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Sgv &Co.

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SyCip Gorres Velayo & Co. (SGV & Co.)
SGV & Co. is currently the Philippines' largest multidisciplinary professional services firm with eight offices across the country. The Firm employs over 3,200 professionals from various disciplines delivering value-added services to over 5,000 esteemed clients. We provide integrated solutions that draw on diverse and deep competencies in assurance, tax, transaction and advisory services. We uphold the highest standards of quality. In fact, SGV & Co. remains the only ISO 9001-certified professional services firm in the Philippines – a distinction we have maintained since 1996.

Our track record has remained unmatched in the region. We have accumulated invaluable resources in our 67 years of operations - highly qualified and competent staff, state-of-the-art facilities and an enviable international network.

SGV & Co. is a member practice of Ernst & Young, a global leader in assurance, tax, transaction and advisory services. Worldwide, its 167,000 people are united by shared values and an unwavering commitment to quality. SGV & Co. and Ernst & Young make a difference by helping our people, clients and wider communities achieve their potential.

Our Values * • People who demonstrate integrity, respect and teaming * • People with energy, enthusiasm and the courage to lead * • People who build relationships based on doing the right thing

FAQ
SGV audits:
» 54 of the top 100 corporations in the Philippines
» 396 of the top 1000 corporations in the Philippines
» 7 of the top 17 universal banks
» 8 of the top 11 regular commercial banks
» 4 of the top 8 savings and mortgage banks
» The top private development bank
» 21 of the top 32 holding companies
» 8 of the top 14 life insurance companies
» 4 of the top 6 non-life insurance companies
» The top credit card company
» The top investment company
» The top 3 landline services providers
» The top 3 mobile telecommunication services providers
» The top 2 television broadcast companies
» The top 3 resort hotels
» 3 of the top 6 resort hotels
» 5 of the top 9 fast-food chains
» 8 of the top 12 real estate companies – buying, selling, renting, leasing and operating owned or leased property
» 19 of the top 22 real estate companies – buying, developing, subdividing and selling
» 19 of the top 36 manufacturers of semi-conductor devices and other electronic components
*Source: 2012 Edition of BusinessWorld Top 1000 Corporations in the Philippines
At present, the SGV team is composed of:
» 83 partners
» 3,200 professional staff
» 152,000 people are united Worldwide by shared values and an unwavering commitment to quality
Among professional services firms, we are ranked No. 1 in:
» Audit services
» Tax services
About 150 of the top CPA placers in the last six years joined SGV & Co.
About 200 of our partners and staff have postgraduate degrees, a number from foreign universities, including:
» University of Pennsylvania
» Northwestern
» Harvard
» Columbia
» NYU
» Fordham
» IMD
» INSEAD
» London Business School
About 380 of our staff have been seconded to foreign offices.
We are the first ISO 9001-certified company for Assurance services in the Philippines, and remains the only such company since 1996.

History
2007 to 2011 – Towards greater Corporate Social Responsibility
2007 marked the completion of the Washington SyCip Park, a gift from the partners and principals to Mr. SyCip on the occasion of his 88th birthday. It also marked the Firm’s growing focus on sustainability and corporate responsibility, the personal advocacy of Cirilo P. Noel, who succeeded Mr. Balangue as Chairman and Managing Partner of SGV in February 2010.
Mr. Noel believes strongly in the virtue of stewardship. He often emphasized that, as a good corporate citizen, SGV needed to do its part in promoting environmental responsibility, nation-building and personal wellness. In conjunction with global EY initiatives, SGV undertook programs to reduce waste, promote sustainability and encourage staff participation in such projects as Gawad Kalinga Village 88, Earth Hour, the SGV Fun Run and many others.
It was during this period that Ernst & Young also firmed up its global structure, realigning practices across 15 countries, including the Philippines, into a single Far East Area. This would later evolve into the EY Asia-Pacific Area.
Believing deeply in the outstanding capabilities of Filipino professionals, SGV officially established the Asia-Pacific Talent Hub (ATH) in 2010 as a cross-border teaming resource. The ATH not only provides local staff with quality training and international client experiences, it simultaneously provides global EY colleagues and clients access to a greater pool of skilled, world-class talent. In 2011, the ATH grew to a team of 186 professionals servicing over 65,000 clients around the world, including Hong Kong, Singapore, Malaysia and Australia.
In 2011, SGV marked its 65th year anniversary as well as Mr. SyCip’s 90th birthday with a series of events and milestone projects that would further enhance the Firm’s contributions to the country. Stronger than ever with 83 partners, 3,100 staff and over 5,000 clients, the Firm focused on expanding its horizons globally, responsibly and even historically.
Guided by Mr. Noel’s commitment to stewardship, the firm continued to make a difference in the country and its diverse communities through several remarkable projects, many of which were channeled through the SGV Foundation. These include making a donation through the Synergeia foundation to build 90 playgrounds in elementary schools around the country, sponsoring 90 semesters of scholarships for teachers, turning over Gawad Kalinga Village 88 to its new homeowners, building primary school library-classrooms with the AGAPP foundation, sponsoring a fund-raising Fun Run for staff and clients, and hosting a stunning performance of “Crisostomo Ibarra” by Ballet Philippines at the Washington SyCip Park to help promote the arts.
And since stewardship also includes preserving SGV’s legacy, the Firm founded the SGV Museum to serve as a repository for its rich traditions and history over the decades. The facility is located at the penthouse of the Shang Grand Tower on Perea Street. It includes a memorabilia room, a room dedicated to Mr. SyCip, meeting rooms, and interactive modules on SGV’s history and Mr. SyCip’s life. It also serves as a gallery to showcase the SGV Foundation’s collection of fine paintings and artworks.
To accommodate the growing complement of SGV professionals, the firm moved to new and larger offices in Cebu and Davao. In Makati, several teams were also relocated to the nearby iAcademy building and National Life Insurance building. This expansion was yet another testament to SGV’s size and strength as the industry leader in the country.
2002 to 2006 – Strengthening Foundations
With the aim of further broadening its ability to provide impeccable service to its clients, the Firm became a member firm of Ernst & Young Global (EY) on 6 June, 2002. This created a powerful synergy between SGV’s well-known culture of integrity, professionalism and excellence and EY’s global network and dynamism, forging a strategic partnership that would champion a two-fold vision and strategy of People and Growth, building on SGV’s forward-looking strategy and strengthening local and international ties. It was at this time that the Firm consolidated its countrywide network into eight branches, servicing key growth sectors in Bacolod, Baguio, Cagayan de Oro, Cavite, Cebu, Davao, General Santos and Makati.
In 2003, the Firm, through the SGV Foundation, launched the Entrepreneur Of The Year Philippines, an ongoing program which seeks to recognize and honor visionary and inspiring Filipino business leaders who promote economic growth and nation-building through entrepreneurship. The global Entrepreneur Of The Year program was first introduced in the United States in 1986 by Ernst & Young. Since then, the program has spread to 140 cities in 50 countries worldwide.
In 2004 Mr. Purisima left SGV to join the Department of Trade and Industry and was succeeded by David L. Balangue as Chairman and Managing Partner. It was during this time that the country’s reporting standards converged with international rules through the adoption of the Philippine financial Reporting Standards (PFRS). Mr. Balangue was a member of the Philippine Interpretations Committee, which aided local companies in the process of implementing PFRS. In the same year, the Alfredo M. Velayo School of Accountancy was founded at the University of Santo Tomas.
In 2006, SGV celebrated its 60th year anniversary with a growing family of 75 partners and nearly 2,000 staff. This number would soon be overshadowed by even more rapid growth and expansion.
1997 to 2001 – 55 Years of Leadership
Then Chairman and Managing Partner Cesar V. Purisima has said, “There is nothing more difficult to carry out, nothing more doubtful of success or more dangerous to manage, than to initiate a new order of things.” Purisima knew whereof he spoke, as he introduced the concept of market circles and reorganized the Firm under a new structure. But change, in any organization, is inevitable. The only thing left to be done is ensure as smooth a transition as possible, with as little pain as possible. To this end, Purisima created a new committee tasked with making decisions on issues affecting day-to-day operation of the market circles and service lines.

