SGV says it’s ‘business as usual’

SGV & Co. chairman and managing partner Cesar V. Purisima has assured the public that the indictment of Arthur Andersen LLP in the United States would have no bearing on SGV’s operations in the Philippines and that it is "business as usual."

"The indictment of Arthur Andersen LLP, the US member firm of Andersen Worldwide, has no legal implication on SGV & Co. as we are a separate legal entity wholly owned by our Philippine partners," Purisima said in a letter dated March 15, 2002 to the firm’s valued clients and friends.

Purisima said they decided to clarify the matter of how the situation of Arthur Andersen LLP in the US relates to SGV & Co. in the wake of mounting inquiries.

"While SGV & Co. became a member firm of Andersen Worldwide in 1985, we have maintained our independence with our own people rendering services to our clients," he pointed out.

"We therefore assure you that developments in the United States will in no way affect the quality and level of our services. It is business as usual in SGV & Co.," Purisima stressed.

Purisima said that SGV & Co. has retained its leadership in the Philippines for the past 56 years. "While a member firm of Andersen Worldwide, we continue to service many clients of the other Big Five firms," he added.

According to him, SGV & Co. may have to decide on an alliance with another global firm. "The track record and market position of SGV & Co. in the Philippines make it very attractive to the other Big Five firms. Some of these firms have approached us and we will make our choice at the appropriate time. However, in making any decision, we will make certain that such an alliance will be for the greatest benefit of our clients, our people and our future," Purisima said.