Henry Sy

{{Infobox person

| name = Henry Sy

| native_name = {{nobold|施至成}}

| native_name_lang = zh

| image = 21st Presentation of SM Scholar -Graduates Batch 2017 Henry Sy tribute (cropped).jpg

| image size =

| caption = Sy in 2017

| birth_name = Sy Chi Sieng (Shī Zhìchéng)

| birth_date = {{birth date|1924|10|15}}

| birth_place = Jinjiang, Fukien,
Republic of China

| death_date = {{death date and age|2019|1|19|1924|10|15}}{{cite web |title=Philippines' richest man Sy dies at 94 |url=https://ph.news.yahoo.com/philippines-richest-man-sy-dies-94-033446813.html |website=Yahoo! Philippines |access-date=January 19, 2019}}

| death_place = Makati, Philippines

| resting_place = Heritage Park
Taguig, Metro Manila, Philippines

| nationality = Filipino

| known_for = Founder of SM Investments{{cite web| url = https://www.sminvestments.com/company/board-of-directors/henry-sy| title = Board of Directors| publisher = SM Investments Corporation webpage| access-date = June 15, 2018| archive-date = June 15, 2018| archive-url = https://web.archive.org/web/20180615101756/https://www.sminvestments.com/company/board-of-directors/henry-sy| url-status = dead}}

| education = Chiang Kai Shek College
Far Eastern University (AA)

| occupation = Businessman

| children = 6, including Teresita Sy Coson

| spouse = Felicidad Tan Sy

| website =

| module = {{Infobox Chinese|child=yes|t=施至成|s=施至成|p=Shī Zhìchéng|tp=Shih Jhìh-chéng|w={{tone superscript|Shih1 Chih4-ch}}{{wg-apos}}{{tone superscript|eng2}}|mi={{IPAc-cmn|shi|1|-|zhi|4|.|ch|eng|2}}|bpmf=ㄕㄓˋ ㄔㄥˊ|poj=Si Chì-sêng}}

}}

File:Henry H. Sy and Tan O Sia - Adrian Sy & Encarnacion Sy (Garcia) Mausoleum_01.jpg]]

Henry Tan Chi Sieng Sy Sr. ({{IPAc-en|s|iː}}; {{lang-zh|c={{linktext|施|至|成}}|p=Shī Zhìchéng|zhu=ㄕㄓˋ ㄔㄥˊ|poj=Si Chì-sêng|s=|t=|first=poj}};{{cite book |title=Biographical Dictionary of New Chinese Entrepreneurs and Business Leaders |date=2009 |publisher=Edward Elgar Publishing |isbn=978-1848449510 |pages=160–161 |access-date=25 January 2019|url=https://books.google.com/books?id=24P3M4hrpWwC&q=henry+sy&pg=PA160}} October 15, 1924 – January 19, 2019) was a Filipino businessman.

Born in Fujian, he moved with his family to the Philippines at age 12.{{Cite web |title=Henry Sy, Sr.: 'In good times, I do my usual work. But in bad times, I work harder.' {{!}} Philstar.com |url=https://www.philstar.com/lifestyle/sunday-life/2021/10/24/2136178/henry-sy-sr-in-good-times-i-do-my-usual-work-bad-times-i-work-harder |access-date=2024-02-02 |website=www.philstar.com}} His family would later return to China, with Henry staying behind to establish 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 largest bank in the Philippines, as well as real estate holdings.

For eleven straight years until his death, Sy was named by Forbes as the richest person in the Philippines. When he died, his net worth was estimated at US$19 billion.{{Cite web|url=https://www.forbes.com/sites/robertolsen/2019/01/19/philippines-richest-man-henry-sy-dies-at-94/|title=Philippines' Richest Man, Henry Sy, Dies At 94|last=Olsen|first=Robert|date=January 19, 2019|website=Forbes|language=en|access-date=January 21, 2019}}

