client advisory letter - pwc.comcta eb no. 1314 dated 15 august 2017) ... eb explained that the osd...

Client advisory letter

ISSN 2094-1226/September 2017Assess with authority p4 | Correcting the “false return” ruling p5 | Tax education p5 For better or for worse p6

Isla Lipana & Co.

2 Client advisory letter 2017

At a glanceUpdates, reiterations and clarifications on selected topics

PFRS 16 – How To Guide

By now companies are probably familiar with PFRS 16’s headline change - lessees will recognize a lease liability, and a right-of-use asset for almost all leases.

Companies can estimate the size of their lease liability at a high level by taking operating lease commitments and discounting the projected cash flows. This is comparable to what many users of the financial statements have estimated how the new leases standard will affect their balance sheets.

Understanding the other changes to financial statements, and actually implementing it in practice, need a little more work. Throughout this new series, we will share practical tips and insights about identifying issues and where to focus as companies transition to PFRS 16.

Why do you need to get started now?Whenever there is a new accounting standard, companies are advised to start understanding and assessment of impact early – this is because adoption of a new standard is a big project since it takes time to understand and apply the requirements, accounting under the new standard may introduce some complexity, and there may be new disclosures required. Many companies in various industries are already working on PFRS 16 because of the significant impact of the new leases standard to the financial statements. The significance in many industries means it is getting attention from audit committees, regulators and in lease negotiations. The headline change is that lease liabilities will be recorded in the lessee’s balance sheet. The other big change for lessees is that, for income statement reporting, more expense is recognized earlier. The depreciation of the right-of-use asset will typically be the same in each period but the interest will be front-loaded because the lease liability is bigger at the start of the lease.

Taxes, compliance matters, assessments, and refundsAssess with authority ..................................................................... 4Planting season............................................................................... 4Unauthorized authority ................................................................... 4Correcting the “false return” ruling ............................................... 5Tax education .................................................................................. 5Change is not welcome .................................................................. 5Tax exemption is never assumed .................................................. 6For better or for worse .................................................................... 6For your free information ................................................................ 6

Latest on regulatory landscapeFilipino first for online mass media ................................................ 7New life of a corporation ................................................................ 7Living beyond 50 years in a condo ................................................ 8Revision on standards .................................................................... 8In need of better care ..................................................................... 8Get PHP21 more ............................................................................. 8Tax free privileges for “Balikbayans” ............................................. 9Balanced economy ......................................................................... 9


This front-loading is for each individual lease so overall lease expense may be more volatile. For example, when companies enter into key, long-term leases, lease liabilities will increase overnight while lease expenses will be higher in the next few years. A balanced portfolio of leases may mitigate this volatility. This is something companies need to forecast and understand now to have time to reshape companies’ lease portfolio, or set clear performance expectations, before PFRS 16 arrives.

How long do you have?Just over a year - PFRS 16 is mandatory for periods beginning on or after 1 January 2019. If Companies choose the full retrospective transition option, Companies would also restate the comparatives. Transition options will be covered in detail in another installment.

Who should you be involving?The PwC/CBRE 2017 lease accounting survey found that 66% of companies have already formed a working group. Given the significant changes you should consider involving:

• Investor relations - what are external stakeholders expecting?

• Treasury - how will the lease liabilities affect your debt covenants and future financing?

• Procurement - does this change lease vs buy decisions?• Remuneration - do companies need to adjust targets for

long-term incentives?• Tax departments - do the new requirements have any tax

implications?

What next?In the next series, it will be important to understand how to identify all leases; and then over the coming months companies should know what to look for in leases which include other services; and also what to consider when selecting a system to monitor and account for leases.

Redefines commonly used financial metrics

The new requirements eliminate nearly all off balance sheet accounting for lessees and redefine many commonly used financial metrics such as the gearing ratio and EBITDA. This will increase comparability, but may also affect covenants, credit ratings, borrowing costs and your stakeholders’ perception of you.

