EXECUTIVE BIOGRAPHY

Henry Sy was born in Xiamen, in China in October 1924.

Henry Sy was not born with the silver spoon in mouth. Since a
toddler, he had aimed to become the best businessman, so
went to try his luck in other countries. At the age of 12, he went
to Philippines to change the miserable life of his father in a
foreign country.

He was always committed with his goal to get succeed. He did

everything that helps him to alleviate life and work hard till
night. The Overseas Chinese have had one of the most effective
economic cultures in the world. Those in the Philippines are not

COMPANY PROFILE

 He was the founder of the SM Group and is currently

 Chairman Emeritus of SMIC, SM Development Corporation (SMDC), Highlands Prime, Inc. (HPI) and
BDO Unibank, Inc. (BDO) and Honorary Chairman of China Banking Corporation.

NOT EVERYTHING I DO IS PURELY

FOR MONEY. OF COURSE, AS A
BUSINESSMAN AND AS HEAD OF
PUBLICLY LISTED COMPANIES, WE
HAVE TO EARN, BUT AT THIS POINT
IN MY LIFE, THERE ARE OTHER
CONSIDERATIONS MORE
IMPORTANT BESIDES JUST MONEY
-Henry Sy

much different. In the very recent past, they have changed the
profile of the corporate scene. While they make up one percent
of the population, they account for 35% of 66% of national
sales, with the foreign-owned oil companies accounting for the
remaining 34%.
 Henry Sy, Sr. is one Overseas Chinese Filipino who has elicited
special interest among the public, being one of the most
renowned by name and economically powerful, and identified
as one of the wealthiest, yet hardly known by it. He is reputed
to be deliberately low-key and elusive to media and the public.

Businessmen, management professionals, especially finance

experts, marketing specialists, and operations people have
marveled at the growth of his enterprises.

Earlier business:

Henry Sy. would buy goods from “Divisoria Flea market”. He carries all goods on his back and
then sells them in a small store of her father called (sari-sari). When both going to close the store, they
would sleep in a small space to makes their way of living much better.

He decided to make some extra income, so he had no time to play with friends. World war-2 came and
the store of his father eventually burned and robbed. He did lots of selling and buying many odds things
during war and helped his family to survive. After the war, he ventured into purchasing American Shoes
that were imported by the Enterprising Gis.

Evolution of SM Mall:

He enrolled himself to a school. He gets graduation degree in commerce from “Far Eastern University”.
He sold overrun and rejected shoes. He wants to change his life. He never gives up and always try hard
to achieve the best success. After failures in business, he stood back-up and attain a goal.

In 1958, he established a shoe store in Quiapo, Manila. The name of the store was “Shoe Mart”. For the
time, he was purchasing many shoes, leather goods, and accessories. He hopes to change the way of
shoe manufacturer strategy.

He senses lots of opportunities that enable him to open Shoe Mart “SM” which the world first air-
conditioned shoe store. The store merchandise shoes in a classy and inviting format. With the best
success story of the store, he decided to open more stores. But his dream not came true because he was
unable to get more suppliers. Most manufacturers refuse to listen to him at that time. He did not
cooperate with the volume that he needed. Because of these reasons, he shifted gradually toward
apparel and other merchandise with the help of her mother.

Learning from others:

CHALLENGES ENCOUNTERED:
Henry Sy Learn lots of innovative things from his suppliers,
employees, and customers. With intensive on-site job
research, he got enough confidence to expand his business to
Problems occur during the
construction of the first mall: the department store chain.
In 1972, he opened department store
In life many needs are grow-out and to fulfills these needs, you
after two months of Martial laws. At
the start, the business worked slow should become determined. With strong determination, you
but get succeed with time. He can easily take some extra challenges and can easily be done
continued to open more exceeding things differently to get better success.
departmental stores in such a way
that one time came, he had no space In 1970, the store became the full-line department stores that
in exciting shopping centers. He change the name from “Shoemart” to SM with the pioneering
thought about long-term goals. store at the Makati City. He invested in the properties for malls
Asian crisis:
that were patterned after the suburban shopping centers.
During 1997, when the Asian crisis
came, the team of Henry Sy. With lots of criticism and armed with the optimism and sheer
continued to plan an expansion of
determination, he opened supermarket, departmental store,
mall that includes the “Mall of Asia”
which was envisioned the biggest and and tenants.
most renowned mall in the region of
Asia. But planning stopped because
Henry recognized the Tsunami-like
effects in Asia. They went on
progressively and open other malls.
 At the time, when the problems occur during the first mall, the “Shoemart Makati” was faced with
severe strikes. At that time, he was so disappointed, but his employees and customer encourage him to
proceed. At this difficult time, he never discourages and boosts his confidence to continue his business.

ACHIEVEMENTS:
LEADERSHIP STYLE:
With all his achievements, Mr.Sy collected
different awards. The detail of these
HENRY SY HAS
awards MAINTAINED
is given below: TRADITIONAL CONFUCIAN VALUES OF HARD WORK, FRUGALITY,
DISCIPLINE, LOVE OF
Management ManSTUDY, SELF-SACRIFICE
of the Year in 1999 by FOR THE FAMILY WELFARE, AND HARMONIOUS SOCIAL
RELATIONSHIPS. HE HAS
Makati Business Club SAID: “THE SM BUSINESS MODEL IS ANCHORED ON HARD WORK, FOCUS,
Honorary Doctorate
DETERMINATION, AND THE in Business
ABILITY TO TAKE RISKS AND MAKE BOLD CALLS.
Management in January 1999 by “ Da La
Salle University”
40-Riches Filipinos for the year 2008–2012
Forbes Magazine Heros of Philanthropy He was committed to achieving a valuable goal for
1st Chinese-Flipone receipt of the “PRA an organization. He not only convinces himself but
President Awards” in 2005 also his team members to follow his enthusiasm.
SM Investment; Greater Achievement of
Henry Sy: Later on, the Henry Sy. focus to expand their
SM Megamall is the world second largest business. The building was constructed slowly at the
shopping mall in the Philippines and the 9th start. During construction of the new building,
largest mall in the world. Sy’s family-owned delays in constructions because of cement shortage
SM investment is the holding venture for and coups of 1989.
SM Retail and is the largest chain of
departmental stores of supermarkets. Expansion of business into different markets:
Based on the 2018 Forbes World’s The business grew in numbers instead of the size
Billionaires, the estimated net worth of Sy is and serving various more modest markets. The
$20 billion. It is three times larger than the
business also expands from departmental stores to
upcoming fortune of the richest Tycoon.
hardware stores, supermarkets, appliance
In 2017, Sy stepped down as the chairman
of SM investment Co. He gets the honorary superstore, and others.
title of “Chairman Emeritus” as the As we mentioned above that Henry Sy. was one of
recognition for the founder of SM group. the greatest bankers so he also looked into the
banking business. He established the “Banco de
Oro” bank that was a medium-sized bank. The
members of the business were considered
conservative in the lending process. The business
strengthened and reorganize while developing the
best growth strategies that started working in 2000.

Encouragement:

He was encouraged by the “Consolidation program

of Central bank of the Philippines”. Due to this
encouragement, he motivates to make the
Philippines banks competitive relative to its area.