Henry Sy, Sr. (Chinese: 施至成; pinyin: Shī ZhìChéng; born December 25, 1923) is a Chinese Filipino businessman and the founder and chairman of SM Prime Holdings, the largest retailer and shopping mall operator in the Philippines. He earned his Associate of Arts degree in Commercial Studies at Far Eastern University in 1950. Acknowledged as the country’s “Retail King,” he has come a long way from the modest shoe store he set up in Quiapo in 1946, to become Asia’s biggest shopping mall operator with over 30 malls throughout the Philippines.
He is the Philippines’ richest man, gaining 1.4 billion dollars in 2007, amid the global financial crisis. The huge gain was due to his holding company, SM Investments Corp., which has interests in Banco de Oro Universal Bank, inter alia. Forbes magazine’s 2008 list of 40 wealthiest Filipinos, revealed the Sy family’s net worth was 3.1 billion dollars. Earlier, he was the 2nd wealthiest individual in the Philippines, next to Lucio Tan and (as of 2008) 843rd in the world. Sy is considered a Tai-Pan or tycoon of Asia. The Sy group is the operator of Banco de Oro Universal Bank and owner of China Banking Corporation. In 2006, he bought the remaining 66% of Equitable PCI Bank, the Philippines 3rd largest lender, in which he already had a 34% stake, and merged it with Banco de Oro Universal Bank in 2007. The merger created the Philippines’s second largest financial institution with resources of close to $17billion dollars. A conspiracy tell that the Sy family has a personal stake of $4 billion in these 3 banks, although there are still no sufficient evidences that strongly substantiate such matter. Mr. Sy has recently sold his 11% stake in San Miguel Corporation, Southeast Asia’s largest food and beverage conglomerate for $680 million. Henry Sy, Sr., was named “Management Man of the Year” by the Makati Business Club and was conferred an Honorary Doctorate in Business Management by De La Salle University-Manila in January 1999. He organized the SM Foundation Inc., which helps underprivileged but promising young Filipinos. Sy’s retail chain is SM Prime Holdings, known as “Shoe Mart” or simply “SM”. Several of his children now hold senior management positions in his companies, although he has groomed daughter Teresita Sy-Coson and his grandchildren Hailey Sy-Coson, Darcie Sy and Josiah Sy as his successors. Sy’s holding company, SM Investments Corp., has consistently been cited as one of the Philippines best-managed companies. On May 20, 2006, The SM Mall of Asia, built in the reclamation area of Pasay City, was opened to the public. It is the sixth-largest mall in the world. Sy got his start by selling smuggled shoes from abroad.
- Real Name : Henry Sy, Sr
- Chinese Name: 施至成
- Born : December 25, 1923, Xiamen, China
- Residence : Manila, Philippines
- Nationality : Filipino
- Occupation : Chairman of SM Prime Holdings
- Net worth : US$ 2.7 Billion
- Known for : Founder of SM
- Parents : Henry H. Sy
- Wife: Felicidad Tan Sy
- Children : 6 children
- Schools Attended : Far Eastern University
- Fortune: self made
- Source: Malls
- SM Investments Corporation (SMIC) is the holding company of the SM Group of Companies. SMIC is engaged in four businesses through its subsidiaries: shopping mall development and management (SM Prime Holdings, Inc.), retail merchandising (SM Department Stores, SM Supermarket and SM Hypermarket); financial services (Banco de Oro Unibank Inc. and China Banking Corporation), and real estate development and tourism (SM Land, Inc., SM Development Corporation and Highlands Prime, Inc.).
- SM Prime Holdings, Inc. (PSE: SMPH) or SM Prime is the parent company of the SM Group’s shopping malls. It is the largest shopping mall and retail operator in the Philippines. It was incorporated on 6 January 1994 by Filipino-Chinese entrepreneur Henry Sy to develop, conduct, operate and maintain the SM commercial shopping centers and all businesses related thereto, such as the lease of commercial spaces within the compound of shopping centers. It later went public on 5 July 1994 and subsequently grew to become the largest company listed on the Philippine Stock Exchange in terms of revenue.
- Banco De Oro Unibank Inc. (BDO), originally known as Acme Savings Bank, was acquired by the SM Group in 1976. The SM Group is one of the largest conglomerates in the Philippines, with substantial interests in financial services, real estate development, and tourism and entertainment, founded around its core business in commercial centers and retailing. BDO listed its shares on the Philippine Stock Exchange (PSE) on May 21, 2002.
- San Miguel Corporation (PSE: SMC and SMCB) is the largest publicly listed food, beverage and packaging company in the Philippines. As of 2001, its business generated 3.6 percent of the Philippines’ gross domestic product and 4.5 percent of the government’s tax revenue. Founded in 1890 as a brewery, San Miguel now makes nine out of every 10 bottles of beer, 87 percent of the soft drinks, 60 percent of the processed meat and 40 percent of the poultry sold in the Philippines. The trade-name San Miguel originates from St. Michael the archangel.
- Belle Corporation is a leading Philippine developer of high-end residential and leisure properties. Its products are located in a recreational area comprising mountains, rolling hills, and lakeshores about 1-2 hours south of Manila in Tagaytay City and Batangas province, with spectacular views of Taal Lake and the surrounding countryside.The Belle Group owns approximately 1,280 hectares of undeveloped land around existing finished and in-process projects, on which it will develop future projects over at least the next five years without the need for substantial new land acquisitions.
- Highlands Prime, Inc. engages in developing leisure properties in the Philippines. The company’s property assets comprise undeveloped land, subdivision lots, and finished residential units located in Tagaytay City, Cavite, and Batangas. It sells its products primarily to members of Tagaytay Highlands International Golf Club, Inc.; Tagaytay Midlands Golf Club, Inc.; and The Country Club at Tagaytay Highlands through accredited sales agents and brokers.
- China Banking Corporation, together with its subsidiaries, provides commercial banking products and services to businesses and entrepreneurs, as well as to individuals in the Philippines. It offers deposit products, loans and trade finance, domestic and foreign fund transfers, treasury products, trust products, foreign exchange, corporate finance, and other investment banking services. The company also offers insurance brokerage, computer services, and asset management services.
- SM Development Corporation (SMDC) was originally incorporated in 1974 as Ayala Fund, Inc., a closed-end investment company. In March 1986, it was renamed SM Fund, Inc. after the SM Group of Companies took majority ownership of the company. Since then, SM Fund, Inc. remained as an investment company providing investors with a professionally managed vehicle to invest in diversified businesses in the country.
- He is the Philippines’ richest man, gaining 1.4 billion dollars in 2007
- He is known as the Father of Philippine Retailing
- founder and chairman of the SM Group of Companies
- Management Man of the Year” by the Makati Business Club – 1999
- Honorary Doctorate in Business Management by De La Salle University-Manila in January 1999
- 40 Richest Filipinos of 2008
- Forbes magazine Heroes of Philanthropy 2009
- 1st Chinese-Filipino recipient of the PCE Big Brother of Filipino Entrepreneurs award (2006)
- 1st Chinese-Filipino recipient of the PRA President’s Award (2005)
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