SGV co-founder Velayo passes away


Posted at May 27 2014 11:58 AM | Updated as of May 27 2014 08:12 PM

Alfredo M. Velayo, co-founder of SGV & Co. Courtesy of SGV & Co.

MANILA, Philippines - Alfredo M. Velayo, co-founder of SGV & Co. and a pioneer in accountancy in the Philippines, passed away on Tuesday. He was 92.

"It is with profound sadness that we announce the passing of SGV co-founder Alfredo M. Velayo (AMV) on 27 May 2014," SGV said on its Facebook page.

Velayo was described as an "active player in Philippine business for over 70 years and a pioneer of the Filipinization of accountancy."

"AMV was also a beloved university professor, a public servant, and a generous philanthropist. But above all, he was a devoted husband to Harriett, his wife of 72 years; a loving father to their children: Kathy, Buddy, Mike and Rick; and a doting grandfather to his grandchildren and great grandchildren," SGV said.

The wake will be at The Heritage Memorial Park, Bayani Road, Fort Bonifacio, Taguig City until the evening of June 4 .

In lieu of flowers, donations to the University of Santo Tomas -Alfredo M. Velayo College of Accountancy Foundation are encouraged.

Velayo was a childhood friend of Washington SyCip, who opened his accounting firm in 1946. Velayo and Vicente O. Jose were taken as partners in 1947, with the partnership being named SyCip, Velayo, Jose & Co.

SGV & Co is the local partner of Ernst & Young.