Prepare now

The earlier you begin to understand what impact the new standard may have on your organisation the better prepared you will be to iron out potential issues and reduce implementation costs and compliance risk.

New standard

The IASB has published IFRS 16 – approved by the FRSC and adopted by the Philippine SEC as PFRS 16 – the new leases standard. It comes into effect on 1 January 2019. Virtually every company uses rentals or leasing as a means to obtain access to assets and will therefore beaffected by the new standard.

1

Business data and processes

Changes to the lease accounting standard have a far-reaching impact on lessees’ business processes, systems and controls. Lessees will require significantly more data around their leases than before given the onbalance sheet accounting for almost all leases. Companies will need totake a cross-functional approach to implementation, not just accounting.

Business model

The new standard may affect lessors’ business models and offerings,as lease needs and behaviours of lessees change. It may also accelerate existing market developments in leasing such as anincreased focus on services rather than physical assets.


Taxes, compliance matters, assessments, and refunds

Assess with authorityAudit of an unspecified year in an LOA is void

The BIR issued an LOA that authorizes revenue officers to examine the taxpayer’s books of accounts for taxable year 1998 to an unspecified date (i.e. 1998 to__, 19__). Subsequently, a FAN was issued assessing the taxpayer for deficiency income tax for FY 1999.

Both the CTA and the SC declared the assessment void because it is beyond the scope of the LOA, which only covered FY 1998. In this case, the LOA is valid but only for the taxable year specified therein, which is FY 1998. The Courts pointed out that RMO No. 43-90 mandates an LOA to cover one taxable year only. Thus, although the LOA is validly issued, when revenue officers assessed taxes for FY 1999, they went beyond the authority granted to them. Consequently, the 1999 tax assessment is void.

Planting seasonTax accounting prevails over financial accounting

The BIR disallowed certain expenses of the taxpayer which were already paid and incurred in FY 1998 but were deducted only in FY 1999.

The SC upheld the taxpayer’s method. The taxpayer is engaged in the production and marketing of tobacco and should be allowed to use the crop method of accounting. This method is especially relevant to farmers or those engaged in the business of producing crops, who would be able to compute their taxable income on the basis of their crop year. The method enjoins the recognition of the cost of crop production when the crops are sold. Although the crop method of accounting is not among the accounting methods specified in the Tax Code, it is, nonetheless, recognized under RAM No. 2-95. Moreover, while this method is not aligned with the generally accepted accounting principles, the SC held that the same shall prevail for tax purposes. This is because the crop method is especially designed for the tax reporting of taxpayers engaged in farming or crop production.(GR No. 183408 dated 12 July 2017)

Unauthorized authorityA referral memorandum can’t substitute for an LOA

The taxpayer questioned the BIR’s tax assessment on the ground that the officer who conducted the audit was not duly authorized.

In this case, the revenue officer who conducted the audit was not among the revenue officers named in the LOA. However, the BIR claimed that the taxpayer was properly informed about the re-assignment and continuance of the audit under a referral memorandum signed by the RDO.

BIR - Bureau of Internal RevenueCTA - Court of Tax AppealsFY - Fiscal YearLOA - Letter of AuthorityRAM - Revenue Audit MemorandumRDO - Revenue District OfficerRMO - Revenue Memorandum OrderSC - Supreme Court

Glossary


The CTA held that the tax assessments are void because the audit was made by a person who is not authorized. The referral memorandum signed by the RDO is not a valid substitute for an LOA. Hence, it did not grant the new revenue officer the authority to continue the audit. Thus, the audit conducted or the assessment made by the unauthorized revenue officer is a nullity.(CTA EB No. 1314 dated 15 August 2017)

Correcting the “false return” ruling Mere mistake does not make a return false

The CTA EB reversed the earlier decision of the CTA division declaring a withholding tax return as false merely because of late withholding of tax.

