June 2022

As part of the UK Foreign, Commonwealth & Development Office (FCDO) Global Future Cities Programme (GFCP) Cebu Delivery Team, SGV Consulting Partner Christian G. Lauron (CGL) and Associate Director Jerome Benedict Crockett along with other representatives from the GFCP delivery partners secured approvals for the City Development Strategy (CDS), an Affordable Housing Strategy (AHS), and a Social Situation Impact Analysis (SSIA) during a series of meetings with local government unit (LGU) officials and other stakeholders earlier this year. GFCP Cebu Delivery Team with Cebu LGU officials and other stakeholders CGL, Jerome, Junisse Mercado of Mott MacDonald, Allen Williams of Triple Line, and Cherrie Nuez, Philippine Program Adviser of the UK FCDO met with Cebu City Mayor Michael Rama and the City Government’s Technical Working Group. They discussed the outputs delivered and a program continuity proposal focusing on climate-resilient housing and coastal infrastructure development. They also attended a Sustainable Development Goals (SDG) transition workshop facilitated by UN-Habitat which allowed them to share their insights on the proposed continuity plan. During another meeting, regional Government officials from the National Housing Authority (NHA) and the Department of Public Works and Highways (DPWH) expressed their support for the delivered outputs and the City’s overall master plan. Other SGV members of the GFCP Cebu Delivery Team include Senior Director Christian Edmund L. Chua, Associate Directors Elijah Jesus T. Puaben and Anderson C. Bondoc, and Associates Sarah Maia L Nelson and Jeron Enrico L. Miranda.  The GFCP for Cebu City is proposed to continue until the end of 2022. The GFCP is an Official Development Assistance (ODA) program of the UK FCDO. The GFCP provides technical assistance for a set of targeted interventions to encourage sustainable development and increase prosperity while alleviating urban poverty, based on three thematic pillars: urban planning, transport, and resilience. The GFCP is also expected to create significant short- and long-term business opportunities in growing markets.

SGV Davao Partner-in-Charge Jose Raoul J. Balisalisa (JJB) and Tax Partner Atty. Thyrza F. Marbas (TFM) were speakers at the New Opportunities Waiting (NOW) in Davao City: Investment for Nordic Businesses online road show and business forum held on 18 May 2022. They represented SGV in the virtual event which showcased available opportunities for Nordic investors in Davao City. JJB and TFM with other speakers and guests JJB presented the Doing Business in Davao brochure produced by SGV and the Davao City Investment Promotion Center (DCIPC), while TFM talked about investment and incentive opportunities in the Philippines and in Davao. They also participated in a panel discussion with business owners, investors, and members of the diplomatic corps from Sweden, Finland, Denmark, and Norway. The event was organized by the City Government of Davao through the DCIPC, in partnership with the European Chamber of Commerce of the Philippines (ECCP), the Department of Trade and Industry (DTI) Trade and Investment Center Stockholm, the Philippine Embassy in Sweden, and the Embassies of Denmark, Finland, and Norway in the Philippines to further promote investment opportunities in Davao City.

Climate Change and Sustainability Services (CCaSS) Partner Benjamin N. Villacorte (BNV) was one of the resource speakers at BPI Securities’ 1st Environmental, Social, and Governance (ESG)-focused webinar entitled “Riding the Green Wave: Understanding ESG Investing in the Philippine Context” held on 1 June 2022. BNV discussing sustainability reporting BNV talked about the sustainability reporting landscape in the Philippines and the challenges and steps that management can take to integrate sustainability into their non-financial reporting. As an industry consultant, he shared his knowledge in understanding how listed companies report on sustainability initiatives. The event was organized by BPI Securities to further educate retail investors and customers on ESG investing in the Philippine context.

SGVeans from various service lines were speakers, arbiters, and judges at the 2nd National Academic Summit organized by the Junior Philippine Institute of Accountants and Auditors (JPIAA) - United, Inc. (A.Y. 2021-2022, Querencia Federation) entitled “Tanyag 2022: Return of the Bold and Great.” More than 150 delegates attended the summit in May 2022. SGV was a general sponsor of the event.  Day 2 speakers with the participants SGV Assurance Partner Ma. Emilita L. Villanueva (ELV) and Global Compliance and Reporting (GCR) Associate Director David Jonathan F. Manalili were resource speakers for technical sessions on addressing gray areas in Philippine Financial Reporting Standards (PFRS) and taxation services for international clients, respectively. Talent Team Associates Krista Manielle L. De Guzman and Janyss Nadine V. Ganzon talked about career opportunities in SGV in the Company Talks segment.  Day 3 speakers with the participants Consulting Managers Kathrine Halcyaone M. Canlas, Samantha Joy U. Cinco, and Simeon C. Limbo were judges for the Management Advisory Services (MAS) Case Study category. GCR Associates Jerome C. Montoya, Mariell E. Pamintuan, and Eivan Jason V. Triñanes were arbiters for the Tax Cup. Jerome and GCR Associate Shaine Berlyn C. Gulla assisted some of the speakers with the preparation of their webinar materials.