1992 to 1996 – Birth of the New Economy
R. Navarro left SGV in 1992 to become Secretary of Trade and Industry under the term of Former President Fidel V. Ramos. Gloria L. Tan Climaco succeeded him to become the first female Chairman and Managing Partner of SGV. During her term, she led SGV in finding new applications for its expertise and challenged innovation from everyone. SGV was successful at offering consulting services in new and challenging areas — complex financial audits, mergers and acquisitions, debt-to-equity swaps, revolving trade facility arrangements, recapitalization, capital structuring, BOT projects, IPOs, asset securitization, privatization, and foreclosure and bankruptcy proceedings. SGV was the first in the industry to provide corporate finance consulting and contract financial management.
The year 1996 marked the Golden Anniversary of the Firm. A milestone for the history of the Firm, the 50th anniversary was punctuated by month-long celebrations – including a grand alumni homecoming – and the release of the “SGV 1946-1996: A Gold Record” book. But what made the event most poignant was the announcement of Washington SyCip’s retirement. After 50 years of nurturing and molding the Firm into the respected and exceptional institution SGV has become, Washington SyCip turned over the reins of managing the Firm to the new breed of SGVeans.
The year 1996 heralded the start of Carlos R. Alindada’s term as Chairman and Managing Partner. This period in the Firm’s history was a witness to economic and political upheavals as the world grappled with the challenges of a New Economy, and as the Asian financial crisis impacted on all sectors and businesses in the region.
The Firm met these challenges head-on. Resilience, consistency and dedication were the elixir of SGV, as the years marched on.
1987 to 1991 – The Age of Globalization
A global firm

Heading into the ’90s, SGV continued to expand its reach and services. The Firm’s scope of practice grew to include the whole range of audit, tax, and consulting services using advanced technologies, methodologies and approaches for all industry groups within a worldwide network of offices, experts, and resources while serving clients on a global scale from a solid Asian base. With technology from AASC, the Manila Advanced Systems Center has been developing software for the major firms in the US and Japan through satellite communications since 1988. SGV has also contributed to the AASC structure by providing in-depth understanding of the firms.
SGV Consulting embarked on a major engagement in Ghana – one of thousands of International Development Projects SGV has undertaken since the early ‘70s throughout Asia and in other regions of the world. SGV also offered its services for investment in Vietnam once again.
Because of SGV’s indomitable leadership, its track record has remained unmatched in the region. It has accumulated various resources in its four-and-a-half decade of operations – competent staff, state-of-the-art facilities, and an international network. The vision of SGV is not only to give value service to its clients but, more importantly, to become a partner in development of the country where it operates. The Arthur Andersen Worldwide Organization shares this vision.
1982 to 1986 – Door to the World
Arthur Andersen & Co., S.C.

