Henry Sy

Born: 25 December 1924, Xiamen, China

Died: 19 January 2019, Manila

Net worth: US$19 billion (January 2019)

Spouse: Felicidad Tan

Resting place: The Heritage Park, Taguig, Metro Manila, Philippines

Children: Teresita Sy Coson, Hans T. Sy, Harley T. Sy, Elizabeth T. Sy, Herbert T. Sy, Henry T.
Sy Jr.

Education: Far Eastern University (1950), Chiang Kai-shek College, Far Eastern University

Henry Tan Chi Sieng Sy Sr. (Chinese: 施 至 成 ; pinyin: Shī Zhìchéng; Pe̍h-ōe-jī: Si

Chì-sêng;December 25, 1924 – January 19, 2019) was a Chinese-Filipino business magnate and
philanthropist known for his involvement in the Philippines' retail industry.Born in Xiamen,
China, he moved with his family to the Philippines at age 12. While his family returned to China,
he stayed behind and founded ShoeMart, a small Manilla shoe store, in 1958. Over the decades he
developed ShoeMart into SM Investments, one of the largest conglomerates in the Philippines,
including 77 SM malls in the Philippines and China, 62 department stores, 56 supermarkets and
over 200 grocery stores. SM also owns Banco de Oro, the second-largest bank in the Philippines,
and real estate holdings.For eleven straight years until his death, Sy was named by Forbes as the
richest person in the Philippines.Upon his death on January 19, 2019, his estimated net worth
amounted to US$19 billion, making him the 53rd-richest person in the world.

Early life and education

Henry Sy (also known as Shi Zhicheng[4]) was born in Amoy in Fukien Province in the Republic
of China (now Xiamen, Fujian Province, China), on October 15, 1924. At age 12, he and his family
moved to the Philippines, 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 merchandise. Following World War
II, the store got obliterated along with the rest of Manila.[6] His family decided to return to
China,[6] but Sy stayed in the Philippines where he completed his secondary education at an
institution now known as the Chiang Kai Shek College and earned his Associate of Arts degree in
commercial studies at Far Eastern University in 1950.[8] While studying in school, he also learned
how to speak in English and Filipino.

Career

In his twenties, Henry 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 and saved finances before he established ShoeMart[9] in 1958, his own
small shoe store in Quiapo, that marked the beginning of SM Prime.[10] He later encountered
difficulties in sourcing shoes locally and decided to import shoes from outside the country.

Sy became involved in the 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.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.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.August 2005, Sy's stake in the San Miguel Corporation, Southeast Asia's largest
food and beverage conglomerate, reached 11%.He sold that stake in October 2007 for $680
million.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.He was
the Philippines' richest man, gaining $5 billion in 2010, amid the global financial crisis. The huge
gain was due to his holding company, SM Investments, which has interests in BDO, inter alia.[12]
For 11 straight years until his death in 2019, Forbes ranked him as the richest person in the
Philippines, with an estimated net worth of US$ 19 billion in 2019.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.

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.[6][16] Teresita and Henry Jr. are vice
chairpersons of SM Investments, serving under chairman Jose Sio, a longtime lieutenant of Henry
Sr. Harley serves as executive director of SM.

Death

Sy died in his sleep at age 94. His body was discovered on the morning of January 19, 2019 in his
home in Forbes Park, Makati.The interment took place at the Heritage Memorial Park in Taguig,
on January 24, 2019.
KAYAMANAN NG WALANG KAYAMANAN

by:Liza C. Natan

Sila ay walang permanenteng tirahan

Daan ang nagsilbi nilang kaharian

Pagkat sila ay walang pinagaralan

Taong mahirap na kapos-kapalaran

Dukha,pulubi,ang tawag ng marami

Pagkain sa kanila ay importante

Sa lipunan problema'y kanilang uri

Yaman sa kanila'y ang kanilang sarili

Natira ng mga taong maharlika

Sa kanilang hapag ay nagsilbing handa

Buhay nila'y isang kahig isang tuka

Ang pamumuhay nila'y kaawa-awa

Sa pagtaas ng bilihin sa merkado

Taong kapos-palad ay siyang apektado

Tinitiis ang sikmurang kumukulo

Buhay nila'y musikang wala sa tono.

The lump of gold

Richmond was a very rich man, but he never spent any of his money.

He was scared that someone would steal it.

He pretended to be poor and wear dirty old clothes.

People laughed at him, but he didn’t care.

He only cared about his money.

One day, he bought a big lump of gold.

He hid it in a hole by a tree.

Every night, he went to the hole to look at his treasure.

He sat and he looked.

‘No one will ever find my gold!’ he said.

But one night, a thief saw Richmond looking at his gold.

And when Richmond went home, the thief picked up the lump of gold, slipped it into his bag and
ran away!

The next day, Richmond went to look at his gold, but it wasn’t there.

It had disappeared!

Richmond cried and cried!

He cried so loud that a wise old man heard him.

He came to help.

Richmond told him the sad tale of the stolen lump of gold.

‘Don’t worry,’ he said.

‘Get a big stone and put it in the hole by the tree.’

‘What?’ said Richmond.

‘Why?’

‘What did you do with your lump of gold?’

‘I sat and looked at it every day,’ said Richmond.

‘Exactly,’ said the wise old man.

‘You can do exactly the same with a stone.’

Richmond listened, thought for a moment and then said, ‘Yes, you’re right. I’ve been very silly. I
don’t need a lump of gold to be happy!’