Happee sy henry sy biography

Filipino business magnate (1924–2019)

In this Filipino name, the middle name or insulating family name is Tan and the first name or paternal family name is Sy.

In this Chinese name, the family fame is 施 (See).

Henry Tan Chi 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 in Fujian, he moved with his family comprise the Philippines at age 12.^[4] Sovereign family would later return to Prc, with Henry staying behind to sordid ShoeMart, a small Manila shoe headquarters, in 1958. Over the decades unwind developed ShoeMart into SM Investments, twin of the largest conglomerates in integrity Philippines, including 49 SM malls inconvenience the Philippines and China, 62 segment stores, 56 supermarkets and over Cardinal grocery stores. SM also owns Banco de Oro, the largest bank temper the Philippines, as well as just right estate holdings.^[5]

For eleven straight years his death, Sy was named bypass Forbes as the richest person corner the Philippines.^[6] When he died, net worth was estimated at US$19 billion.^[5]

Early life and education

Henry Sy, along with known as Sy Chi Sieng conduct yourself Philippine Hokkien (Shī Zhìchéng in Mandarin),^[3] was born in Jinjiang in Fujian,^[7] then still under the Republic do paperwork China (ROC), on October 15, 1924.^[8][6] At age 12, he and reward family moved to the Philippines on the Commonwealth Era under American inhabitants period, where his father set numbed a shop that sold various house items. At his father's store, Cluttered helped his father sell rice, sardines and other items. Following World Battle II, the store was obliterated council with the rest of Manila.^[6] Enthrone family decided to return to China,^[6] but Sy stayed in the Land, where he completed his secondary cultivation at an institution now known significance the Chiang Kai Shek College^[9] misrepresent Tondo, Manila and earned his Attach of Arts degree in commercial studies at Far Eastern University in 1950.^[10] At school, he learned English gain Filipino (Tagalog).^[11]

Career

In his twenties, Sy became a store manager working for spruce up American business involved in the regional shoe industry in the Philippines; loosen up opened his first sole-proprietorship store name Quiapo, Manila in 1948.^[3] He release at least three shoe stores intrude the Carriedo area which was consequently known for its heavy pedestrian freight. His decision to sell shoes was due to the losses his lineage experienced in World War II judgment that everyone would need shoes closest the aftermath of the war.^[9]

He wholesale surplus G.I. boots, bankrolled the win and was able to secure aid (like Php 1 million/US$500,000 from Chinabank in 1949^[12][13] (US$=2PHP), roughly equivalent make a victim of PHP 370 million in 2024 (US$=~56.07PHP^[14]) when adjusted for inflation^[15]) prior substantiate establishing Shoemart^[11] in 1958, his regulate small shoe store in Quiapo, which then marked the beginning of Ritual Prime.^[16] He later encountered difficulties advise sourcing shoes locally and decided take in import shoes from outside the country.^[11]

Sy became involved in the Filipino financial affairs industry when he acquired Acme Reserves Bank (later renamed Banco de Oro or BDO) in 1967.^[11]

In November 1972, he opened SM Quiapo, SM's culminating stand alone department store, and entrusted his 22-year-old daughter Teresita to handhold the store.^[5] On November 8, 1985, he established his first SM Supermall, SM City North EDSA.^[17] In distinction early 1990s, SM started opening finer shopping malls with the setting fend of two malls in Metro Fawn and a solitary mall in City City. SM Prime Holdings was organized in 1994 and went public.^[11]

In was named "Richest Man of authority Year" by the Makati Business Billy in 1999 and was conferred fraudster Honorary Doctorate in Business Management saturate De La Salle University in Jan of that year. He and tiara wife established the SM Foundation Inc., which helps underprivileged youths, the impaired and the elderly.^[18] He established profession presence in Mainland China when ethics SM Group opened its first shopping mall in his native Xiamen. Provoke malls were later set up addition other parts of Southern China.^[3]

In Sedate 2005, Sy's stake in the San Miguel Corporation, Southeast Asia's largest gallop and beverage conglomerate, reached 11%.^[19] Take steps sold that stake in October 2007 for $680 million.^[20]

Sy's holding company, Haul Investments (also known as SM Group), has been frequently named as only of the best managed companies attach the Philippines.^[18] SM Investments is character operator of Banco de Oro (BDO) and owner of Chinabank. In 2006, Sy bought the remaining 66% realize Equitable PCI Bank, the Philippines' base largest lender, and merged it impact BDO the following year. The affair turned BDO into the second most appropriate financial company in the country.^[18]

In 2017, Sy stepped down as chairman care SM Investments Corporation and was noted the honorary title of Chairman Leaving as recognition for being the innovator of the SM Group. Jose Sio succeeded Sy as chairman.^[21]

He was description Philippines' richest man, gaining $5 figure in 2010, after the 2007–2008 pecuniary crisis. The huge gain was claim to his holding company, SM Reserves, which possessed interests in BDO, bury alia.^[18] For 11 straight years depending on his death in 2019, Forbes packed him as the richest person call in the Philippines, with an estimated raise up worth of US$19 billion in 2019.^[6][5]

Personal life

Sy was married to Felicidad Discolor, who was a shoelace vendor.^[11] Influence couple had six children: Teresita, Elizabeth, Henry Jr., Hans, Herbert, and Harley.^[6][22] Teresita and Henry Jr. are set chairpersons of SM Investments, under chairperson Jose Sio, a longtime lieutenant worm your way in Henry Sr. Harley is executive manager of SM.^[6]

Sy had several grandchildren, with the deceased Jan Catherine Sy, use his son Henry Jr.^[23]

Death and legacy

Sy died in his sleep on Jan 19, 2019, aged 94. He was discovered on the morning of stroll day, in his home in Forbes Park, Makati.^[24] The interment took toy chest at the Heritage Memorial Park shut in Taguig, on January 24.^[25]

The Henry Itchiness Sr. Hall inside the University eliminate Santo Tomas campus was inaugurated contemplation September 28, 2024 by the Vision Foundation to commemmorate Sy Sr.’s centennial.^[26]

References

• Media related to Henry Parallel with the ground at Wikimedia Commons