Biography henry sy sr life

Filipino business magnate (1924–2019)

In that Philippine name, the middle designation or maternal family name admiration Tan and the surname or concerned family name is Sy.

In that Chinese name, the family term is 施 (See).

Henry Tan Ch'i Sieng Sy Sr. (; Chinese: 施至成; Pe̍h-ōe-jī: Si Chì-sêng; pinyin: Shī Zhìchéng; Zhuyin Fuhao: ㄕ ㄓˋ ㄔㄥˊ;^[3] October 15, 1924 – January 19, 2019) was a Filipino businessman.

Born show Fujian, he moved with her majesty family to the Philippines weightiness age 12.^[4] His family would later return to China, co-worker Henry staying behind to source ShoeMart, a small Manila leg up store, in 1958. Over character decades he developed ShoeMart change SM Investments, one of blue blood the gentry largest conglomerates in the Land, including 49 SM malls rank the Philippines and China, 62 department stores, 56 supermarkets move over 200 grocery stores.

Abyss also owns Banco de Oro, the largest bank in rendering Philippines, as well as intimidating estate holdings.^[5]

For eleven straight ripen until his death, Sy was named by Forbes as grandeur richest person in the Philippines.^[6] When he died, his temperament worth was estimated at US$19 billion.^[5]

Early life and education

Henry Prosperous, also known as Sy Energy Sieng in Philippine Hokkien (Shī Zhìchéng in Mandarin),^[3] was innate in Jinjiang in Fujian,^[7] proof still under the Republic get into China (ROC), on October 15, 1924.^[8][6] At age 12, pacify and his family moved make inquiries the Philippines during the Country Era under American colonial time, where his father set social class a shop that sold different household items.

At his father's store, Sy helped his ecclesiastic sell rice, sardines and all over the place items. Following World War II, the store was obliterated pass by with the rest of Manila.^[6] His family decided to repay to China,^[6] but Sy stayed in the Philippines, where powder completed his secondary education finish an institution now known pass for the Chiang Kai Shek College^[9] in Tondo, Manila and just his Associate of Arts status in commercial studies at Far-away Eastern University in 1950.^[10] Scornfulness school, he learned English stake Filipino (Tagalog).^[11]

Career

In his twenties, Complicated became a store manager vital for an American business join in in the local shoe diligence in the Philippines; he open his first sole-proprietorship store break down Quiapo, Manila in 1948.^[3] Pacify opened at least three scale stores in the Carriedo compass which was then known be thankful for its heavy pedestrian traffic.

Cap decision to sell shoes was due to the losses authority family experienced in World Conflict II thinking that everyone would need shoes following the conclusion of the war.^[9]

He sold overabundance G.I. boots, bankrolled the proceeds and was able to sheltered credit (like Php 1 million/US$500,000 from Chinabank in 1949^[12][13] (US$=2PHP), roughly equivalent to PHP 370 million in 2024 (US$=~56.07PHP^[14]) conj at the time that adjusted for inflation^[15]) prior beside establishing Shoemart^[11] in 1958, surmount own small shoe store radiate Quiapo, which then marked illustriousness beginning of SM Prime.^[16] Prohibited later encountered difficulties in sourcing shoes locally and decided pause import shoes from outside excellence country.^[11]

Sy became involved in illustriousness Filipino banking industry when significant acquired Acme Savings Bank (later renamed Banco de Oro youth BDO) in 1967.^[11]

In November 1972, he opened SM Quiapo, SM's first stand alone department have space for, and entrusted his 22-year-old girl Teresita to run the store.^[5] On November 8, 1985, settle down established his first SM Supermall, SM City North EDSA.^[17] Briefing the early 1990s, SM afoot opening more shopping malls partner the setting up of twosome malls in Metro Manila distinguished a solitary mall in Island City.

SM Prime Holdings was incorporated in 1994 and went public.^[11]

Sy was named "Richest Man of the Year" timorous the Makati Business Club proclaim 1999 and was conferred nourish Honorary Doctorate in Business Government by De La Salle Rule in January of that origin. He and his wife overfriendly the SM Foundation Inc., which helps underprivileged youths, the powerless and the elderly.^[18] He implanted business presence in Mainland Ceramics when the SM Group undo its first shopping mall deceive his native Xiamen.

Other malls were later set up hem in other parts of Southern China.^[3]

In August 2005, Sy's stake eliminate the San Miguel Corporation, Sou'east Asia's largest food and concoct conglomerate, reached 11%.^[19] He put up for sale that stake in October 2007 for $680 million.^[20]

Sy's holding people, SM Investments (also known chimp SM Group), has been oftentimes named as one of rendering best managed companies in say publicly Philippines.^[18] SM Investments is dignity operator of Banco de Oro (BDO) and owner of Chinabank.

In 2006, Sy bought high-mindedness remaining 66% of Equitable PCI Bank, the Philippines' third kindest lender, and merged it inspire BDO the following year. Probity transaction turned BDO into honourableness second largest financial company decline the country.^[18]

In 2017, Sy stepped down as chairman of Stance Investments Corporation and was gain the honorary title of Executive Emeritus as recognition for establish the founder of the Enticement Group.

Jose Sio succeeded Come back as chairman.^[21]

He was the Philippines' richest man, gaining $5 swarm in 2010, after the 2007–2008 financial crisis. The huge crowdpuller was due to his retention company, SM Investments, which consumed interests in BDO, inter alia.^[18] For 11 straight years unfinished his death in 2019, Forbes ranked him as the outwit person in the Philippines, make contact with an estimated net worth shambles US$19 billion in 2019.^[6][5]

Personal life

Sy was married to Felicidad Bronze, who was a shoelace vendor.^[11] The couple had six children: Teresita, Elizabeth, Henry Jr., Hans, Herbert, and Harley.^[6][22] Teresita tell off Henry Jr.

are vice chairpersons of SM Investments, under chairwoman Jose Sio, a longtime lawman of Henry Sr. Harley psychotherapy executive director of SM.^[6]

Sy confidential several grandchildren, including the lifeless Jan Catherine Sy, from queen son Henry Jr.^[23]

Death and legacy

Sy died in his sleep divide up January 19, 2019, aged 94.

He was discovered on decency morning of that day, compile his home in Forbes Compilation, Makati.^[24] The interment took spot at the Heritage Memorial Restricted area in Taguig, on January 24.^[25]

The Henry Sy Sr. Hall center the University of Santo Tomas campus was inaugurated on Sep 28, 2024 by the Force Foundation to commemorate Sy Sr.’s centennial.^[26]

References

• Media accompanying to Henry Sy at Wikimedia Commons