March 2023

The SGV Tax team held the 2nd Business Tax Services (BTS) Forum at the Washington SyCip Development Center on 2 February 2023, with about 100 participants in attendance. The forum focused on the 2023 outlook from a tax perspective. EY Asean and SGV BTS Leader Jules E. Riego (JER), Office of the Presidential Adviser on Investment and Economic Affairs Project Lead Rafael Jose Consing, Jr., Vice Chair and Deputy Managing Partner Vivian C. Ruiz (VCR), and Tax Senior Director Atty. Cecille Visto Vice Chair and Deputy Managing Partner Vivian C. Ruiz (VCR) kicked off the event by delivering her opening remarks. For the technical sessions, resource speakers from the National Economic and Development Authority (NEDA), the Board of Investments (BOI), and the Bureau of Internal Revenue (BIR) discussed Philippine economic updates, developments in the implementation of the ease of doing business law, and tax controversy trends.  SGV General Counsel and Tax Partner Atty. Carol A. Racelis (CAR), BIR Legal Service Assistant Commissioner Larry M. Barcelo, SGV Clark Partner-in-Charge and Head Margaux A. Advincula (MAA), Chief of the BIR Law and Legislative Division Atty. Juanito H. Balbastre III, and JER NEDA Director for National Policy and Planning Desiree Narvaez described economic growth despite the pandemic while BOI Executive Director Atty. Bobby Fondevilla of the Investment Assistance Center talked about the government’s programs to attract more investors in the Philippines. BIR Assistant Commissioner for Legal Service Atty. Larry Barcelo discussed pressing tax issues in line with the implementation of the Corporate Recovery and Tax Incentives for Enterprises (CREATE) Act. Vivian delivers her opening remarks EY Asean Tax Leader Amarjeet Singh and EY Asean International Tax and Transactions Services Leader Chester Wee led the discussions on tax controversy trends in the ASEAN region and provided updates on Base Erosion and Profit Shifting (BEPS) 2.0. The forum was spearheaded by EY Asean and SGV BTS Leader Jules E. Riego (JER) and SGV Clark Partner-in-Charge and Head Margaux A. Advincula (MAA). SGV Quantitative Services Leader and Asean Tax Transformation Leader Cheryl Edeline C. Ong (CCO), SGV General Counsel and Asean Tax Quality Leader Carolina A. Racelis (CAR), and BTS Partner Tesi Lou S. Guanzon (TSG) moderated the sessions. Tax Senior Directors Donna Frances Ylade-Torres, Cecille Visto, and Salvador Rey from the Tax Markets team organized the event, with the support of Tax Senior Directors Michelle Arias, Jaclyn Ordoñez and June Catherine Tañedo; Directors Marian Santos and Kevin Paolo Magtibay; and Associate Directors Frederick Abella, Eden Mae Galas, Phillip Dave Cachapero, and Sheena Marie Morale. The BTS Forum is an annual thought leadership event organized by the BTS group specifically tailored for SGV clients and stakeholders, with well-curated up-to-date topics relevant to the participants. The second part of the BTS Forum, a roundtable meeting with the BIR Officers from Revenue Region 8B, was held on 8 March 2023.
SGV Partners and IT & Business Process Association of the Philippines (IBPAP) officers paid a courtesy call on Clark Development Corporation (CDC) President and CEO Atty. Agnes VST Devanadera to discuss collaborative activities in Clark. They also met with key officers of 29 top Clark-based Information Technology and Business Process Management (IT-BPM) registered enterprises for a roundtable meeting and luncheon on 17 March 2023 at the SGV Clark office. SGV Partners with IBPAP President and CEO Jack Madrid, IBPAP Chief Policy and Regulatory Affairs Officer Celeste Ilagan, and CDC President and CEO Atty. Agnes VST Devanadera Roundtable panelists Roundtable meeting attendees SGV Clark Partner-In-Charge and Head Margaux A. Advincula (MAA), Market Group 7 Leader Jose Pepito E. Zabat III (JEZ), Tax Leader Atty. Fabian K. delos Santos (FKS), Assurance Partner Manolito R. Elle (MRE), Tax Partner Auresana B. Ines (ABI), IBPAP President and CEO Jack Madrid, and IBPAP Chief Policy and Regulatory Affairs Officer Celeste Ilagan joined the courtesy call with CDC President and CEO Atty. Devanadera. They also joined more than 50 guests from IT-BPM-registered companies and other guests invited by the CDC for a roundtable discussion on plans for upcoming activities to be held in Clark. CDC representative Asst. Manager for Investments Promotion Division Mr. Erwin Pattaui and Clark Investors and Locators Association (CILA) President Dr. Frankie Villanueva joined the panel during the roundtable discussion. 
