Henry Sy facts for kids

Quick facts for kids Henry Sy
施至成
Sy in 2017
Born	Sy Chi Sieng (Shī Zhìchéng) (1924-10-15)October 15, 1924 Jinjiang, Fukien, Republic of China
Died	January 19, 2019(2019-01-19) (aged 94) Makati, Philippines
Resting place	Heritage Park, Taguig, Metro Manila, Philippines
Nationality	Filipino
Education	Far Eastern University
Occupation	Businessman, investor
Known for	Founder of SM Investments
Spouse(s)	Felicidad Tan Sy
Children	6, including Teresita Sy Coson
Chinese name
Traditional Chinese	施至成
Simplified Chinese	施至成
Transcriptions Standard Mandarin Hanyu Pinyin Shī Zhìchéng Southern Min Hokkien POJ Si Chì-sêng

Henry Tan Chi Sieng Sy Sr. (October 15, 1924 – January 19, 2019) was a famous Filipino businessman and investor. He was born in Fujian, China. When he was 12 years old, he moved to the Philippines with his family.

Henry Sy started a small shoe store in Manila called ShoeMart in 1958. He later grew this store into SM Investments. This is now one of the biggest companies in the Philippines. It includes many SM malls in the Philippines and China. It also has department stores, supermarkets, and grocery stores. SM also owns Banco de Oro, which is a very large bank in the Philippines. For many years, Forbes magazine said Henry Sy was the richest person in the Philippines.

Early Life and Education

Henry Sy was born in Jinjiang, China, on October 15, 1924. His Chinese name was Sy Chi Sieng. When he was 12, he and his family moved to the Philippines. His father opened a small shop that sold different household items. Henry helped his father sell things like rice and sardines.

After World War II, their store and much of Manila were destroyed. His family decided to go back to China. But Henry chose to stay in the Philippines. He finished high school at a school now called Chiang Kai Shek College. He also earned a degree in business from Far Eastern University in 1950. While in school, he learned to speak English and Filipino.

Building a Business Empire

When Henry Sy was in his twenties, he worked as a manager for an American shoe company. In 1948, he opened his very first shoe store in Quiapo, Manila. He opened a few more shoe stores in a busy area called Carriedo. He chose to sell shoes because he thought everyone would need new shoes after the war.

He saved money by selling extra military boots. Then, in 1958, he opened his own small shoe store called ShoeMart. This was the start of what would become SM Prime. At first, it was hard to find shoes locally. So, Henry decided to import shoes from other countries.

Expanding into Banking

Henry Sy also became involved in the banking world. In 1967, he bought a bank called Acme Savings Bank. This bank was later renamed Banco de Oro (BDO).

From Shoes to Malls

In November 1972, Henry Sy opened SM Quiapo. This was SM's first big department store. He trusted his 22-year-old daughter, Teresita, to manage it. On November 8, 1985, he opened his first large shopping mall, SM City North EDSA. This was a very big step for his company.

In the early 1990s, SM started opening more shopping malls. They opened two more malls in Metro Manila and one in Cebu City. In 1994, the company that manages the malls, SM Prime Holdings, became a public company. This meant people could buy shares in it.

Helping Others and Awards

In 1999, Henry Sy was named "Richest Man of the Year" by a business group. He also received an honorary degree in Business Management. He and his wife, Felicidad Tan Sy, started the SM Foundation Inc. This foundation helps young people who need support. It also helps people with disabilities and the elderly.

Henry Sy also expanded his business to China. The SM Group opened its first mall in his hometown of Xiamen. More malls were later built in other parts of Southern China.

His main company, SM Investments, is often called one of the best-managed companies in the Philippines. It owns Banco de Oro (BDO) and Chinabank. In 2006, Henry Sy bought another big bank and merged it with BDO. This made BDO the second-largest financial company in the country.

For 11 years, until he passed away, Forbes magazine said he was the richest person in the Philippines. In 2017, Henry Sy stepped down as chairman of SM Investments Corporation. He was given the special title of Chairman Emeritus. This was to honor him for starting the SM Group.

Personal Life

Henry Sy was married to Felicidad Tan. She used to sell shoelaces. They had six children: Teresita, Elizabeth, Henry Jr., Hans, Herbert, and Harley. Some of his children, like Teresita and Henry Jr., now hold important positions in SM Investments.

Death

Henry Sy passed away peacefully in his sleep on January 19, 2019. He was 94 years old. He was found in his home in Forbes Park, Makati. His burial took place at the Heritage Memorial Park in Taguig on January 24.

Images for kids

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  President Rodrigo Duterte pays his last respects, January 20, 2019

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  Tomb at the Heritage Memorial Park, Fort Bonifacio, Taguig, Metro Manila