of Cebu and Palawan. These items were distributed among residents in the towns of Cordova and Moalboal and the cities of Carcar, Toledo, Mandaue, and Cebu. SGV Cebu volunteers who helped repack goods for distribution on 8 January 2022 were Maureen Rae Friolo, Sanhica Chantahl Pacquiao, Nicole-Kate Trumata, Sybille Grace Dublico, Jamaica Ponce, Shania Shahane Mayol, Hannah Joyce P. Miranda, Robel Ryster Murillo, Stella Mariz Abayhon, and Aimee B. Raagas. Proper health protocols such as antigen testing were observed onsite to ensure the volunteers’ safety.  As of January 2022, the Vivant Foundation continued to gather additional funds to provide further assistance to victims of typhoon Odette. It is also supporting the Cebu Electric Cooperative III (CEBECO III) crew’s re-energizing efforts in midwest Cebu by delivering boxes of canned goods and distilled drinking water.  Meanwhile, the SGV Foundation also provided financial assistance to affected SGVeans and donated funds to other organizations conducting relief operations for Odette victims such as the Philippine Business for Social Progress (PBSP), the Aboitiz Foundation, Caritas Manila, the Ateneo de Manila University, the Rotary Club of Makati, and the PASAR Foundation.

SGV & Co. partners and officials from the City Government of Mandaue signed a Memorandum of Agreement (MOA) to produce the first Doing Business in Mandaue City publication. SGV and Mandaue City MOA signing SGV will provide free technical assistance to the Mandaue City Government in the conceptualization, design, coverage, and publication of the Doing Business in Mandaue City brochure in printed and digital versions. The publication will feature key information regarding Mandaue City’s current social, political, and economic profile, demographics, tax laws and ordinances, and other relevant data which will be of interest to potential investors and business owners looking to establish operations in the city. The MOA signing took place on 10 December 2021 at the Mandaue City Session Hall. It was virtually attended by SGV Chairman and Country Managing Partner Wilson P. Tan (WPT), SGV Cebu Partner Cheryl Edeline C. Ong (CCO), and Global Compliance & Reporting (GCR) Partner Saha A. Bulagsak. SGV representatives who were physically present during the event were SGV Cebu Partner Margem A. Tagalog (MAT) and Business Tax Services Senior Manager Atty. Karen Mae Calam-Ybañez. Mandaue City Mayor Jonas C. Cortes, Vice Mayor Glenn Bercede, Mandaue Investment Promotions Action Center (MIPAC) representatives, and City Council members also attended the event in-person. Doing Business in Mandaue City will be the latest issue of SGV’s Doing Business in the Philippines series, which not only includes a national edition translated into eight languages, but also more localized editions to promote the investment opportunities in various growth locations.

SGV Chairman and Country Managing Partner Wilson P. Tan (WPT) was inducted into office as Treasurer of the Management Association of the Philippines (MAP) during the virtual 73rd MAP Inaugural Meeting and Induction of the 2022 MAP Board of Governors on 13 January 2022. This will be WPT’s second year as a member of the Board of Governors of the MAP.   WPT at MAP oath-taking WPT has been a longtime member of the MAP, which is an exclusive non-profit organization composed of educators, government officials, and top management practitioners from the largest local and multinational companies operating in the Philippines. They advocate good governance, global competitiveness, climate change awareness, and sustainability growth. Congratulations, WPT!

SGV Chairman and Country Managing Partner Wilson P. Tan (WPT) continues to serve as Treasurer and Director of the Financial Executives Institute of the Philippines (FINEX) and Trustee of the FINEX Academy. He attended the virtual 54th FINEX Inaugural Meeting and Induction Ceremonies where he was inducted into the same positions on the FINEX Institute Board of Directors and the FINEX Foundation Board of Trustees on 18 January 2022. 2022 FINEX Trustees 2022 FINEX Academy Trustees WPT has been a longtime member of FINEX, which is the country’s premier organization of finance professionals composed of almost 700 executives including CEOs and CFOs of the country’s top corporations, academic institutions, and small and medium-sized enterprises (SMEs). Meanwhile, FINEX Academy is the organization’s CFO training center, conducting professional development seminars and other education-oriented activities. Congratulations, WPT! 

SGV Vice Chair and Deputy Managing Partner Maria Vivian C. Ruiz (VCR) was one of the judges at the 11th Junior Achievement (JA) Company of the Year (COY) competition. The event was held on 9 November 2021 and hosted by Junior Achievement Philippines Incorporated (JAPI). COY is JA Asia-Pacific’s annual business competition that aims to inspire and award students from the JA Business Skills Pass program who aspire to be strong and competent business leaders in today’s world.  Program poster The annual JA Business Skills Pass program allows high school students from different countries around Asia-Pacific to create registered mini companies. Eleven finalists from eight countries participated in JA AP COY 2021, where they presented the results of their work to the judges. ScrapCap, a company from Singapore, was declared the winner.

The EY Ripples Team in SGV conducted year three of its business clinic on 16 December 2021. Co-organized once more with Endeavor Philippines, this initiative-oriented impact entrepreneurs on leading practices in tax and financial planning to help drive growth in their respective organizations. Participating company representativesand volunteer managers and partners at the EY Ripples Business clinic SGV Chairman and CMP Wilson Tan (WPT) and Endeavor Philippines Co-Founder and Managing Director Manny Ayala welcomed impact entrepreneurs from companies that are mostly engaged in the medical, fintech, and business process outsourcing industries. WPT and Manny Ayala delivering opening remarks at the EY Ripples Business Clinic Tax Services Principal Arlyn Sy (AAS) led a plenary session on how to handle BIR tax audits. She discussed common issues and practical approaches in dealing with them, as well as helpful tips to manage the audit. She emphasized good reporting standards and practices. She also covered how to instill a culture of compliance in a startup company. AAS leading a plenary on How to Handle a BIR Audit The plenary sessions were followed by group mentoring sessions in breakout rooms, where Strategy and Transactions, Assurance and Tax partners and managers addressed participants’ questions.  EY Ripples is a global corporate responsibility program that provides EY professionals with opportunities to use their knowledge, skills and experience to positively impact millions of lives by working with impact entrepreneurs and supporting the next generation to develop mindsets and skills to find and sustain meaningful work.