In 1982, Rizalino S. Navarro took over as Chairman and Managing Partner of SGV. During his 10-year term he oversaw and guided the Firm through many changes, the most important of which was gaining a global partner.
In 1985, after four decades of regional expansion, The SGV Group member firms in Indonesia, Philippines, Taiwan, and Thailand became members of the Arthur Andersen & Co., Société Coopérative, also known as the Andersen Worldwide Organization (AW). AW was already the world’s largest professional service organization at that time, with operations in roughly 50 countries and a workforce of about 30,000.
“The association with AW was a big strategic step,” Navarro said. “We chose AW because it was the best in IT and we knew that IT would be a critical competitive factor in our profession.”
The relationship between the two organizations was mutually beneficial. The SGV Group served as AW’s link to East Asia while AW afforded SGV access to its highly advanced computer technology and training programs, and to its international network.
In 1986, the Manila Advanced System Center and the Microcomputer Resource Facility were made operational through rapid technology transfer from AASC. Aided by computerization, SGV provided services to over 8,000 clients.
All levels of the organization benefited from intensive training. Formal training and international on-the-job experiences dramatically increased skills and enabled the Firm to deliver outstanding quality service in the field of technology.
1977 to 1981 – Competitive Edge
Development through technology and linkages

In 1978, the SGV Development Center was inaugurated. It housed an array of modern facilities utilizing an open plan concept for office space. Among its features were a computer center and expanded training and audio-visual facilities. The Center became a popular site for a variety of activities including public seminars and numerous internal training programs for the Firm.
The Center also became the home of the Institute of Advanced Computer Technology (I/ACT) which was established by SGV in affiliation with the Control Data Corporation of the US. I/ACT became one of Asia’s leading organizations in the field of computer training.
Industrialization in most countries in East Asia paved the way for The SGV Group to establish and formulate tie-ups with reputable organizations. These links enabled The Group to enter markets it has not previously tapped. It was in this period that the full range of services (audit, management consultancy, tax advisory) was offered by most of the member firms to their clientele.
By this time, The SGV Group had firmly established itself as a strong regional organization and had acquired a reputation for quality, excellence, and professionalism. It was more than ready to undertake expansion beyond East Asia.
SGV signed a contract with a large corporate group in Saudi Arabia to form SGV-Arabia Ltd. The office offered technical and advisory services. It also assigned staff to finance, accounting, and administrative positions in public and private institutions in the Kingdom.
Although SGV partners had participated in international forums, on an ad hoc basis for 30 years, it was only much later that their presence began to be identified with The SGV Group. Beginning 1977, The SGV Group religiously sent a contingent to periodic conferences of the ASEAN Federation of Accountants, confederation of Asian Pacific Accountants, ASEAN Chamber of Commerce and Industry, and the Pacific Basin Economic Council. SGV maintained a high profile at such gatherings as partners often occupied prominent positions. In 1982, Wash SyCip was elected president of the International Federation of Accountants (IFA). He was IFA’s first Asian president.
To be more responsive to the increasing sophistication of client requirements and the influx of new investments, SGV established its Project Development Services Group.
As the industry base of SGV’s clients widened, the Firm adopted an Industry Specialization Program. The Program was aimed at developing competency in different areas by compiling and disseminating relevant information, setting up specialized training programs and materials, and establishing relationships with leading practitioners from each industry.
1972 to 1976 – Economic Take-Off
Rapid expansion

In 1972, Wash SyCip passed on his responsibilities as Managing Partner of the Philippine member firm to two other partners – Roberto V. Ongpin and Rodolfo B. Jacob – and focused on his task as Chairman of The SGV Group. Each member firm progressed by setting up a consulting practice, establishing more branches, offering a broader range of services, upgrading facilities, and expanding its workforce. During this period, the total number of personnel in the SGV Group reached 2,600 before peaking at 4,000 in 1983. To coordinate and streamline the different services provided to its client base, SGV developed the total team service approach. Major client groups were identified and teams of partners from all divisions developed service plans for each group.
During this period, The SGV Group gained accreditation from the World Bank, the Asian Development Bank, and other similar institutions. The Group’s accreditation may be attributed to its intensive involvement in International Development Projects (IDPs) in non-SGV Group member countries. One such IDP was the South Nyanza Sugar Project in Kenya in 1976.
The SGV Group organized a management consulting practice in Hong Kong, as it tried to gain a strategic position in anticipation of doing businesss in China . The Group also formalized a correspondent relationship with Seoul-based Ahn, Kwon & Co. to service the multinational and local firms operating in the country.
The turn of political events in Vietnam forced SGV-Thuan & Co. to discontinue operations. Mario Gutierrez, partner-in-charge of the Vietnamese office, was one of the expatriates who left Saigon before its fall to the communist regime.
By 1976, the member firms of The SGV Group – located in the Philippines, Taiwan, Thailand, Indonesia, Malaysia, Singapore, Korea and Hong Kong – constituted the biggest network of nationally independent professional firms in East Asia.
1967 to 1971 – Looking Outward
Bridges across Asia

