Retail and Banking Mogul Henry Sy Sr. passes away at 94

By: Rodney Artida

The Philippines’ richest man and the founder of the retail giant, SM group, Henry Sy Sr., passed away at the age of 94.

He died in his sleep early Saturday morning Jan. 19, according to his daughter Teresita Sy-Coson and Jose Sio, chairman of SM Investments Corp. Sy had a net worth of $20 billion, according to Forbes, and placed as the 52nd richest person in the world.

Henry Sy started laying foundations of his multi-billion dollar empire with a shoe store in Carriedo, Manila in 1958. Sy then expanded his business by venturing to real estate, retail, hotels and banking amidst the changing political stability and unstable economy. His holdings boasts 72 malls nationwide and 7 in China.

Image source: Google Image

The retail and banking mogul was able to build a family with his wife Felicidad Tan and six children, Teresita Sy-Coson, Hans Sy, Harley Sy, Elizabeth Sy, Herbert Sy and Henry Sy Jr.

Sy family owns holding firm SM Investments Corp. (SMIC), property developer SM Prime Holdings (SMPH), Philippines’ leading universal bank BDO Unibank and lender China Banking Corp.

The Sy family also has indirect equity stakes in gaming company Belle Corp., the co-licensee of City of Dreams Manila, an integrated resort and casino in Parañaque City and City Mall of tycoon Tony Tan Caktiong.

They also have interests in transport and logistics firm 2GO Group, educational institutions namely National University and Asia Pacific College, and mining company Atlas Consolidated through SM Investments.

Malacañang on Saturday extended its condolonces to the Sy family, and recognized the late Sy patriarch’s contribution as the “Father of Philippine Modern Retail”.

“Mr Sy was a visionary and a pillar of the Philippine economy who believed in the potentials and opportunities of the country, and pursued them with dedication, passion, and hard work till their fruition,” said Presidential Spokesperson Salvador Panelo.