Henry Sy

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Henry Sy
21st Presentation of SM Scholar -Graduates Batch 2017 Henry Sy tribute (cropped).jpg
Sy in 2017
Native name
施至成
Born
Shi Zhicheng (Sy Chi Sieng)

(1924-10-15)October 15, 1924
DiedJanuary 19, 2019(2019-01-19) (aged 94)
Manila, Philippines
EducationFar Eastern University
Occupation
  • Business magnate
  • investor
  • philanthropist
Known forFounder of SM Investments[1]
Net worthUS$19 billion (January 2019)[2]
Spouse(s)Felicidad Tan-Sy
Children6 (inc. Teresita Sy-Coson)[3]

Henry Tan Chi Sieng Sy Sr. (Chinese: ; pinyin: Shī Zhìchéng; Pe̍h-ōe-jī: Si Chì-sêng; October 15, 1924 – January 19, 2019) was a Chinese-Filipino business magnate and philanthropist, known as the "father of modern Philippine retail".[4] Born in Fujian, China, he moved with his family to the Philippines at age 12. While his family returned to China, he stayed behind and founded ShoeMart, a small Manilla shoe store, in 1958. Over the decades he developed ShoeMart into SM Investments, one of the largest conglomerates in the Philippines, including 77 SM malls in the Philippines and China, 62 department stores, 56 supermarkets and over 200 grocery stores. SM also owns Banco de Oro, the second-largest bank in the Philippines, and real estate holdings.[4][5]

For eleven straight years until his death, Sy was named by Forbes as the richest person in the Philippines.[4] Upon his death on January 19, 2019, his estimated net worth amounted to US$19 billion, making him the 53rd-richest person in the world.[5]

Early life[edit]

Henry Sy was born as Shi Zhicheng into a poor family in Jinjiang, Fujian, Republic of China, on October 15, 1924.[6]

When Sy was 12, his family moved to Manila, the Philippines, where his father opened a small shop.[4] Sy completed his secondary education at Chiang Kai Shek College[7] and helped his father sell household goods including rice and fish.[4] During World War II, the family shop was destroyed together with much of Manila.[4] His family decided to return to China,[4] but Sy stayed in the Philippines and earned his Associate of Arts degree in Commercial Studies at Far Eastern University in 1950.[8]

Career[edit]

In 1958, Sy established ShoeMart, a small shoe store in Quiapo, Manila, that marked the beginning of SM Prime.[9] In November 1972, he opened SM Quiapo, SM's first stand alone department store, and entrusted his 22-year-old daughter Teresita to run the store.[5] On November 8, 1985, he established his first SM Supermall, SM City North EDSA.[10]

Sy was named "Richest Man of the Year" by the Makati Business Club in 1999 and was conferred an Honorary Doctorate in Business Management by De La Salle University in January of that year. He and his wife established the SM Foundation Inc., which helps underprivileged youths, the disabled and the elderly.[11]

In August 2005, Sy's stake in the San Miguel Corporation, Southeast Asia's largest food and beverage conglomerate, reached 11%.[12] He sold that stake in October 2007 for $680 million.[13]

Sy's holding company, SM Investments (also known as SM Group), has been frequently named as one of the best managed companies in the Philippines.[11] SM Investments is the operator of Banco de Oro (BDO) and owner of Chinabank. In 2006, Sy bought the remaining 66% of Equitable PCI Bank, the Philippines' third largest lender, and merged it into BDO the following year. The transaction turned BDO into the second largest financial company in the country.[11]

He was the Philippines' richest man, gaining $5 billion in 2010, amid the global financial crisis. The huge gain was due to his holding company, SM Investments, which has interests in BDO, inter alia.[11] For 11 straight years until his death in 2019, Forbes ranked him as the richest person in the Philippines, with an estimated net worth of US$ 19 billion in 2019.[4][5]

In 2017, Sy stepped down as chairman of SM Investments Corporation and became Chairman Emeritus.[14]

Personal life[edit]

Sy was married to Felicidad Tan. The couple had six children: Teresita, Elizabeth, Henry Jr., Hans, Herbert, and Harley.[4][15] Teresita and Henry Jr. are vice chairpersons of SM Investments, serving under chairman Jose Sio, a longtime lieutenant of Henry Sr. Harley serves as executive director of SM.[4]

Death[edit]

Sy died in his sleep on January 19, 2019, at the age of 94.[16]

References[edit]

  1. ^ "Board of Directors". SM Investments Corporation webpage. Retrieved June 15, 2018.
  2. ^ "Henry Sy & family". Forbes online. Retrieved August 4, 2017.
  3. ^ 王艳芳. "Top 10 richest Chinese in the world - China.org.cn". www.china.org.cn. Retrieved September 7, 2018.
  4. ^ a b c d e f g h i j Gutierrez, Jason (January 20, 2019). "Henry Sy, 94, Dies; Philippines' Richest Man and a Shopping Mall Tycoon". The New York Times. Retrieved January 21, 2019.
  5. ^ a b c d Olsen, Robert (January 19, 2019). "Philippines' Richest Man, Henry Sy, Dies At 94". Forbes. Retrieved January 21, 2019.
  6. ^ "Henry Sy: Father of Philippine Retail". Pinoybisnes.com. Retrieved October 2, 2017.
  7. ^ Stepping Up to the Big Time – Sunday Inquirer Magazine Archived March 30, 2013, at the Wayback Machine. Inquirer.net. January 11, 2009. Retrieved on January 11, 2012.
  8. ^ Bignotia, Carmela (March 10, 2007). "Henry Sy Sr.: The Man Truly Has It All". Retrieved October 16, 2007.
  9. ^ Philippines mall mogul rakes it in as crisis hits rich: Forbes Archived May 20, 2011, at the Wayback Machine. AFP October 15, 2008.
  10. ^ The mall that started it all: Celebrating 25 years of SM City North EDSA by Wilson Lee Flores – The Philippine Star » Lifestyle Features » Sunday Life[dead link]. Philstar.com. August 15, 2010. Retrieved on January 11, 2012.
  11. ^ a b c d "Henry Sy stays in Forbes' top 100". The Manila Times. March 4, 2014. Retrieved January 21, 2019.
  12. ^ "SM's Henry Sy hikes stake in SMC to 11%". Philstar Global. August 13, 2005.
  13. ^ "(UPDATE 2) Henry Sy son in P45-B Meralco stake bid". ABS CBN News. October 30, 2009.
  14. ^ "Henry Sy steps down as chairman of SMIC". thestandard.com.ph. Retrieved September 7, 2018.
  15. ^ Gavilan, Jodesz (January 19, 2019). "FAST FACTS: Remembering Henry Sy Sr". Rappler. Retrieved January 20, 2019.
  16. ^ "Philippines' richest man Sy dies at 94". Yahoo! Philippines. Retrieved January 19, 2019.