Inspired by the success of the tie-up with the Taiwan firm and Mr. SyCip’s concept of a regional organization of Asian professionals, Yukta Na Thalang & Co. – the No. 1 accounting firm in Thailand – became a member firm of the SGV Group in 1967.
Utomo Josodirdjo’s Kantor Akuntan Drs Utomo of Indonesia joined the Group in 1968, enabling the Group to participate in the bustling economic activity in Indonesia.
In 1970, The SGV Group further expanded its reach to include Singapore and Malaysia. The following year, The SGV Group penetrated the Vietnamese market through the establishment of SGV-Thuan & Co., the first auditing firm in the country to apply international standards. Another significant development was the setting up of a Management Service Division in each of the Indonesian, Malaysian, Singaporean, Taiwanese, and Thai member firms. The move was in response to the growing need for consultancy services in the region. Meanwhile, to expand its area of operations, T.N. Soong & Co. established a branch office in Taiwan.
As the number of The SGV Group member firms increased, so did the need for a coordinating office increased. The SGV Group office was put up in Manila to ensure adherence to uniform standards of professional services throughout the network. An Executive Committee, comprised of managing partners of the member firms, formulated regional policies. The office was also tasked to oversee the requirements of the member firms in terms of manpower and facilities.
During this period, The SGV Group undertook its first projects financed by international development institutions. It also embarked on consulting projects for countries without member firm offices.
On the occasion of its 25th anniversary, SGV launched the Professional/Social Involvement Program (PSIP). Through the PSIP, the Firm donated professional services to nonprofit, social and civic-oriented organizations.
1962 to 1966 – The Asian Connection
Birth of an Asian Multinational

This period marked the birth of The SGV Group. In 1962, through mutual acquaintances, Wash SyCip met with T.N. Soong who owned a public accounting firm in Taiwan. The two gentlemen soon discovered that they had common ideas on the role of accounting firms in economically developing countries. Taking advantage of an economic boom in Taiwan in 1964, T.N. Soong & Co. and SGV joined forces by entering into a technical cooperation agreement.
The firms agreed to subscribe to the same high level of professional and ethical standards, share professional materials, ensure uniform training programs, and consult with one another on matters of mutual benefit to their practices.
SGV continued to expand its local network with the addition of the Iloilo and Iligan offices. Meanwhile, the increase in people and facilities in the Manila office necessitated the Firm’s transfer to a 14-storey building along Ayala Avenue in Makati, the new hub of business and finance in the Philippines.
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.
Also, in 1966, SGV institutionalized its social responsibility by organizing SGV Foundation (SGVF). To this day, SGVF participates in the upliftment of the industrial and management sciences through financial support and grants for professioral and research chairs, scholarships, and other programs.
1957 to 1961 – Laying the Foundation
Training, excellence, growth

Even as SGV continued to attract the best graduates in every field, it remained actively committed to staff development, encouraging each staff to strive for excellence at all levels. The Firm’s first scholar returned to the country in 1957 and laid down the framework for SGV’s training program. In-house training was organized. Employees from all levels were encouraged to pursue higher studies or take up additional courses to develop their expertise. Scholarships to MBA programs locally and abroad were granted to deserving staff members.
To ensure consistent above-par work performance and maintain client confidence, management standardized its audit procedures and developed a working paper model. To oversee the training of the audit staff and adherence to quality standards, the Firm established the Research and Training Division.
To provide more incentives to its increasing number of employees, the management inked a policy granting an annual health bonus. It also created the Loyalty, Special, and SyCip awards in recognition of noteworthy achievements and length of service.
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.
1952 to 1956 – Establishing Identities
Taking the lead

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.
As the demands of business became more complicated, the need for professionals with world-class capabilities became apparent. To ensure the continued development of its workforce, and to fill the gap between the academe and actual practice, SGV began a manpower development program through training and scholarships.
This five-year period was marked by a growing market for management consultancy services. Realizing the auspicious prospects in this line of work, SGV founded its Management Services Division, the first of its kind in the country. Artemio L. Raymundo, the Firm’s first scholar, together with Cesar E. A. Virata, then a promising new graduate, nurtured the Division in its early stages. Ray focused on finance- and accounting-oriented engagements while Cesar concentrated on management areas such as production and project feasibility studies. The division became known locally and internationally as SGV Consulting.
1946 to 1951 – The Birth Years
W. SyCip & Co. established in Manila