In this case, the taxpayer declared dividends in January 2007 but actually paid the dividends in February 2007. The taxpayer thought that the dividend tax was due only in February 2007, so it reported withholding tax in its February tax return and accordingly remitted the tax to the BIR in March 2007 (due date for the remittance of withholding taxes in February 2007). Because of the late withholding and remittance of the tax, the CTA division considered the January 2007 as a false return and applied the 10-year prescriptive period for purposes of assessing the penalties for late payment of taxes.

On Appeal to the CTA EB, the Court corrected the ruling of the division. While the CTA EB agreed with the division that the taxpayer’s act in considering the cash dividends as income payment for the month of February instead of January was a mistake, such mistake is not a falsity that would trigger the 10-year prescriptive period. The CTA EB cited the recent SC case1, wherein the High Court ruled that an entry of wrong information due to mistake, carelessness, or ignorance without intent to evade tax does not constitute a false return. (CTA EB No. 1524 and 1529 dated 16 August 2017)

Tax educationWhen a non-stock, non-profit school is taxed at 32% (now 30%)

A non-stock, non-profit educational institution was assessed for deficiency taxes, which include deficiency income tax of 32% (now 30%) on its rental income. The school invoked its tax-exempt status. However, the CTA EB agreed with the CTA division’s finding that the school failed to prove that it used the rental income actually, directly and exclusively for educational purposes. Thus, such rental income cannot be covered by the tax-exemption of the school. They also tried to argue that if it is subject to income tax,

1 GR No. 213943 dated 22 March 2017

it should be allowed to claim the 40% OSD and should be subject to income tax only at 10%, just like a proprietary educational institution. According to the CTA EB, a school that is generally a tax-exempt institution cannot avail of the OSD and the preferential tax rate of 10%. The CTA EB explained that the OSD is available only to qualified individual and regular corporate taxpayers. It is not applicable to a tax-exempt school. On the other hand, the CTA EB declared that the 10% rate is applicable only to proprietary educational institution and cannot be applied to a tax-exempt school.

In sum, the CTA EB upheld the ruling of the CTA division that the rental income of the school is subject to the 32% (now 30%) income tax.(CTA EB No. 1424 and 1430 dated 17 August 2017)

Change is not welcomeNo reallocation of cost during audit

The BIR assessed 35% (now 30%) regular income tax on the onshore other income from the FCDU of a commercial bank. To reduce the income tax, the bank said that a portion of its general and administrative costs, which were reported under its regular banking unit, should be allocated and allowed as deduction from its FCDU onshore other income citing the provision of Section 50 of the Tax Code.

The CTA explained that the action of the bank to reallocate expenses has the effect of amending its tax return previously filed. The court pointed out that while a tax return previously filed can be amended within 3 years from filing, this can be done only if there is still no notice of audit or investigation served upon the taxpayer. Hence, there is more reason to deny such reallocation of expenses during the tax audit.(CTA Case No. 8963 dated 31 August 2017)

CTA EB - Court of Tax Appeals En BancFCDU - Foreign Currency Deposit UnitLOA - Letter of AuthorityOSD - Optional Standard DeductionRDO - Revenue District OfficerSC - Supreme Court

Glossary


Tax exemption is never assumedTax exemption versus tax assumption

The CIR clarified that all donations, purchases, importations into, exportations out of, and used within the Philippines of any goods and services by a subcontractor under the PH-US Cooperative Threat Reduction Agreement (“CTRA”) are not exempt from Philippine taxes. The Philippine Government, through the relevant implementing agency, merely assumes the tax liability, i.e., taxes, costs, duties and other similar charges.

To distinguish, a tax exemption is a grant of immunity from payment of tax, while an assumption of tax liability does not provide immunity from payment of tax as it merely allows the shifting of the burden of taxation to another entity. Thus, if the subcontractor under the CTRA mistakenly paid taxes (VAT, in this case), it must refund the amount of tax paid from the contracting implementing agency of the Government of the Philippines.(BIR Ruling No. ITAD 023-2017 dated 13 July 2017)

For better or for worsePartition of properties in a nullity of marriage is not subject to CGT and DST

The CIR ruled that the transfers of real properties between former spouses, as a result of the declaration of nullity of their marriage, are not subject to CGT and DST. The transfers are not sale, but are made under a compromise agreement approved by the court, and without any monetary consideration. Thus, the transfers are not subject to tax. However, the common or “conjugal” properties of the former spouses must be divided equally between them. Should one spouse get a share more than the other spouse, the excess is considered “other disposition” of property subject to CGT and DST under Section 24(D)(1) of the Tax Code.