Early life and education

Henry Sy, also known as Sy Chi Sieng in Philippine Hokkien (Shī Zhìchéng in Mandarin), was born in Jinjiang in Fujian,{{cite web |title=海内外故人亲友追思泉商翘楚|trans-title=Friends and relatives at home and abroad memorial spring business leader|url=https://szb.qzwb.com/qzsb/html/2019-01/28/content_456925.htm|website=Quanzhou Business News|access-date=January 28, 2019|language=zh}} then still under the Republic of China (ROC), on October 15, 1924.{{cite news |title=SM celebrates birth month of founder Henry Sy |url=https://news.abs-cbn.com/life/10/09/21/sm-celebrates-birth-month-of-founder-henry-sy |access-date=10 October 2021 |work=ABS-CBN News |date=9 October 2021 |language=en}}{{cite news |last1=Gutierrez |first1=Jason |title=Henry Sy, 94, Dies; Philippines' Richest Man and a Shopping Mall Tycoon |url=https://www.nytimes.com/2019/01/20/world/asia/henry-sy-dead.html |access-date=25 January 2019 |work=New York Times |agency=Associated Press |date=20 January 2019}} 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. His family decided to return to China, but Sy stayed in the Philippines, where he completed his secondary education at an institution now known as the Chiang Kai Shek College{{cite news |last1=de la Cruz |first1=Mio |title=Stepping Up to the Big Time |url=http://showbizandstyle.inquirer.net/sim/sim/view/20090111-182674/Stepping-Up-to-the-Big-Time |access-date=January 11, 2012 |newspaper=Philippine Daily Inquirer |date=January 11, 2009 |archive-url=https://web.archive.org/web/20130330101810/http://showbizandstyle.inquirer.net/sim/sim/view/20090111-182674/Stepping-Up-to-the-Big-Time|archive-date=March 30, 2013}} in Tondo, Manila and earned his Associate of Arts degree in commercial studies at Far Eastern University in 1950.{{cite web | url=http://www.tsinoy.com/article_item.php?articleid=748 | title=Henry Sy Sr.: The Man Truly Has It All | last=Bignotia | first=Carmela | date=March 10, 2007 | access-date=October 16, 2007 | archive-date=October 17, 2007 | archive-url=https://web.archive.org/web/20071017063026/http://tsinoy.com/article_item.php?articleid=748 | url-status=dead }} At school, he learned English and Filipino (Tagalog).{{cite news |last1=Chua |first1=Paolo |title=How SM's Henry Sy Started with Ten Centavos and Became Southeast Asia's Richest Man |url=https://www.townandcountry.ph/people/money-power/shoemart-facts-a00208-20180602-lfrm?ref=syn_bottom_pep&_ga=2.206506451.1566435539.1548393196-1202814038.1548393196 |access-date=25 January 2019 |work=Town & Country |date=2 June 2018 |archive-url=https://web.archive.org/web/20190125183228/https://www.townandcountry.ph/people/money-power/shoemart-facts-a00208-20180602-lfrm?ref=syn_bottom_pep&_ga=2.206506451.1566435539.1548393196-1202814038.1548393196 |archive-date=January 25, 2019}}

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. 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.

He sold surplus G.I. boots, bankrolled the profits and was able to secure credit (like Php 1 million/US$500,000 from Chinabank in 1949{{Cite web|url=https://www.facebook.com/photo?fbid=964391663641664&set=a.479141922166643&_rdc=1&_rdr|title=Facebook|website=www.facebook.com}}/https://www.rappler.com/business/why-chinabank-special-henry-sy-family-what-filipinos-can-learn-from-it/> (US$=2PHP), roughly equivalent to PHP 370 million in 2024 (US$=~56.07PHP{{Cite web|url=https://bap.org.ph/|title=Home - Bankers Association of the Philippines|date=December 17, 2016}}) when adjusted for inflation{{Cite web|url=https://www.minneapolisfed.org/about-us/monetary-policy/inflation-calculator|title=Inflation Calculator | Federal Reserve Bank of Minneapolis|website=www.minneapolisfed.org}}) prior to establishing Shoemart in 1958, his own small shoe store in Quiapo, which then marked the beginning of SM Prime.[http://afp.google.com/article/ALeqM5i2DeowITyi_UpWTQuV1rMTBtVixg Philippines mall mogul rakes it in as crisis hits rich: Forbes] {{webarchive|url=https://web.archive.org/web/20110520180555/http://afp.google.com/article/ALeqM5i2DeowITyi_UpWTQuV1rMTBtVixg |date=May 20, 2011 }}. AFP October 15, 2008. He later encountered difficulties in sourcing shoes locally and decided to import shoes from outside the country.

Sy became involved in the Filipino banking industry when he acquired Acme Savings Bank (later renamed Banco de Oro or BDO) in 1967.

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. On November 8, 1985, he established his first SM Supermall, SM City North EDSA.[https://archive.today/20120906193727/http://www.philstar.com/Article.aspx?articleId=603306&publicationSubCategoryId=86 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]. Philstar.com. August 15, 2010. Retrieved on January 11, 2012. 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.