Market Group 7 Leader Jose Pepito E. Zabat III (JEZ), SGV Clark Partner-in-Charge and Head Atty. Margaux A. Advincula (MAA), and Senior Associate Atty. Ma. Jeanne Therese G. Marasigan attended the 2nd Subic/Clark Business Conference on 28 February 2023 at the Glass Pavilion, Dusit Thani Manila. The conference was held to showcase investment opportunities, discover the insights of local businesses, and analyze trends in the Subic/Clark area. Over 50 participants were present. Atty. Margaux (fifth from right) with Clark Development Corporation (CDC) President Atty. Agnes VST Devanadera, Subic-Clark Alliance for Development (SCAD) Council Executive Director Atty.  Amee Zarraga-Fabros, ICCPI President Sergio Boero, and the Clark Investors and Locators Association (CILA) Board of Directors CILA President Dr. Francisco Villanueva Jr., BDO Capital & Investments Corporation President Eduardo V. Francisco, Subic Freeport Chamber of Commerce (SBFCC) President Benjamin E. Antonio III, CDC President Atty. Agnes VST Devanadera, and Tarlac Governor Susan Yap discussed the various opportunities available for investors within Clark, Subic, and Tarlac. They also discussed the various areas for development in these areas.  Department of Trade and Industry (DTI) Secretary Alfredo E. Pascual, in his speech, mentioned the different projects the government has to assist potential foreign investors. Sec. Pascual also discussed the plans of the government to encourage more foreign investments to help maintain the growth of the economy. Atty. Margaux (second from top right) with DTI Secretary Alfredo E. Pascual and CILA and SBFCC Board of Directors The conference was organized by the Italian Chamber of Commerce in the Philippines (ICCPI), the Metro Angeles Chamber of Commerce and Industry (MACCI), the Pampanga Chamber of Commerce and Industry (PamCham), and other European chambers.
SGV Global Compliance and Reporting (GCR) Partner Hentje Leo L. Leaño (LLL) was recognized as one of Far Eastern University’s (FEU’s) Outstanding Alumni during the 2023 Green and Gold Awards held on 23 February as part of the celebrations of the University’s 95th Founding Anniversary at the FEU Manila Main Auditorium.  Outstanding FEU Alumnus Hentje Leo L. Leaño The awardees are accomplished alumni from the government and private sectors who are products of the various degree programs of the University, and alumni who exemplify the core values of FEU – fortitude, excellence, and uprightness. The award is given every five years to chosen alumni for their extraordinary achievements in their respective fields, bringing honor and prestige to FEU and contributing to the advancement of society.  Congratulations, Leo!
The SGV Clark Tax team hosted an in-person tax updates seminar with the Clark Investors and Locators Association (CILA) at the SGV Clark Office on 10 March 2023, with more than 150 attendees. The seminar focused on customs compliance, transfer pricing rules, and the electronic invoicing system for various Clark locators. Event poster Leo, Auresana, Margaux, Assistant Commissioner Janette Cruz, CILA President Dr. Frankie Villanueva, Ana, and Victor CILA President Dr. Frankie Villanueva kicked off the event by welcoming various Clark locators and delivering his opening remarks. SGV Tax Partners Atty. Victor C. De Dios (VCD) and Atty. Ana Katrina C. de Jesus (ACJ), and BIR Assistant Commissioner for Client Support Service Janette Cruz were the speakers for the seminar. They discussed updates on their respective topics while SGV Clark Partner-In-Charge and Head Atty. Margaux A. Advincula (MAA) moderated the Q&A session.  Margaux (right) during the Q&A session SGV Tax Partners with BIR RDO 21C Chief Juvy Dela Peña, BIRAssistant Commissioner Janette Cruz, and CILA President Dr. Frankie Villanueva SGV Global Compliance Reporting (GCR) Partner Hentje Leo L. Leaño (LLL), Tax Partner Auresana B. Ines (ABI), Market Group 7 Leader Jose E. Pepito Zabat (JEZ), and Tax Senior Associate Atty. Fatima Kate Garo also attended the event. BIR RDO 21C Deputy Chief Juvy Dela Peña was one of the guests. 
