How Henry Sy Become a Business Tycoon

Henry Sy, for eleven-straight years leading up to his passing in 2019, was named by Forbes as the “richest person in the Philippines,” with his net worth being estimated at USD19 billion. How did the iconic Filipino businessman and investor do it?

Sy was born in Fujian and moved to the Philippines in 1936 at the age of 12 together with his family.

During World War II, their family business was ruined and his family decided to return to China.

Sy stayed resilient, however, selling worn military boots to United States soldiers. This marks the beginning of “ShoeMart,” the brand which every Filipino knows today as SM.

After the war, Sy earned his Associate of Arts degree in commercial studies at Far Eastern University in 1950. He learned English and Filipino during his stay at school.

Opened the first SM in 1948 in Quiapo, Manila, and opened at least three more shoe stalls in the Carriedo area, which was notorious for being a busy pedestrian area.

Sy’s decision to sell shoes was due to his thinking that after the war, everyone will need shoes.

Following the success of his shoe business, Sy earned enough money to acquire Acme Savings Bank in 1967, marking the start of his foray into the banking industry.

Acme Savings Bank will later be renamed Banco de Oro or BDO.

Sy opened SM Quiapo in 1972, which became SM’s first stand-alone department store. In 1985, he opened SM City North EDSA, becoming SM’s first Supermall.

SM malls popped up everywhere in the 1990s, even reaching Cebu City with the opening of SM City Cebu.

SM Prime Holdings was incorporated in 1994 and went public.

In 1999, Sy was named “Richest Man of the Year” by the Makati Business Club. He was conferred an Honorary Doctorate in Business Management by De La Salle University in the same year.

SM Foundation, Inc. was established by Henry and his wife.

He also entered the Chinese market by opening a mall in his native Xiamen, and other malls in the southern part of the country.

Sy’s stake in the San Miguel Corporation, Southeast Asia’s largest food and beverage conglomerate, reached 11% in 2005, which was sold in October 2007 for USD680 million.

Sy bought the remaining 66% of Equitable PCI Bank, the Philippines’ third-largest lender, and merged it into BDO the following year, which made BDO the second-largest financial company in the country. (GFB)