The year 1946 marked the beginning of SGV & Co.’s history. At the time when the Filipinos were preoccupied with rebuilding the country after World War II, Washington SyCip, armed with a keen business sense and a vision for this country, opened a one-man accounting firm.
The Philippine accounting profession was then dominated by foreigners, as the country was just starting to rise from the ruins of war. Determined to be the partner of business, Wash practiced unparalleled dedication to the profession and provided the highest quality of service to his clients.
As the number of satisfied clients grew, 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.
Early on, the three partners assumed different functions in the Firm. Wash saw to setting up the long-range policies and plans; Fred oversaw day-to-day operations; and Enteng became the one-man Tax Division.
In the following year, the Firm embarked on its first overseas engagement, heralding the Firm’s 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.
To service more clients outside Manila at a lower cost, the Firm opened its first branch office in the southern city of Cebu. Five years after Wash set up his one-man office, the Firm had grown to 26 people.
SERVICES
1. Assurance
Maintaining Your Trust
To grow and create value, your company must have the trust of its customers, lenders, and investors.
The integrity of your company’s financial information and the reliability and security of your technology are critical components in garnering this trust and gaining access to global capital markets. Whether you are managing issues associated with globalization, addressing technology vulnerabilities in the connected economy, or looking to assure the fairness of your financial information — SGV & Co. can help.
We have invested substantially in innovating our global, risk-based audit methodology and technology and knowledge enablers. All our auditors are equipped with our global audit process management and documentation tool. The methodology is supplemented by comprehensive standards and quality controls that are applicable to every client engagement.
External Audit
We provide independent assurance on financial and nonfinancial information to meet regulatory and other stakeholder requirements utilizing world-class business-process-based methodologies and supporting tools. Our Global Audit Methodology and Documentation Approach is a risk-based approach that focuses on the drivers of the business, the associated risks, and the potential effects on financial statements accounts, and delivers a consistent, high-quality audit anywhere in the world.
Compilation and Review Services
We provide compilation services by presenting in the form of financial statements information the representations of management (owners) without expressing any assurance on the statements.
We also provide review services by performing inquiry and analytical procedures that provide the Company with a reasonable basis for expressing limited assurance that there are no material modifications that should be made to the statements in order for them to be in conformity with generally accepted accounting principles or, if applicable, with another comprehensive basis of accounting. This service generally includes limited review of interim financial statements.
Accounting Consultations
We assist companies in the proper applications of accounting principles and provide awareness of new accounting principles that will become effective. These services generally include reports on the application of accounting principles, reports on accounting position through technical research, and accounting updates seminars.
International Accounting Standards Conversions and Advisory
We assist companies in converting their present financial reporting system to International Accounting Standards (IAS) and in addressing accounting, auditing, and other reporting needs as well as other associated business issues. US Generally Accepted Accounting Principles (GAAP) Conversion We assist companies in converting their present financial reporting system to US GAAP and in addressing accounting, auditing, and other reporting needs as well as other associated business issues.
Regulatory Compliance
We assist companies in completing certain reporting requirements under existing rules and regulations of regulatory bodies such as the Board of Investments (BOI), the Securities and Exchange Commission (SEC), the Philippine Export Zone Authority (PEZA), and Bangko Sentral ng Pilipinas (BSP).
Extended Audit Services
We provide customized assurance services beyond the traditional external audit scope, such as services on branch project audit, audit of specific account, and fixed asset count.
Accounting Advisory and Consultation Services on Deal Structuring
We advise on the accounting impact of the deal structuring transaction on the financial statements and alternative treatments that might be relevant. This will assist companies in maintaining appropriate market valuation, managing financial reporting risks, understanding sources and timing of earnings and cash flow performance, and determining accounting impact of the transaction structure.
Due Diligence Work
We review financial information based on agreed-upon procedures, assisting acquirers/investors in determining factors affecting the price and post-acquisition financial issues and providing integrated support throughout the acquisition process.
Fraud and Investigative Dispute Services
• Fraud and Forensic.
We assist companies in preventing fraud by implementing fraud deterrence programs, as well as provide expert advice and assistance during fraud investigations.
• Assurance Support and
Extended Audit Services. We can provide you with experts to support your external auditor or for expanded operational audit coverage to allow your internal audit function to focus on completing its internal audit plan. » Strategic Risk Assessment. We assist companies’ top management in developing a summary of the key risks that must be properly controlled to optimize shareholder value and insights into how to best manage these risks. » Risk Management Transformation. We advise companies on how to improve existing risk management capabilities against leading practices.

2. Tax
Driven to Exceed Your Expectations
As today’s business environment becomes increasingly complex with a host of tax rules and regulations, it is imperative that businesses equip themselves with the best advice on these matters to compete effectively and efficiently.
NOW, more than ever, enterprises need to find new ways to align their tax strategies with their overall business needs, while meeting their compliance obligations wherever they arise. Our Tax Services can help you make these things happen by assisting you in identifying and implementing the best possible approach to all tax and business concerns.
Tax Compliance Review
Our tax professionals provide a diagnostic evaluation of a company’s tax position, practices, and procedures to determine whether they comply with Philippine tax laws. The objective of the undertaking is to identify potential tax exposures and recommend corrective actions.
Tax Planning Engagement
We help companies identify opportunities or areas where they can effectively generate tax savings within the parameters allowed by law. Tax planning can be made in the areas of regular and minimum corporate income taxation, fringe benefits taxation, etc.
Tax Due Diligence Review
We provide an investor with insights as to the potential tax exposures of an investee company to help determine the valuation to be attributed to the investment and thus, arrive at a sound and informed business decision.
Tax Advocacy/Controversy Work
We assist clients in liaising with the tax authorities for requests for rulings or opinions from the Bureau of Internal Revenue and the Department of Finance and in handling controversies and disputes arising from tax assessments. We can also represent enterprises in filing administrative claims for refund from the national and local governments as well as provide assistance in obtaining tax credit certificates from the authorities. We also provide assistance in the sale and/or purchase of tax credit certificates by handling and verifying the related documentary requirements as well as liaising with the tax authorities.
Litigation Support Services
We assist taxpayers who have claims for refund or who have tax assessments by providing a detailed review of the documents supporting their claims for refund or position against the assessments and presenting these to the Court of Tax Appeals. This helps facilitate the presentation of evidence in Court.
Investment Advisory Services
Our tax experts help prospective investors determine the most costand tax-effective vehicle/structure for Philippine inbound and outbound investments. We also assist in the related registration requirements. Likewise, we help plan and implement strategies to reduce tax liabilities for taxpayers doing business in multiple taxing jurisdictions. We can also help develop or review existing financial models for companies to ascertain the tax-implications of different alternatives being considered in the acquisition of investment portfolios.
General Advisory Services
We offer sound and expert advice on a wide range of tax matters such as those relating to corporate organizations and reorganizations, build-operate-transfer projects, joint venture agreements; various contracts and financial products; revenue legislation and rules, etc. We also provide advice and assistance with the registration and reporting requirements of government agencies relating to tax and/or investment incentives granted under various investment laws and regulations as administered by the Securities and Exchange Commission, Department of Trade and Industry, Board of Investments, Bangko Sentral ng Pilipinas, Philippine Economic Zone Authority, Clark Development Corporation, Subic Bay Metropolitan Authority, Local Governments, etc.
Transfer Pricing Services
We provide organizations with a professional assessment of whether their existing intercompany pricing policies comply with tax laws and regulations by reviewing existing transfer pricing methods and recommending the adoption of the optimal model. Likewise, we help formulate planning ideas to ensure that pricing policies comply with regulations in different taxing jurisdictions to reduce risk of double taxation and arrive at an optimal supply-chain structure. We also provide integrated, multi-country approach to meet substantiation requirements to efficiently document transfer pricing policies.
Customs Services
We provide Post-Entry Compliance Review, which can help companies prepare for a Customs audit and thus, minimize potential deficiency customs duties assessment and penalties. Likewise, we can also help business proactively plan future importations to minimize customs duties through our Pre-Importation Planning and Review Service. This will cover the determination of appropriate valuation and classification of importations to be made as well as other requirements to be complied with to ensure the release of the imported goods from the BOC. Moreover, in case of controversies and disputes with the BOC, our Customs Advocacy Service can provide organizations with the expertise and resources in effectively handling these matters. Our General Customs Service can likewise assist companies in securing the necessary permits, clearances, and licenses related to companies import requirements.
Contract Tax Services/Outsourcing
Our tax professionals can provide assistance in determining a company’s tax liabilities, preparing related returns, and remitting these taxes to regulatory agencies within the prescribed deadlines. As an alternative, our Staff Loan services can provide specialized tax expertise in a company’s office to extend real-time and responsive service to meet various tax needs.
Income Tax Return Preparation
We provide companies with expertise in the determination of compensationrelated tax and social security liabilities through our Payroll Outsourcing. The service extends to the preparation of employees’ and expatriates’ Philippine and US Tax Returns as well as in other reporting requirements to be submitted to regulatory agencies.
Estate/Family Wealth Planning
We offer advice on how to effectively reduce gift and estate taxes. We provide tax planning for wealth transfer and tax advice on creation of trusts, and prepare estate and donor’s tax returns.
Tax Seminars
We organize seminars to equip your people with a “Back to Basics” understanding of the Philippine tax system. Focus is on the principles and fundamentals of how various types of taxes operate with details on their implementation and administration. Included in the seminars are discussions on current issues to update participants with the latest pronouncements of various tax agencies. Other seminars also cover tax issues on local government taxation, how to handle claims for refunds and assessments, etc. 3. Advisory