Climate Change and Sustainability Services (CCaSS) Senior Director Crystal Aleli R. Cornell and Senior Associate Rosheena E. Borlaza passed the 2022 Sustainability and Climate Risk (SCR®) certification exam administered by the Global Association of Risk Professionals (GARP). GARP Certified SCR professionals Crystal Cornell and Sheena Borlaza The GARP SCR certification formally recognizes their proficiency in the following subject matters: Foundations of Climate Change; Sustainability; Climate Change Risk; Sustainability and Climate Policy, Culture, and Governance; Green and Sustainable Finance: Markets and Instruments; Climate Risk Measurement and Management; and Climate Models and Scenario Analysis. Crystal and Sheena also gained valuable knowledge on climate risk leadership throughout the certification process.  As newly certified SCR professionals, they believe that their certification will help them add more value to the Firm’s climate change and sustainability initiatives and engagements. They also believe that this will open more avenues in their respective careers.  Crystal and Sheena credit their achievement to their CCaSS teammates and executives who provided invaluable support throughout the certification process.  Congratulations, Crystal and Sheena!

SGV Tax Leader Fabian K. Delos Santos (FKS) and Tax Partner Josenilo G. Mendoza (JGM) joined the 27th Annual General Membership Meeting of the Korean Chamber of Commerce Philippines, Inc. (KCCP). FKS shared updates on new economic legislation while JGM discussed recent tax developments. The virtual meeting was held on 28 April 2022. FKS shares updates on Philippine Economic Legislation FKS talked about three major economic liberalization measures that have been passed over the last six months. He discussed the enactments and amendments to the Foreign Investment Act, the Retail Trade Liberalization Act, and the Public Service Act. He added that amendments to these laws were described by the government as “game-changing reforms” and were expected to stimulate and prime the economy, promote competition in business, enhance the ease of doing business in the Philippines, and generate more jobs.  JGM talks about tax updates JGM discussed some of the latest Bureau of Internal Revenue (BIR) issuances, regulations, and memorandum circulars relevant to the members of the KCCP. Among the topics he covered were the Non-Imposition of Surcharge on Amended Tax Returns, Deadline of Submission of Attachments to the 2021 Annual Income Tax Return, Guidelines on the Submission of Certificate of Entitlement to Tax Incentives (CETI), and Clarifying Issues Relative to RR No. 21-2021 Implementing the Amendments to the VAT Zero-Rating Provisions. Assurance Partner Alvin M. Pinpin (AMP) also attended the meeting.  Tax Senior Managers Zorayda H. Panumpang and Atty. Anne Margaret E. Momongan and Senior Associate Franchezka Bhea Belarmino assisted the Partners during the event. The Annual General Membership Meeting was also conducted to thank the outgoing President of the KCCP, Mr. Ho Ik Lee, for his seven years of leadership and service, and welcome the incoming President, Mr. Hyun Chong Um.

SGV Tax Partner Hentje Leo L. Leaño (LLL) was one of the resource speakers during the 4th Regional Conference for Commerce & Industry: E-Commerce Taxation (Day 1) organized by the Philippine Institute of Certified Public Accountants (PICPA) Luzon Geographical Area Office (LGAO) on 21 May 2022.  LLL during the Q&A session LLL provided a timely and comprehensive discussion on e-commerce-related tax issuances. He focused on the tax rules applicable to entities engaged in e-commerce and the correct tax treatment of their transactions. He also discussed the proposed House Bill on the tax treatment of digital transactions and the registration and tax treatment of social media influencers and certain persons engaged in land transportation businesses. The 2022 LGAO Conference was hosted by the PICPA Northern Luzon Chapters. About 147 PICPA members and participants attended the virtual conference.

Climate Change and Sustainability Services (CCaSS) Partner Benjamin N. Villacorte (BNV) was one of the resource speakers in the Business Continuity Awareness Webinar hosted by the University of the Philippines Institute for Small-Scale Industries (UP ISSI) in cooperation with the Business Continuity Managers Association of the Philippines (BCMAP) on 16 May 2022. BNV talks about sustainability for MSMEs BNV talked about creating long-term value with sustainability for micro, small, and medium-sized enterprises (MSMEs). He highlighted the role and importance of these businesses in achieving sustainability and how sustainability can be integrated into their operations. He also discussed the necessary steps to further engage MSMEs to participate in sustainability and climate change adaptation. Other resource speakers covered topics on the status of business continuity planning awareness of Philippine MSMEs and technical guidance on comprehensive risk assessment and planning in the context of climate change. After their respective discussions, the speakers facilitated an open forum for the participants. The webinar was organized to raise awareness on business continuity planning, disaster risk reduction, and climate risk for resilience-building and sustainable recovery of Philippine MSMEs.