Henry Sy Sr., the late Filipino billionaire and founder of SM Investments Corp., remains an enduring legend in the annals of Philippine business history. His journey from humble beginnings to becoming the richest Filipino exemplifies perseverance, vision, and hard work. Sy’s legacy is not only marked by his monumental wealth but also by his significant contributions to the Philippine economy and society.
Born on October 15, 1924, in the coastal city of Xiamen in China’s Fujian province, Henry Sy Sr. embarked on a life-changing journey at the tender age of 12. In 1936, he travelled to the Philippines to join his father, who operated a small “sari-sari” (neighbourhood sundry) store in Manila. This early exposure to retail set the foundation for Sy’s future business ventures.
Sy’s formative years were fraught with hardship. He only began his formal education in high school after arriving in Manila, balancing his studies with helping his father in the store. The eruption of World War II brought further adversity, nearly decimating Manila and challenging Sy’s resilience. However, these experiences only strengthened his resolve to seek a better life and future.
In the post-war era, Henry Sy seized the opportunity to carve out his own path. In 1958, he ventured into the shoe retail business, opening his first store, Shoe Mart (SM), in downtown Manila. His keen business acumen and relentless work ethic quickly set him apart. The store’s success laid the groundwork for what would eventually become one of the Philippines’ largest and most diversified conglomerates.
Henry Sy’s business empire expanded rapidly. From a single shoe store, SM grew into a retail giant, encompassing supermarkets, department stores, and eventually, vast shopping malls. The SM brand became synonymous with shopping and leisure in the Philippines, revolutionizing the retail landscape.
In addition to retail, Sy diversified into banking, real estate, and hospitality. His ventures included BDO Unibank, one of the largest banks in the country, and a series of residential and commercial developments under SM Prime Holdings. Today, SM Investments Corp. employs approximately 140,000 people and stands as a testament to Sy’s vision and leadership.
Henry Sy Sr.’s impact on the Philippine economy is profound. He democratized access to retail, making quality products available to a broader segment of the population. His malls became not just shopping centers but community hubs, offering a range of services and amenities under one roof.
Moreover, Sy’s philanthropic efforts further cemented his legacy. Through the SM Foundation, he supported education, healthcare, and disaster relief initiatives, improving the lives of countless Filipinos. His contributions to education include the establishment of scholarship programs and the construction of school buildings, fostering the next generation of Filipino leaders and professionals.
Henry Sy Sr.’s family has continued to uphold and expand his legacy. His children are recognized as the richest siblings in the Philippines, collectively managing and growing the conglomerate he founded. Under their stewardship, SM Investments Corp. has continued to thrive, adapting to new challenges and opportunities in the ever-evolving business landscape.
From his early days helping his father run a small store to building one of the most formidable business empires in the Philippines, his life is a testament to the power of hard work, resilience, and visionary leadership.