Further, the transfers of properties to their children as presumptive legitimes are also not subject to CGT and DST. However, the transfer certificates of title must contain an annotation that the conveyance was a delivery of presumptive legitimes to the children. The said properties being considered as advances on the children’s legitimes pursuant to Article 51 of the Family Code, as amended, shall be subject to estate tax, if any, only upon death of either of the spouses. Finally, the delivery of presumptive legitimes is not subject to donor’s tax for lack of donative intent on the part of the spouses.(BIR Ruling No. 377 – 2017 dated 14 August 2017)

For your free informationBIR’s new policy manual on freedom of information

The BIR issued an FOI Manual that will serve as guidelines in dealing with requests for information directed to the BIR under EO No. 2, series of 2016.

To ensure compliance, the BIR shall designate an FOI Receiving Officer (“FRO”) who shall receive all FOI requests and conduct initial evaluation to determine if the request is complete and compliant. The FRO may deny the request if: (a) the form is incomplete; (b) the information is already disclosed in the BIR’s website; or (c) the information is protected and among the exceptions to the FOI.

The FRO shall forward all requests to the FOI Decision Maker (“FDM”) who has custody of the requested information. The FDM may also deny the request if, in addition to the ground for denial by the FRO: (a) the BIR does not have the information requested; (b) the information is protected by the Data Privacy Act of 2012; (c) the request is unreasonable, subsequent identical or substantially similar from the same requesting party whose request have already been previously granted or denied by the BIR; and (d) covered under Section 270 of the Tax Code (Unlawful Divulgence of Trade Secrets).

A party whose request has been denied may file an appeal with the FOI Appeals Authority. The Deputy Commissioner for Legal Group shall be the FOI Appeals Authority in the National Office, while the Assistant Regional Director shall assume the role in the Regional Offices(RMC No. 75-2017 dated 20 September 2017)

BIR - Bureau of Internal RevenueCGT - Capital Gains TaxCIR - Commissioner of Internal RevenueDST - Documentary Stamp TaxEO - Executive OrderFOI - Freedom of InformationVAT - Value-Added Tax

Glossary


Filipino first for online mass mediaExclusive Filipino ownership for online platforms engaged in mass media

The SEC OGC confirmed that a corporation is engaged in mass media if it provides: (a) proprietary technology through a digital platform to reach out to its target market and to convey to them customized messages; and (b) point-of-purchase advertising using digital media signage and/or audio playback.

Relevantly, under the Constitution, ‘mass media’ refers to any medium of communication designed to reach the masses, the distinctive characteristics of which is the dissemination of information and ideas to the public. While the internet per se is not mass media, it was clarified that the internet may be used as a platform for mass media; hence, it is how the technology is utilized that determines whether a particular undertaking is mass media.

Citing a prior issuance, it was explained that a corporation providing an online platform as a ‘middleman’ between parties, engaged in the dissemination of information to the public is an activity rapt in mass media and not advertising. Thus, the foreign equity limitation imposed by the Constitution to mass media, which guarantees full and exclusive Filipino ownership and management of corporations and providers in the mass media industry, must apply to the corporation. (SEC-OGC Opinion No. 17-07 dated 10 May 2017)

SEC OGC - Securities and Exchange Commission Office of the General Counsel

Glossary

Latest on regulatory landscape

New life of a corporationImplications of re-registration of a corporation

The SEC OGC was sought for clarification on two issues: first, whether or not a corporation, whose Certificate of Registration was revoked, extinguishes its right of dominion over its corporate assets; and second, whether its re-registration makes it a new corporation or the same old corporation.

