Henry Sy is a Chinese-Filipino business magnate best known for founding the SM Group, which owns the largest retail chain in the Philippines.
He was born on October 15, 1924 in Jinjiang, China and immigrated to the Philippines as a child.
Sy’s journey from a small shoe store owner to the richest man in the Philippines is a testament to his business acumen and perseverance.
He started with a shoe store in Manila and expanded into a retail empire with shopping malls, banks and real estate.
File
- Full name: Henry Tan Chi Sieng Sy Sr.
- Date of birth: October 15, 1924
- Age as of 2024: 100 years old (Deceased)
- Gender: Male
- Place of birth: Jinjiang, Quanzhou, China
- Nationality: Filipino-Chinese
- Occupation: Business tycoon, investor, philanthropist
- Height: None
- Parents: Henry H. Sy and Tan O. Sia
- Siblings: None
- Spouse: Felicidad Tan-Sy
- Children: Teresita Sy-Coson, Elizabeth T. Sy, Henry T. Sy Jr., Hans T. Sy, Herbert T. Sy, Harley T. Sy
- Relationship status: Married
- Net worth: $19.1 billion (2019)
Early life and education
Henry Sy was born in Jinjiang, China, on October 15, 1924. At the age of 12, he moved to the Philippines with his father, who ran a small sari-sari shop in Quiapo, Manila. Sy’s early years were marked by hard work and perseverance as he helped out in his father’s shop while attending school.
He then pursued higher education and obtained an Associate of Arts degree in Commercial Studies from the Far Eastern University in 1950. Sy’s early exposure to retailing and his education laid the foundation for his later business success.
Personal life
Henry Sy is married to Felicidad Tan-Sy, a devout Catholic. The couple met in the Philippines and shared a strong partnership in life and business. They have six children: Teresita, Elizabeth, Henry Jr., Hans, Herbert, and Harley.
Each of their children played an important role in the family business, helping to expand and diversify the SM Group. Sy is known for his close family ties and values the contributions of family members in his business ventures.
Career
Henry Sy’s career started with a small shoe store, ShoeMart, in Manila, which he opened in 1958. The success of this store led him to decide to expand into a full-fledged department store in 1972.
Over the years, Sy diversified his business interests into banking, real estate, and retail. He founded Banco de Oro, one of the largest banks in the Philippines.
His vision of creating holistic shopping experiences led to the establishment of SM Supermalls, which transformed the country’s retail landscape. Sy’s business empire continues to grow, with projects in China and many other industries.
Prize
- – Manager of the Year awarded by the Philippine Management Association (1999)
- – Honorary Doctorate in Business Administration from De La Salle University (1999)
- – Forbes Philanthropy Heroes (2009)
- – First Chinese-Filipino to receive the PCE Big Brother of Filipino Entrepreneurs award (2006)
- – First Chinese-Filipino to receive the PRA President’s Award (2005)
Net worth
Henry Sy’s net worth is estimated to be $19.1 billion. He amassed his wealth through his vast retail empire, banking ventures, and real estate investments. His strategic business decisions and ability to capitalize on market opportunities have contributed significantly to his financial success.
Death
Henry Sy passed away on January 19, 2019, at the age of 94. He passed away peacefully and was later buried at the Heritage Memorial Park in Taguig, Metro Manila.
Argumentative
Henry Sy’s career has been controversial. His business practices and rapid expansion have often come under scrutiny and criticism. One notable controversy involves land disputes, particularly regarding his development of shopping malls.
Sy’s company has been accused of acquiring land through questionable means, leading to several lawsuits. Critics have also pointed to working conditions at some of his businesses, raising concerns about labor practices and employee welfare.
Sy’s dominance in retail and banking has also raised concerns about market monopoly and competition. Despite these controversies, Sy has maintained a solid reputation for business acumen and philanthropy, often refuting criticism with his continued success and contributions to society.
Social media
- Instagram: None
- Twitter: None