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.{{Cite web|url=https://www.manilatimes.net/henry-sy-stays-in-forbes-top-100/80162/|title=Henry Sy stays in Forbes' top 100|date=March 4, 2014|website=The Manila Times|language=en|access-date=January 21, 2019}} 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. File:Henry sy.jpg

In August 2005, Sy's stake in the San Miguel Corporation, Southeast Asia's largest food and beverage conglomerate, reached 11%.{{cite news|url= http://www.philstar.com/business/291244/sm%C2%92s-henry-sy-hikes-stake-smc-11|title=SM's Henry Sy hikes stake in SMC to 11%|date=August 13, 2005|newspaper=Philstar Global}} He sold that stake in October 2007 for $680 million.{{cite news|url=http://www.abs-cbnnews.com/business/10/30/09/sy-group-offers-buy-lopez-stake-meralco-sources|title=(UPDATE 2) Henry Sy son in P45-B Meralco stake bid|date=October 30, 2009|publisher=ABS CBN News}}

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. 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.

File:21st Presentation of SM Scholar -Graduates Batch 2017 Henry Sy tribute.jpg

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.{{cite web|last=Austria|first=Jennifer|url=http://thestandard.com.ph/business/corporate/235112/henry-sy-steps-down-as-chairman-of-smic-.html|title=Henry Sy steps down as chairman of SMIC|date=April 26, 2018|website=Manila Standard|access-date=September 7, 2018|archive-date=September 7, 2018|archive-url=https://web.archive.org/web/20180907182948/http://thestandard.com.ph/business/corporate/235112/henry-sy-steps-down-as-chairman-of-smic-.html|url-status=dead}}

He was the Philippines' richest man, gaining $5 billion in 2010, after the 2008 financial crisis. The huge gain was due to his holding company, SM Investments, which possessed interests in BDO, inter alia. 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.

Personal life

Sy was married to Felicidad Tan, who was a shoelace vendor. The couple had six children: Teresita, Elizabeth, Henry Jr., Hans, Herbert, and Harley.{{cite web |last1=Gavilan |first1=Jodesz |title=FAST FACTS: Remembering Henry Sy Sr |url=https://www.rappler.com/business/221326-remembering-henry-sy |publisher=Rappler |date=January 19, 2019 |access-date=January 20, 2019}} Teresita and Henry Jr. are vice chairpersons of SM Investments, under chairman Jose Sio, a longtime lieutenant of Henry Sr. Harley is executive director of SM.

Sy had several grandchildren, including the deceased Jan Catherine Sy, from his son Henry Jr.{{cite web |title=SM tycoon's granddaughter Jan Catherine Sy dies at 29 |url=https://www.rappler.com/business/henry-sy-granddaughter-jan-catherine-dies |website=Rappler |date=19 March 2021 |access-date=19 March 2021}}

Death and legacy

File:Tomb_of_Henry_Sy_at_Heritage_Memorial_Park.jpg]]

Sy died in his sleep on January 19, 2019, aged 94. He was discovered on the morning of that day, in his home in Forbes Park, Makati.{{cite news |last1=Lopez |first1=Tony |title=The dream maker |url=http://www.manilastandardtoday.com/opinion/columns/virtual-reality-by-tony-lopez/285966/the-dream-maker.html |access-date=25 January 2019 |work=Manila Standard |date=23 January 2019 |archive-date=October 19, 2020 |archive-url=https://web.archive.org/web/20201019221447/https://www.manilastandardtoday.com/opinion/columns/virtual-reality-by-tony-lopez/285966/the-dream-maker.html |url-status=dead }} The interment took place at the Heritage Memorial Park in Taguig, on January 24.{{cite web |last1=Adel |first1=Rosette |title=Henry Sy Sr. laid to rest in Taguig City |url=https://www.philstar.com/business/2019/01/24/1887802/henry-sy-sr-laid-rest-taguig-city |newspaper=The Philippine Star |date=January 24, 2019 |access-date=January 24, 2019}}

The Henry Sy Sr. Hall inside the University of Santo Tomas campus was inaugurated on September 28, 2024, by the SM Foundation to commemorate Sy Sr.’s centennial.{{cite news |last1= |first1= |title=SM Foundation marks Henry Sy Sr.'s 100th year with new UST hall|url= https://bilyonaryo.com/2024/10/28/sm-foundation-marks-henry-sy-sr-s-100th-year-with-new-ust-hall/business/|accessdate=October 30, 2024 |work=bilyonaryo.com|date=October 28, 2024}}