SGV Assurance Partner and PICPA National Sectoral Director for Public Practice John T. Villa (JTV) and SGV Tax Partner and PICPA Metro Manila Region (MMR) Regional Sectoral Representative for Public Practice Maricris U. See (MUS) together with PICPA National Summit on Public Practice Committee member and Tax Senior Director Meynard Sardalla and Tax Associate Director Edsel Francis Lima, organized the first PICPA National Summit on Public Practice. The PICPA National Summit on Public Practice Core Team facilitated the summit from 31 January to 1 February 2023, at the Century Park Hotel, Manila with the theme “Sustaining the Public Practice Profession in the Philippines by Playing it Forward – with Quality.” The summit covered some of the hot topics on quality assurance review (QAR), updates on the BOA accreditation, accounting and other tax topics which are relevant to public practitioners. More than 200 public practitioners from all over the country attended the summit. Meynard, Maricris, John, and Edsel at the summit Philippine Regulatory Board of Accountancy Chair Hon. Noe Quiñanola shared updates and a timeline of the Quality Assurance Review (QAR) program, while Hon. Thelma Ciudadano discussed QAR focus areas. SGV Professional Practice Director and Head of Risk Management Lucy L. Chan (LLC) highlighted the importance of an effective internal control system and risk assessment in conformity with ISA 315 (Revised) - Assessing the Risks of Material Misstatement. SGV GCR Leader Sonia D. Segovia (SDS) was also present during the event and introduced one of the resource speakers. Tax Senior Director Meynard Sardalla was the master of ceremonies for the first day of the summit. Lucy (left) and Roel (right) during their respective technical sessions Maricris moderates panel discussion on e-invoicing On the second day, PRBOA Vice Chair Hon. Atty. Samuel Padilla discussed PRC Resolution No. 53 with updates on the BOA accreditation requirements for CPAs in public practice and the education sector. SGV Accounting Standards Group and International Financial Reporting Standards Leader Roel E. Lucas (REL) facilitated the discussion on the exposure draft on IFRS for SMEs. Other resource speakers covered topics such as the economic forecast for the Philippines, common 2021/2022 SEC findings, tax implications of online transactions, and the e-invoicing system of the BIR. Maricris moderated the discussion on the challenges encountered in the implementation of e-invoicing in the Philippines. 
Forty-five SGV CPAs, including former leaders, alumni, and current SGV Chairman and Managing Partner Wilson P. Tan, are among the country’s 100 Certified Public Accountants (CPAs) who will be conferred the Accountancy Centenary Award of Excellence by the Professional Regulation Commission’s Board of Accountancy (BOA) in celebration of 100 years of the accountancy profession in the Philippines.  The Centenary awardees are Filipino CPAs who have demonstrated unquestionable integrity, contributed immensely to the advancement of the accountancy profession, and participated remarkably in national development. Forty-eight of the awards will be conferred posthumously, while 52 will be given during the conferment ceremonies on 17 March 2023 at the Manila Hotel. SGV recognizes the awardees’ extraordinary accomplishments and commitment to the profession, which have greatly advanced the practice of accountancy in the Philippines.  The former and current SGV awardees are: Founders Washington SyCipAlfredo M. Velayo Chairs and Managing Partners Roberto V. OngpinRizalino S. NavarroGloria Tan ClimacoCarlos R. AlindadaCesar Antonio V. PurisimaDavid L. BalangueCirilo P. NoelJ. Carlitos G. CruzWilson P. Tan Alumni Partners Guillermo N. CaragueEduardo B. De GuiaBaltazar N. EndrigaAurora T. GarciaAntonieta Fortuna IbeJaime C. LayaRoberto G. ManabatMario T. Mananghaya Leonardo J. Matignas, Jr.Benjamin R. PunongbayanEugenio R. ReyesJose T. SioProtacio T. TacandongJoel L. Tan-TorresEduardo M. Villanueva Alumni Pio D. BacongaJaime J. BautistaRosario S. BernaldoMa. Elenita B. CabreraLeonardo D. Cuaresma, Jr.Corazon S. Dela Paz-BernardoLuis C. DiazKim Jacinto-HenaresJeffrey C. Lim Roque A. LimEugene T. MateoDr. Rufo R. MendozaGregorio S. NavarroRaul C. PagdangananJune Cheryl C. RevillaAlicia LL. ReyesNestor V. TanMa. Violeta V. VicenteManuel B. Villar, Jr.   SGV also proudly honors exceptional alumni who served as past members of the BOA and who have been bestowed Recognition Awards by the current BOA for acting as “Guardians of the Profession Through the Years.”  These awardees are:  Alumni Partners  Gerard B. SanvictoresBetty C. Siy-Yap Alumni Eliseo A. AurelladoVioleta J. JosefWinefreda O. MadarangCarmelita G. SalgadoLucila C. Tarriela Congratulations to our outstanding CPAs!