Integrity Is the Key
It is no longer surprising to read about once powerful and mighty corporations going into bankruptcy triggered by massive fraud and deception. Shareholders are now demanding business honesty and prudence in the discharge of corporate responsibilities. Regulatory agencies are promulgating stricter regulations, as well as prosecuting dishonest business executives. Without a doubt, these business events are also prompting the need for a more focused identification and management of business risks and the implementation of adequate business processes and systems that will protect and maximize shareholder value and restore confidence in the corporate world.
We provide a full range of services to enable companies to better manage risk and improve business processes. Our knowledge of regulatory requirements and the principles and practices of good governance, and strategic and business process risks and controls can help you ensure better risk coverage and process assurance. Let us help you as you navigate through this important new business order. * * IT Risk and Assurance * • Enterprise Systems Risk Management
We help organizations improve their overall business process effectiveness and efficiency, and maintain the integrity of information for management use through appropriate application security and controls. Our IT Risk Management and Assurance Services enable companies to conduct business confidently by improving the reliability of information used for decision making. * » Enterprise Systems Assessment.
We help companies assess the overall effectiveness of business application systems implemented or for rollout to support key business processes. Our holistic approach covers both system functionality and end-to-end control and security aspects of the business system. As part of our IT Risk Management services, we also provide Revenue Assurance services to help companies assess their revenue management process, and design and implement effective revenue management systems that prevent leakages in the revenue processes. * » Enterprise Resource Planning (ERP) Integrity.
We assist companies in assessing the overall effectiveness of ERP solutions (e.g., SAP, Oracle, JDE, Baan, and People Soft) that are in place or planned for rollout. Our holistic approach covers both system functionality and end-to-end control and security aspects of the ERP solution. Complementary to our ERP Integrity services, we also assist companies in the actual implementation and rollout of systems and procedures designed to enable and to support enterprise-wide goals and objectives. ERP implementation services are currently available for the following Tier 1 ERP Suite of Products: Oracle 11i and SAP R/3. * » IT Teaming/Outsourcing.
We assist internal audit functions in solving resource needs by providing specialized IT audit resources for the execution of IT-related areas of the internal audit plan. We also help organizations assess and enhance their IT audit capability.
» Business Analytic, Data Analysis, and Forensics.
We help companies gather and analyze data from heterogeneous systems throughout the organization and convert these into meaningful information that can help management get a better view of how the different areas of the business are performing. Results can be used for business intelligence or investigative purposes. Our data analysis services are leveraged through the use of commercially available packaged analytic software. This strategy allows our clients to focus on key business issues rather than the underlying technology. * • Enterprise Security Management
We help companies identify, source, and assess IT security risks within the context of business processes. We also help companies design, develop, and implement practical and cost-effective security strategy and infrastructure to manage IT security risks. * » Security Attack & Penetration (A&P)/Profiling.
We help companies assess the effectiveness of the overall security infrastructure. We evaluate whether the existing security strategy, security function, security policies, processes, and solutions are consistent with the security vision/mission of top management. We examine baseline security controls over all technology layers: physical, network, platform/host, database, and application. This includes a review of system configuration, deployment, and incident monitoring processes.
Done in conjunction with Security Profiling or as a separate project, we also provideAttack & Penetration Services to assess an organization’s exposure to internal and external IT intrusions. Through simulated attacks, we attempt to break into the company’s network infrastructure from all possible access points, external (Internet, dial-up) and internal (LAN, WAN). Our Enterprise Security Profiling/Attack & Penetration Services deliver detailed technical, procedural, and strategic recommendations to enhance IT security controls.
» Enterprise Security Architecture Design.
Using our comprehensive IT security framework, we assist organizations in designing their security infrastructure to address their security requirements and to promote a more secure IT environment. Our services include security strategy development, best practice information security policies/guidelines/standards development, security organization design, and secured network architecture design. * » Security Solutions Implementation.
We help companies evaluate, select, and implement appropriate security solutions to address specific or enterprise-wide security requirements. Security solutions that we can help companies implement include Firewall (Balancing/Redundancy/Fail-Over), Intrusion Detection/Prevention, Secure Network Authentication, Server Access Control, Security Operations Management Portal, and PKI/VPN. * • IT Infrastructure Risk Management
We help organizations improve the integrity, nimbleness, and cost-performance of underlying IT infrastructure that supports their key business systems and processes. We identify and help manage pervasive risks relating to the availability, performance, reliability, and cost-effectiveness of IT services. * » Technology & Strategy Alignment.
We help companies align their information systems strategy with the overall business strategy. This alignment helps management avoid costly implications of business and IT misalignment and effectively deal with more important strategic issues. We focus on the business context as the key driver for all system requirements, and help management develop an Information System Plan that is practical and responsive to the needs of the business. * » Enterprise Systems Management Diagnostics.
We examine the overall IT management processes and assess the maturity and effectiveness of critical IT infrastructure components: people, processes, and technologies. This service provides companies with an improvement agenda to more efficiently control pervasive IT infrastructure risks and IT costs, and to enhance the quality of IT services. * » Continuity & Availability.
We help companies understand and manage business risks associated with failure or interruption of technology infrastructure resources and improve performance as it relates to business strategy and continuity. Specifically, we help organizations develop and implement their business continuity plans and IT disaster recovery plans to protect their IT service capabilities. * Performance Improvement * • Operational Performance Solutions
We can provide you with structured and integrated resources and tools on an industry basis, bring the right people armed with relevant knowledge and technology to audit highly specialized processes, and deliver proven solutions. * • Employment Solutions
SGV/Ernst & Young’s Global Employment Solutions practice helps organizations maximize the value of their investment in people by optimizing performance, reducing costs, and limiting risks. Our services include: * * » Organization Effectiveness.
