Henry Sy
Henry Tan Chi Sieng Sy Sr. (Tagalog: [si];
Chinese: 施至成; pinyin: Shī Zhìchéng; Pe̍h-
ōe-jī: Si Chì-sêng;[2] October 15, 1924 –
January 19, 2019) was a Filipino
businessman and investor.
Henry Sy
施至成
Sy in 2017
Born Sy Chi Sieng (Shī
Zhìchéng)
October 15, 1924
Jinjiang, Fukien,
Republic of China
Died January 19, 2019
(aged 94)
Makati, Philippines
Resting place Heritage Park, Taguig,
Metro Manila,
Philippines
Nationality Filipino
Education Far Eastern University
Occupation(s) Businessman,
investor
Known for Founder of SM
Investments[1]
Spouse Felicidad Tan Sy
Children 6, including Teresita
Sy Coson
Chinese name
Traditional Chinese 施至成
Simplified Chinese 施至成
Transcriptions
Standard Mandarin
Hanyu Pinyin Shī Zhìchéng
Southern Min
Hokkien POJ Si Chì-sêng
Born in Fujian, 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 Manila shoe
store, in 1958. Over the decades he
developed ShoeMart into SM Investments,
one of the largest conglomerates in the
Philippines, including 49 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, as well as real estate
holdings.[3]
For eleven straight years until his death, Sy
was named by Forbes as the richest
person in the Philippines.[4] When he died,
his net worth was estimated at US$19
billion.[3]
Early life and education
Henry Sy, also known as Sy Chi Sieng in
Philippine Hokkien (Shī Zhìchéng in
Mandarin),[2] was born in Jinjiang in
Fujian,[5] then still under the Republic of
China (ROC), on October 15, 1924.[6][4] At
age 12, he and his family moved to the
Philippines during the Commonwealth Era
under American colonial period, where his
father set up a shop that sold various
household items. At his father's store, Sy
helped his father sell rice, sardines and
other items. Following World War II, the
store was obliterated along with the rest of
Manila.[4] His family decided to return to
China,[4] but Sy stayed in the Philippines
where he completed his secondary
education at an institution now known as
the Chiang Kai Shek College[7] in Tondo,
Manila and earned his Associate of Arts
degree in commercial studies at Far
Eastern University in 1950.[8] At school, he
learned English and Filipino (Tagalog).[9]
Career
In his twenties, Sy became a store
manager working for an American
business involved in the local shoe
industry in the Philippines; he opened his
first sole-proprietorship store in Quiapo,
Manila in 1948.[2] He opened at least three
shoe stores in the Carriedo area which
was then known for its heavy pedestrian
traffic. His decision to sell shoes was due
to the losses his family experienced in
World War II thinking that everyone would
need shoes following the aftermath of the
war.[7]
He sold surplus G.I. boots and saved
finances before he established
ShoeMart[9] in 1958, his own small shoe
store in Quiapo, that marked the beginning
of SM Prime.[10] He later encountered
difficulties in sourcing shoes locally and
decided to import shoes from outside the
country.[9]
Sy became involved in the banking
industry when he acquired Acme Savings
Bank (later renamed Banco de Oro or BDO)
in 1967.[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.[3] On November 8,
1985, he established his first SM
Supermall, SM City North EDSA.[11] In the
early 1990s, SM started opening more
shopping malls with the setting up of two
malls in Metro Manila and a solitary mall
in Cebu City. SM Prime Holdings was
incorporated in 1994 and went public.[9]
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.[12] He
established business presence in
Mainland China when the SM Group
opened its first shopping mall in his native
Xiamen. Other malls were later set up in
other parts of Southern China.[2]
In August 2005, Sy's stake in the San
Miguel Corporation, Southeast Asia's
largest food and beverage conglomerate,
reached 11%.[13] He sold that stake in
October 2007 for $680 million.[14]
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.[12]
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.[12]
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.[12]
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][3]
In 2017, Sy stepped down as chairman of
SM Investments Corporation and was
given the honorary title of Chairman
Emeritus as recognition for being the
founder of the SM Group. Jose Sio
succeeded Sy as chairman.[15]
Personal life
Sy was married to Felicidad Tan, who was
a shoelace vendor.[9] The couple had six
children: Teresita, Elizabeth, Henry Jr.,
Hans, Herbert, and Harley.[4][16] 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]
Sy had several grandchildren, including the
deceased Jan Catherine Sy, from his son
Henry Jr. and Marc Sy, from his daughter
Elizabeth Sy [17]
Death
Sy died in his sleep on January 19, 2019,
aged 94.[18] He was discovered on the
morning of that day, in his home in Forbes
Park, Makati.[19] The interment took place
at the Heritage Memorial Park in Taguig,
on January 24.[20]
Death of Henry Sy
President Rodrigo Duterte pays his last
respects, January 20, 2019
Tomb at the Heritage Memorial Park, Fort
Bonifacio, Taguig, Metro Manila
References
1. "Board of Directors" ([Link]
g/web/20180615101756/[Link]
[Link]/company/board-of-director
s/henry-sy) . SM Investments Corporation
webpage. Archived from the original (http
s://[Link]/company/bo
