History of SyCip Gorres Velayo and Company
From Wikipedia, the free encyclopedia
SyCip Gorres Velayo and Company or simply SGV & Co. is a member practice of Ernst & Young in the Philippines.[1] [2]
It was founded by a well-known Chinese Filipino businessman Washington SyCip. It began as a one-man operation when Wash opened an office in Manila to provide services to Philippine businesses rising from the ruins of World War II[3]. SyCip acted as accountant, messenger, and janitor. Alfredo M. Velayo, a boyhood friend with whom Wash shared his dreams, and Vicente O. Jose, an accountant with copious experience in tax work, were taken in as partners in 1947. The new partnership gave birth to SyCip, Velayo, Jose & Co.
In 1948, the firm embarked on its first overseas engagement, heralding its forays into several other countries. Working in foreign offices gave staff the chance to hone their skills, competence and experience in dealing with different cultures. The firm pioneered the Filipinization of the accounting profession. The first step taken to achieve this end was to work out a merger with Henry Hunter Bayne & Co. (HHB), a firm which started its practice in the country in 1906.
In 1953, Thomas Farnell, a senior partner of HHB, decided to return to his homeland and sell his practice to two Filipino accountants – Arsenio Reyes and Ramon J. Gorres. After a series of negotiations between Wash SyCip and the two distinguished gentlemen, the two firms merged to form the largest accounting firm in the Philippines. From this relationship, SyCip, Gorres, Velayo & Co., the Firm’s current name, was derived.
In 1958, SGV assumed the practice of British firm Fleming & Williamson, which was rated the second largest accounting firm in the Philippines. The firm expanded further by establishing offices in Bacolod and Davao cities. Rapid growth accompanied a series of mergers with British firms in the 1950s which resulted in the partnership now known as SGV & Co.
As SGV continued to expand its practice in the country, it kept abreast of developments in the international professional world. The Firm began correspondent relations with some of the leading firms in the West, among them Arthur Andersen & Co., Ernst & Ernst, Haskins & Sells, and Arthur Young. For over 20 years, it has provided institutional development projects in more than 30 countries with funding assistance from international institutions such as the World Bank and the Asian Development Bank.
In 1985, SGV & Co. became a member firm of Arthur Andersen & Co., S.C., one of the largest professional service organizations in the world. The firm opened its Manila Offshore Systems Development Center, with assistance from Andersen Consulting, in 1986, and has provided computer software services to foreign clients through Andersen Consulting's global marketing network and resources.
SGV & Co. became a member practice of Ernst & Young on September 1, 2002 and the firm currently has nine offices across the Philippines. SGV’s staff complement of almost 2,000 consists of CPAs, lawyers, economists, HR experts, engineers, statisticians, financial analysts, and other business and technical experts.