We assist companies in effectively managing employees by drawing up organization structures anchored on business strategies, designing jobs with clear duties and responsibilities and reporting relationships, and determining appropriate staffing patterns. * » Performance Management.
We provide professional services on specific human resource systems that enhance employee performance such as job evaluation, competency modeling, performance management, and compensation and benefits. * Risk * • Internal Audit Services
Our Internal Audit Services group delivers services using our business-process based audit methodology and related audit tools. We provide a broader, more effective risk coverage and align available resources with the company’s strategic objectives and risk through the following services: * * » Internal Audit Outsourcing and Teaming.
Audit is not your core competency, but it is ours. Draw on our strength. Using our risk-based, process-focused audit methodology, we can deliver the full internal audit plan through outsourcing, or execute selected portions with a strategic teaming arrangement. We also assist in co-developing a strategic vision for the future that includes an action plan and time line. * » IA Transformation.
If your internal audit function is good but could be better, let our expertise enable its transformation to leading edge. Specialized teaming services, knowledge sharing, and training could be part of your value-added solution. * » Business Process Risk Management.
We utilize our business process-based methodology in improving current processes and developing recommendations to address business risks at the process level and/or to source the root causes of known performance gaps. * • Enterprise Risk Management
Our professionals have led various risk management projects covering all aspects of an enterprise risk management framework, from risk assessment to full implementation. Our ERM team has enormous depth of experience in introducing risk management to a wide range of clients. * • Financial Services Risk Management
In this fast changing business environment, we help identify opportunities to make your company nimble, better prepared, and effective in minimizing the impact of negative business events on your company’s financial position. * » International Accounting Standards (IAS) Conversion and Advisory.
We help companies assess the impact of adopting IAS 39, and help formulate and implement required changes in hedging strategies, valuation methods, technology, accounting processes, hedge effectiveness, calculations, management reporting, and corporate communications. * » Corporate Treasury Risk Management Services.
This service provides opportunities to realign or redefine the treasury structure to strengthen controls, improve information systems and other procedures (e.g., settlement), and ensure timely and accurate reports, among others. * » Treasury Systems Selection/Implementation.
We help companies integrate treasury systems and workstations with treasury processes for efficient work flow design and effective control. * » Cash Management and Working Capital Review.
We help companies assess existing structure/organization and processes in managing their liquidity requirements and identify areas for improvement based on best practices. * » Market Risk Management.
We assist companies in improving, on an enterprise-wide basis, their capabilities to manage various market risks stemming from exposure to foreign exchange rates, interest rates, equity price risks, and commodity price risks. * » Credit Risk Management.
We help financial institutions and nonfinancial companies understand and manage the risks associated with extending and managing credit to enable them to respond with greater confidence to opportunities and challenges in the business environment. 4. Transaction Advisory Services
In a dynamic economy such as the Philippines’, growth is essential for your business if you are to stay ahead. Growth through transactions is a route chosen by many companies as they seek to take advantage of market opportunities. We appreciate that bold transactions are complex and daunting in scale.
Our professionals can help evaluate, structure, and execute the deal you need. No matter what the size of your company, where it is located or the business you are in, we specialize in providing transaction expertise at every step of the deal lifecycle.
Transaction Management
• Transaction Support and Transaction Tax.
We provide financial, tax, operational and commercial due diligence assistance to investors and companies. Our team can help you understand the true value of a target company, structure the deal from both a general business and a tax vantage point.
• M&A Advisory.
We provide strategic insights on transaction candidates and deals. Whether evaluating a buy- or sell-side transaction, we can help identify, negotiate, structure and close transactions to better connect transaction strategy with business strategy.
• Transaction Integration.
We help you to ensure the seamless blending of financial, tax, and legal elements of the transaction and help to capture the value identified prior to the acquisition.
Capital Management
• Corporate Restructuring.
We help companies and investors improve their total expected return in situations of deteriorating performance, growth and transformation.
• Non-Performing Loans.
We assist the designated NPL resolution team to develop overall resolution strategies.
Corporate Development Advisory
• Valuation & Business Modeling.
We can support senior management decision-making with independent and objective advice relating to M&A, divestitures, restructuring, strategy design and implementation, financial reporting, litigation and risk management. We can assist in the valuation of businesses, shares, intangible assets, capital equipment, and employee share options for a multitude of purposes.
Project Finance Advisory.
We assist clients in pursuing project finance endeavors by providing advice on securing approvals, structuring of the commercial and financial aspects of the transaction, identifying and approaching sources of funds, including the required credit enhancements.
Commercial Advisory Services.
We provide market and commercial advice to help you make the right decisions on strategic direction, whether organic or thru acquisition. These decisions are hinged on a strong understanding of the environment, industry, market, competitor, customer and operations. Our team will work closely with you in evaluating these factors and developing insights into your or your target’s business.
SyCip Gorres Velayo & Co.
BRANCHES
Makati – Head Office
6760 Ayala Avenue, Makati City,
1226 Metro Manila, Philippines
Tel: (632) 891-0307
Fax: (632) 819-0872 / (632) 818-1377
Bacolod
302 A Chan Building
Lacson St Mandalagan
Bacolod City
6100 Negros Occidental
Tel: (034) 441-2861 to 62
Fax: (034) 441-2863
Baguio
Suite 3H, West Burnham Place
Kisad Road, 2600 Baguio City
Tel: (074) 443-9858
Fax: (074) 442-6509
Cagayan de Oro
Suites 4 & 5, Fourth Level
Gateway Tower 1, Limketkai Center
Lapasan, Cagayan de Oro City
Tel: (08822) 726-555,
(08822) 725-078
Fax: (088) 856-4415
Cavite
2/F, SGV Building III
Gen Trias Drive, Tejero
Rosario, Cavite
Tel: (632) 741-1375
Fax: (632) 845-2065
Cebu
Unit 1003 & 1004, Insular Life Cebu Business Centre
Mindanao Avenue corner Biliran Road
Cebu Business Park, Cebu City
Tel.: (032) 266-2947 to 49,
(032) 266-2821
(032) 266-2951
Fax: (032) 266-2313
Davao
5th Floor, IT Building 3 Topaz Tower
Mamay Road, Damosa IT Park
Davao City
Tel: (082) 282-8447 to 51
Fax: (082) 282-8438
General Santos
2/F, SAFI II Building
Mansanitas St corner
Magsaysay Avenue
9500 General Santos City
Tel: (083) 552-7001 to 02
Fax: (083) 552-5314