In response to the first question, the SEC OGC said that the old corporation’s dominion over its assets is not immediately extinguished by the revocation of its Certificate of Registration. Such entity is allowed to continue as a juridical entity for three years for the purpose of prosecuting and defending suits by or against it, and enabling it to settle and close its affairs, to dispose of and convey its properties, and to distribute its assets, but not for the purpose of continuing the business for which it was established. It may also be continued even after the expiration of the 3-year period to continue liquidating its remaining undistributed assets in order to complete the process of dissolving the corporation. As to the second question, the SEC OGC explained that the old corporation is now considered a new corporation. The original company is separate and distinct from the newly-registered one, and the former cannot be considered as a continuation of the latter.(SEC-OGC Opinion No. 17-08 dated 5 September 2017)


• The SEC shall undertake to declare the registration statement effective or rejected within 28 days after the date of filing, unless the applicant consents to a later date. Any amendment filed prior to the effective date of the registration of its securities shall recommence the 28-day period within which the SEC shall act on the application.

• A hospital may engage the services of Group B SEC accredited External Auditors or Auditing Firms subject to the requirements provided by the guidelines.

(SEC Memorandum Circular No. 11 dated 29 September 2017)

Get PHP21 moreNew minimum wage increase for workers in NCR

Effective 5 October 2017, the basic wage of private sector workers in the NCR will increase by PHP21 a day, setting the new minimum wage rates to PHP512 for the non-agriculture sector and PHP475 for the sectors of agriculture, retail/service establishments (employing 15 workers or less), and manufacturing establishments (regularly employing less than 10 workers).The wage rates shall apply to all minimum wage earners in the private sector, regardless of their position, designation or status of employment and irrespective of the method by which they are paid.

However, this Wage Order shall not cover household or domestic helpers, persons in the personal service of another, and workers of duly registered Barangay Micro Business Enterprises (BMBEs) with Certificates of Authority pursuant to RA No. 9178, otherwise known as the “BMBE’s Act of 2002.” (DOLE Wage Order No. NCR–21 dated 14 September 2017)

Living beyond 50 years in a condoDetermining the life of a condominium corporation

According to the SEC OGC, Section 11 of RA No. 4726, otherwise known as “The Condominium Act,” is a special law which provides that the corporate term of a condominium corporation is coterminous with the duration of the condominium project. It prevails over BP No. 68, otherwise known as “The Corporation Code of the Philippines,” a general statute which provides a maximum term of 50 years for corporations.

Hence, a condominium corporation need not amend its term to extend to 50 years when its lifespan is conterminous with the project under the Condominium Act.(SEC-OGC Opinion No. 17-09 dated 5 September 2017)

Revision on standardsAdoption of revised accounting standards and interpretations

The SEC has adopted the following amendments to the Philippine Financial Reporting Standards (PFRS), subject to their respective effective dates:

(a) Amendments to PFRS 4 and PFRS 15 shall be effective for annual periods beginning on or after 1 January 2018;

(b) Amendments to PIC Questions and Answers (Q&A) No. 2016-01 are effective on the dates as specified in the Q&As affected; and

(c) Consensus in PIC Q&A No. 2016-04 is effective on the same date that PFRS 15 takes effect.

(SEC Memorandum Circular No. 10 dated 29 August 2017)

In need of better careSRS guidelines for hospitals

The SEC, recognizing the need to address the shortage of hospitals nationwide by selling securities to raise public funds, has issued the following guidelines for the registration of securities for hospitals:

• SEC Form 12-1 SRS (in lieu of SEC Form 12-1) shall now be used in the application for registration of securities of hospitals.

