Journey of a titan

Washington Z. SyCip was born on June 30, 1921 in Manila to parents Albino SyCip and Helen Bau SyCip. He had two older brothers, David and Alexander, and two younger sisters, Paz and Elizabeth.

He went to Padre Burgos Elementary School in 1927, completing his elementary education in five-and-a-half years. In 1936, at the age of 15, he graduated valedictorian from Victorino Mapa High School. After a semester at the University of the Philippines, he transferred to the University of Santo Tomas where he finished Accounting summa cum laude. He was 18 years old.

In 1940 he took a 23-day journey from Manila to Shanghai, Kobe, Yokohama, Honolulu, California and New York City, where he entered Columbia University. When World War II broke out, his father was imprisoned by the Japanese, and in late 1942, he left Columbia University to enlist in the US Army. He served as a code-breaker in Calcutta, India. Returning to Manila in 1945, he was reunited with his father and the rest of his family.

In March 1946, he started W. SyCip and Co., setting up an office at the Trade and Commerce Building in Binondo, Manila. He taught at three schools from 5:30 p.m. to 8:30 p.m. every day after running his one-man accounting firm in the daytime.

In 1947, he was joined by his boyhood friend Alfredo M. Velayo and accountant Vicente O. Jose as partners, giving birth to SyCip, Velayo, Jose & Co.

He married on Nov. 27, 1948 childhood friend Anna Yu at Ellinwood Church in Manila. The couple initially lived in a Quonset hut on a vacant lot next to Albino SyCip’s house. In 1951, the couple’s first child, Victoria, was born, and the SyCips moved to their new home in South Forbes Park.

SyCip, Velayo, Jose & Co. opened its first branch in Cebu in 1951. The accounting firm had by then grown to 26 employees.

In 1953, SyCip, Velayo, Jose & Co. merged with Henry Hunter Bayne & Co., a company established in 1906. After the merger, HHB senior partner Thomas Farnell sold his practice to Filipino accountants Arsenio Reyes and Ramon J. Gorres. The merger led to SyCip, Gorres, Velayo & Co. (SGV & Co.)

In 1956, Washington SyCip’s second child, George Edwin, was born. This was followed in 1958 by the birth of Robert Raymond.

SGV & Co. opened a branch in Davao in 1959. Another branch opened in Bacolod in 1960.

Mr. SyCip in 1961 became a shareholder of The Asia Magazine. The shares were later bought by Rupert Murdoch.

SGV & Co. opened a branch in Iloilo in 1964.

The company moved to the SGV I office in 1965. A branch in Iligan also opened in the same year.

In 1967, SGV & Co. purchased the building next to SGV I. The building eventually became SGV II.

Washington SyCip was named “Outstanding Management Man of the Year” in 1967 by the Management Association of the Philippines.

In 1968 and 1970, Washington SyCip helped establish the Asian Institute of Management (AIM) and the Philippine Business for Social Progress .

In 1972, Mr. SyCip passed on his responsibilities as managing partner of the firm to Roberto V. Ongpin and as chairman of the SGV Group to Rodolfo B. Jacob.

From 1973 to 1976 SGV & Co. opened branches in Cagayan de Oro, Zamboanga and Bataan. A branch in Baguio followed in 1981.

In 1982, Mr. SyCip was elected president of the International Federation of Accountants, making him the group’s first Asian head.

In 1985, SGV Group member firms in Indonesia, Philippines, Taiwan and Thailand became members of Arthur Andersen & Co., Société Coopérative, also known as the Andersen Worldwide Organization, one of the largest professional service organizations in the world.

SGV & Co. opened a branch in General Santos in 1989.

Mr. SyCip was recognized for International Understanding by Ramon Magsaysay Awards Foundation in 1992.

SGV & Co. in 1996 became the first ISO 9002-certified professional service firm in the Philippines. The company also marked its golden anniversary that year.

Mr. SyCip announced his retirement during the company’s 50th-year celebrations. He also released his book, Asian Perspectives on Business Management, Economic Success and Governance, in 1996.

AIM in 1996 honored Mr. SyCip by establishing the W. SyCip Policy Center. He also received the Botwinick Prize in Business Ethics and in Ethical Practice in the Profession from the Columbia Business School.

The Professional Regulation Commission gave him the Golden Medallion of Professional Excellence and Business Leadership in 2000.

The AIM W. SyCip Graduate School of Business was launched in 2002.

SGV & Co. celebrated its 60th anniversary in 2006 with 75 partners and nearly 2,000 professional staff.

Mr. SyCip in March 2007 addressed in Vietnam the regional meeting of the American Chambers of Commerce.

The one-hectare Washington SyCip Park in Makati City opened in 2007.

Mr. SyCip was elected chairman of the Board of Trustees of the Ramon Magsaysay Awards Foundation in 2007.