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...THE STUDENT'S PRACTICAL DICTIONARY ; fNdkoq ; CONTAINING English words with English and Hindi Meanings and Pronunciation in Deva Nagri Character with an Appendix containing Familiar Foreign Words and Phrases and Abbreviations in Common use. FIFTEENTH EDITION Thoroughly Revised,Improved,Enlarged and Illustrated PRICE 3 RUPESS ALLAHABAD RAM NARAIN LAL PUBLISHER AND BOOKSELLER 1936 ISCII text of dictionary taken from from TDIL's ftp: anu.tdil.gov.in pub dict site I N 1.m I Pron 1.m a Det 1.ek, abatement N abbey N 1.kmF, GVtF, GVAv, mdApn, b A, 2.yAg, smAE ag jF vZmAlA kA Tm a"r tTA -vr, 2.tk mphlA kESpt pzq vA -tAv  , aback Adv 1.acAnk, ekAek, 2.pFC  abandon VT 1.CoX  nA, yAg  nA, yAgnA, tjnA, d d 2.EbnA aAj^ nA nOkrF CoXnA, apn kodrAcAr aAEd mCoX  nA,   d ,   nA d d abandoned A 1.CoXA h,aA, Enjn-TAn, 2.EbgXA h,aA, iEdy lolp, lMpV, drAcArF, aAvArA , , abandonment N 1.pZ yAg, sMpZ aAmosg,   EbSkl CoX  nA d , abate VI 1.km honA, GVnA, DFmA honA abate VT 1.km krnA, GVAnA, DFmA krnA, m@ym krnA, rok  nA, smA krnA d 1 1.IsAiyo kA mW, gz\ArA, kVF, mW, , , 2.mht  aADFn sADao kF mXlF k , abbot N 1.mht, mWDArF, mWAEDkArF abbreviate VT 1.km krnA, s" krnA, CoVA krnA, p sAr EnkAlnA abbreviation N 1.s" , GVAv, sAr, lG,!p, skt, p  2.sE" pd yAf, fNd yA pd kA lG!p ^ , abdicate VTI 1.-vQCA s CoXnA, yAg krnA, tjnA,   pd yAg krnA abdication N 1.pd yAg abdomen N 1.X, V, k"F, udr p p , abdominal A 1.udr sMbDF, V kA p abduct VI 1.BgA l jAnA, EnkAl l...

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