BP - Batas PambansaNCR - National Capital RegionPFRS - Philippine Financial Reporting SystemPIC - Philippine Interpretations CommitteeRA - Republic ActSEC OGC - Securities and Exchange Commission Office of the General CounselSRS - Simplified Registration System

Glossary


BOC - Bureau of CustomsDOF - Department of FinanceDOLE - Department of Labor and EmploymentIRR - Implementing Rules and RegulationsOFW - Overseas Filipino Workers

Glossary

Tax free privileges for “Balikbayans”New guidelines for tax and duty-exempt importation of OFWs

Under the BOC-issued guidelines, all Returning Residents and Returning OFWs availing of the tax and duty-free privilege on importations of personal household effects must apply with the Revenue Office of the DOF for the issuance of a Tax Exemption Indorsement (TEI). Shipments arriving in advance of the date of return of a Returning Resident or Returning OFW without the requisite TEI may be allowed conditional release upon the posting of a cash bond equivalent to 100% of the assessed duties and taxes due. After filing of the goods declaration, all shipments shall be subject to mandatory nonintrusive inspection by x-ray imaging, except when the shipment is subject of derogatory information or selection based on profiling or risk management parameters; in which case, physical examination shall be conducted.(BOC CMO No. 15-2017 dated 28 July 2017)

Balanced economyImplementing rules for generation of green jobs

To promote a green economy and uphold the rights of the people to a healthful ecology, DOLE has issued the IRR of RA No. 10771, otherwise known as the “Philippine Green Jobs Act of 2016.” Under the IRR, financial assistance programs and incentives, such as tax deduction and exemption of duties on importation of capital equipment, shall be given to qualified business enterprises to encourage generation of green jobs. The rules also mandate DOLE and its satellite agencies to identify needed skills, develop training programs, and certify workers for industries that ensure the sustainable development of the environment. The IRR covers all business enterprises which include: (a) self-employed workers; (b) micro, small, and medium enterprises; and (c) community-based business enterprises and cooperatives.(DOLE Department Order No. 180 dated 7 September 2017)


Meet us

The press conference on the M.A.P.-PwC CEO Survey 2017 Report was held 11 September 2017 at Romulo Cafe, Jupiter Street, Makati City. Seated, L-R: M.A.P. CEO Conference Committee Governor-in-Charge and Dentsu Aegis Network (DAN) Philippines CEO, Dr. Donald Patrick Lim; PwC Philippines Deals and Corporate Finance Managing Partner Mary Jade Roxas-Divinagracia; M.A.P. President and Convergys Philippines, Inc. Chair, Ms. Marife B. Zamora; Philippine Daily Inquirer Business Reporter Doris Dumlao-Abadilla; Entrepreneur Philippines Editor-in-chief Roel Landingin. Standing, L-R: PwC Philippines Assurance Partner Aldie Garcia, and ABS-CBN News Channel Business News Anchor Warren de Guzman.

PwC Singapore Partner in Deals Strategy Richard Skinner is the Session 5 speaker, whose topic is “The Future of ASEAN: A New Form of Regionalization”.

PwC Philippines Assurance Partner Aldie Garcia presents the survey results to delegates during the conference

PwC Philippines is the Knowledge Partner of the 15th M.A.P. Int’l CEO ConferenceFor the third straight year, Isla Lipana & Co./PwC Philippines served as the Knowledge Partner of the Management Association of the Philippines’ (M.A.P.) International CEO Conference, held 12 September 2017 at the Makati Shangri-La Hotel, Makati City. As Knowledge Partner:

• PwC conducted for the third time the M.A.P.-PwC CEO Survey. It reflects the conference’s theme, “ASEAN in Business: Building Partnerships in a Growth Network”. Respondents were asked about their sentiments in reshaping their organizations through partnerships, chasing talent and innovation, improving success rates in partnerships, and partnerships in ASEAN.

• Survey results were unveiled for the press on the eve of the conference.• PwC Philippines Assurance Partner Aldie Garcia presented the survey results to delegates during the conference.• PwC Singapore Partner in Deals Strategy Richard Skinner was the Session 5 speaker, whose topic was “The Future

of ASEAN: A New Form of Regionalization”. He drew from his experience and expertise leading the Growth Markets Centre of PwC Singapore to answer pressing questions on ASEAN economic community developments vis-a-vis the Philippines’ prospects.

