Henry Sy
Henry Sy Sr. | |
|---|---|
| Born | Template:Birth date Jinjiang, Fujian, Republic of China |
| Died | January 19, 2019 (aged 94) |
| Occupation | Entrepreneur |
| Known for | Founder of SM Investments, wealthiest Filipino for 11 years |
Henry Tan Chi Sieng Sy Sr. (October 15, 1924 – January 19, 2019) was a prominent Filipino entrepreneur.
Originally from Fujian, he relocated to the Philippines at the age of 12. While his family eventually went back to China, Henry chose to remain and founded ShoeMart, a modest shoe outlet in Manila, in 1958. He developed ShoeMart into SM Investments, now one of the Philippines' largest business conglomerates, managing 49 SM malls throughout the Philippines and China, alongside 62 department stores, 56 supermarkets, and over 200 grocery outlets. SM Investments also controls Banco de Oro, the nation’s biggest bank, as well as substantial real estate holdings.
Up until his passing, Sy held the title of the wealthiest individual in the Philippines for eleven straight years according to Forbes, with an estimated net worth of US$19 billion.
Early life and education
Henry Sy, known in Philippine Hokkien as Sy Chi Sieng (Mandarin: Shī Zhìchéng), was born on October 15, 1924, in Jinjiang, Fujian, then part of the Republic of China. At twelve years old, he migrated with his family to the Philippines during American rule, where his father operated a store selling household items. Sy helped by vending rice, sardines, and various commodities. After World War II devastated their store and much of Manila, his family returned to China; however, Sy stayed behind in the Philippines. He completed his secondary studies at what is today Chiang Kai Shek College in Tondo, Manila, and graduated with an Associate of Arts degree in commercial studies from Far Eastern University in 1950. During this period, he acquired proficiency in English and Filipino (Tagalog).
Career
In his twenties, Sy managed a retail outlet for an American shoe company in the Philippines before launching his first sole proprietorship shoe shop in Quiapo in 1948. He opened multiple stores in Carriedo—a bustling district—leveraging the heightened post-war demand for footwear. Sy sold surplus G.I. boots and reinvested the earnings while securing substantial credit (Php 1 million/US$500,000 from Chinabank in 1949), which would equate to about PHP 370 million today after inflation adjustments. This financial backing enabled him to establish Shoemart in 1958—his initial shoe retail venture that later evolved into SM Prime. Due to difficulties sourcing locally, he began importing shoes.
Sy ventured into banking by acquiring Acme Savings Bank (which was later renamed Banco de Oro or BDO) in 1967. In November 1972, he inaugurated SM Quiapo, SM’s first standalone department store overseen by his daughter Teresita. The first SM Supermall, SM City North EDSA, opened on November 8, 1985. Throughout the early 1990s, expansion continued with new malls established in Metro Manila and Cebu City. In 1994, SM Prime Holdings was incorporated and subsequently went public.
In recognition of his achievements, Sy was honored as "Richest Man of the Year" by the Makati Business Club in 1999 and received an Honorary Doctorate in Business Management from De La Salle University. Together with his wife, he founded the SM Foundation Inc., which supports marginalized communities. The SM Group extended its reach into mainland China by opening malls in Xiamen and other cities in southern China.
In August 2005, Sy purchased an 11% stake in Southeast Asia's largest food and beverage conglomerate, San Miguel Corporation, which he later divested in October 2007 for $680 million.
His holding company, SM Investments (also known as SM Group), is regarded as one of the Philippines' most efficiently managed corporations. It operates Banco de Oro (BDO) and holds ownership of Chinabank. In 2006, Sy acquired the remaining 66% share of Equitable PCI Bank, then the third-largest bank nationwide, merging it into BDO to form the country’s second-largest financial institution.
In 2017, Sy retired from his role as chairman of SM Investments Corporation and was appointed Chairman Emeritus. His successor was Jose Sio.
Following the global financial crisis of 2008, Sy emerged as the richest Filipino again due to a $5 billion increase in wealth by 2010 largely attributed to SM Investments’ stakes including BDO. For eleven years straight until his death in 2019, Forbes consistently ranked him as the wealthiest Filipino with an estimated fortune of US$19 billion.
Personal life
Sy was united in marriage with Felicidad Tan, who worked as a shoelace seller. Together, they raised six children: Teresita, Elizabeth, Henry Jr., Hans, Herbert, and Harley. Teresita and Henry Jr. hold the positions of vice chairpersons at SM Investments, operating under the leadership of chairman Jose Sio, a trusted longtime partner of Sy Sr. Meanwhile, Harley occupies the role of executive director within SM.
Among Sy's grandchildren was Jan Catherine Sy, daughter of Henry Jr., who has since passed away.
Death and legacy
Sy passed away peacefully in his sleep on January 19, 2019, at the age of 94, at his residence in Forbes Park. His burial took place on January 24 at Heritage Memorial Park located in Taguig.
In celebration of his 100th birthday, the SM Foundation officially opened the Henry Sy Sr. Hall at the University of Santo Tomas campus on September 28, 2024.