The core committee members of the 1st GCR Tax Compliance Congress paid courtesy calls on the resource speakers from the Bureau of Internal Revenue (BIR) and the Bureau of Local Government Finance (BLGF) on 8 and 9 February 2023. GCR Leader Sonia D. Segovia (SDS) led the SGV Team with GCR Partner Maricris U. See (MUS) and Senior Directors Meynard L. Sardalla and Earvin Darren L. Lee. SGV GCR team presents certificate and token of appreciation to BLGF OIC Executive Director Pamela P. Quizon The GCR Team together with International Tax and Transaction Services (ITTS) Leader Fidela I. Reyes (FIR) visited the BIR National Office and met with Assistant Commissioners Jannette R. Cruz and Marietta U. Lorenzo on 8 February. The following day, the GCR team met with BLGF OIC Executive Director Pamela P. Quizon at the BLGF Office in the Bangko Sentral ng Pilipinas (BSP) offices in Manila.  SGV GCR team presents certificate and token of appreciation to BIR Assistant Commissioner Marietta U. Lorenzo During the courtesy visits, the GCR team and the resource speakers discussed areas of possible collaboration between SGV and the respective government agencies. The GCR team presented certificates and tokens of appreciation to the resource speakers for their invaluable support during the 1st GCR Tax Compliance Congress.  SGV GCR team presents certificate and token of appreciation to BIR Assistant Commissioner Jannette R. Cruz The courtesy visits to the BIR and BLGF were in keeping with SGV’s vision of a sustainable Philippine tax ecosystem where regulators are business partners in achieving inclusive and resilient economic growth.
The Global Compliance and Reporting (GCR) team held its 1st SGV GCR Tax Compliance Congress on 2 February 2023. The virtual event was anchored on the theme “Adapting to the Changing Tax Compliance Environment” and was attended by over 800 participants from SGV and other external organizations. Event poster SGV GCR Leader Sonia D. Segovia (SDS) formally opened the Congress while SGV Tax Leader Atty. Fabian K. Delos Santos (FKS) delivered a message to the attendees. EY Asean Tax Leader Amarjeet Singh, EY Asean GCR Leader Julian Wong, and SGV Vice Chair and Deputy Managing Partner Ma. Vivian C. Ruiz (VCR) also graced the event and delivered messages on the significant role of tax compliance in the ever-changing taxation landscape in the Philippines and in the region. SGV GCR team presents e-certificate and token to BIR Assistant Commissioner Hon. Marietta U. Lorenzo For the technical sessions, GCR Partners Josenilo G. Mendoza (JGM) and Aaron C. Escartin (ACE) discussed key insights on year-end tax compliance and reportorial requirements, and the differences between current and deferred income tax with the aim of bridging the gap between accounting and tax rules, respectively. GCR Partners Maricris U. See (MUS), Joanna T. Dela Chica (JTC), Don Don T. Mojica (DTM), Hentje Leo L. Leano (LLL) and Michael A. Madlangbayan (MAM) served as moderators during the technical sessions. There were also resource speakers from the Bureau of Local Government Finance (BLGF) and Bureau of Internal Revenue (BIR) at the Tax Compliance Congress. BLGF OIC Executive Director Hon. Ma. Pamela P. Quizon discussed local tax updates and real property valuation reform. BIR Assistant Commissioner Hon. Marietta U. Lorenzo provided an outline of the plans and programs of the Bureau for 2023 and beyond, while BIR Assistant Commissioner Hon. Jannette R. Cruz gave updates on BIR’s E-invoicing project. GCR Senior Directors Meynard L. Sardalla and Marivic M. Rebulanan hosted the morning and afternoon sessions. Maricris was the lead partner for the GCR Tax Compliance Congress, with Sonia as the overall partner-in charge. Among the core organizing committee members of the event were Michael, Don Don, Senior Directors Earvin Darren L. Lee, Christiene Lawrence R. Matic, Meynard L. Sardalla, and Associate Director Nicolo Paolo C. Senatin.  The GCR Tax Compliance Congress is aligned with the SGV Tax team’s vision toward a sustainable Philippine tax ecosystem where the taxpayers are educated on tax rules and willing to comply, and where government agencies are the taxpayers’ business partners.
SGV Climate Change and Sustainability Services (CCaSS) Directors Diana Sadili-Chu and Ricardo “Ricky” S. Maulion, Jr. were resource speakers at a PICPA Eastern Metro Manila Chapter (EMMC) webinar on Sustainability and Integrated Reporting: Leading beyond the Numbers on 10 February 2023.Ricky (top left) and Diana (second from top left) with the webinar organizers and participantsDiana talked about creating long-term value through sustainability and the practice of sustainability reporting and assurance. She emphasized that, as responsible organizations, companies need to disclose their commitment to and focus on long-term value creation to their stakeholders, and that sustainability reporting is an effective tool to achieve this objective. Meanwhile, Ricky’s discussion focused on global developments and the regulatory landscape of sustainability reporting and how accountants can lead on sustainability and climate action. He highlighted that globally, organizations and countries are moving toward the same direction in terms of sustainability reporting, which is the mandatory reporting of key metrics. He underscored that the webinar participants, as accountants, play a critical role in sustainability and climate action, particularly on the integration of the accounting and finance function with non-financial reporting processes and controls based on their experience and knowledge of leading practices.