• Thematic videos featuring sound bytes from CEOs interviewed for the survey ushered in each speaker’s session.• PwC Philippines Deals and Managing Partner Mary Jade Roxas-Divinagracia moderated the Q&A during Session 7 that

featured the ASEAN Foundation Executive Director, Ms. Elaine Tan from Indonesia.• The survey report was showcased in PwC’s Knowledge Cafe outside the ballroom. Delegates conversed over specialty

coffee served in PwC mugs.• PwC Philippines documented the conference highlights that will serve as reference when planning next year’s

conference.

To know more about the report, visit www.pwc.com/ph/ceosurvey


Talk to us

For further discussion on the contents of this issue of the Client Advisory Letter, please contact any of our partners.

Alexander B. CabreraChairman & Senior Partner, concurrent Tax PartnerT: +63 (2) 459 2002 [email protected]

Roselle Yu CaraigTax PartnerT: +63 (2) 459 2023 [email protected]

Request for copies of text

You may ask for the full text of the Client Advisory Letter by writing our Tax Department, Isla Lipana & Co., 29th Floor, Philamlife Tower, 8767 Paseo de Roxas, 1226 Makati City, Philippines. T: +63 (2) 845 2728. F: +63 (2) 845 2806. Email [email protected].

For tax and related regulatory matters

For accounting matters

Malou P. LimTax Managing PartnerT: +63 (2) 459 2016 [email protected]

Harold S. OcampoTax PrincipalT: +63 (2) 459 [email protected]

Geraldine E. LongaTax PartnerT: +63 (2) 459 [email protected]

Fedna B. ParallagTax PartnerT: +63 (2) 459 3109 [email protected]

Zaldy D. AguirreAssurance PartnerT: +63 (2) 459 3023 [email protected]

Carlos T. Carado IITax PartnerT: +63 (2) 459 2020 [email protected]

Lawrence C. BiscochoTax PartnerT: +63 (2) 459 2007 [email protected]

Gina S. DeteraAssurance PartnerT: +63 (2) 459 3063 [email protected]

The survey report is showcased to delegates at PwC’s Knowledge Cafe.

At the PwC Knowledge Cafe, L-R: Deals and Corporate Finance Managing Partner Mary Jade Roxas-Divinagracia, former Chairman and Senior Partner Tammy Lipana, Assurance Partner Gina Detera, Deals Senior Manager Trissy Rogacion, Markets Senior Manager Dennis Bautista, and Assurance & Markets Director Allan Cao.

PwC Philippines Deals and Managing Partner Mary Jade Roxas-Divinagracia moderates the Q&A during Session 7 that features the ASEAN Foundation Executive Director, Ms. Elaine Tan from Indonesia.

Thematic videos like this featuring sound bytes from CEOs interviewed for the survey usher in each speaker’s session.

Some of the delegates from PwC Philippines, L-R: Corporate Responsibility Manager Edwin Padillo, Assurance Partner Paul Chester See, Deals Senior Manager Trissy Rogacion, and Tax Partner Carlos Carado II.

www.pwc.com/ph© 2017 Isla Lipana & Co. All rights reserved.

At PwC, our purpose is to build trust in society and solve important problems. We’re a network of firms in 158 countries with more than 236,000 people who are committed to delivering quality in assurance, advisory and tax services. Find out more and tell us what matters to you by visiting us at www.pwc.com.

PwC refers to the PwC network and/or one or more of its member firms, each of which is aseparate legal entity. Please see www.pwc.com/structure for further details.

Disclaimer The contents of this advisory letter are summaries, in general terms, of selected issuances from various government agencies. They do not necessarily reflect the official position of Isla Lipana & Co. They are intended for guidance only and as such should not be regarded as a substitute for professional advice.

client advisory letter - pwc.comcta eb no. 1314 dated 15 august 2017) ... eb explained that the osd...

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