Henry Sy

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Henry Sy, Sr. (born December 25, 1924) is the founder and chairman of SM Prime Holdings, the largest retailing corporation in the Philippines. He earned his Associate of Arts degree in Commercial Studies at Far Eastern University in 1950.^[2] Acknowledged as the country’s "Retail King," he has come a long way from the modest shoe store he set up in Quiapo in 1946, to become the owner of the Philippines’s biggest chain of shopping malls.

Henry Sy is the wealthiest individual in the Philippines and (as of 2007) 349th in the world.^[3] Forbes magazine estimates his wealth at $2.6 billion,^[3] but some^[who?] estimate Sy's assets to total US$5 billion far higher than the $1.7 billion that Forbes estimates. Some^[who?] say that he controls 40-60% of companies worth more than US$15 billion.^{[citation needed]}

Sy is considered a Tai-Pan or tycoon of Asia. As of 2006, Forbes magazine ranked him as the 14th richest person in Southeast Asia; "Henry Sy and family" is ranked the 74th richest in the "Asia and Australia" region, and 512th richest in the world. (In the absence of evidence to support such higher claims, the Forbes numbers should taken as a "best-guess" estimate for the time being.)^{[citation needed]}

Sy controls the Banco de Oro, Universal Bank, and China Banking Corporation.^{[citation needed]} In 2006, he bought the remaining 66% of Equitable PCI Bank, the Philippines 3rd largest lender, in which he already had a 34% stake, and merged it with Banco de Oro Universal Bank in 2007.^{[citation needed]} The merger created the Philippines's second largest financial institution with resources of close to $17billion dollars.^{[citation needed]} The Sy family has a personal stake of $4 billion in these 3 banks.^{[citation needed]} Mr. Sy has recently sold his 11% stake in San Miguel Corporation, Southeast Asia's largest food and beverage conglomerate for $680 million.^{[citation needed]}

Henry Sy, Sr., was named "Management Man of the Year" by the Makati Business Club and was conferred an Honorary Doctorate in Business Management by De La Salle University-Manila in January 1999.^{[citation needed]} He organized the SM Foundation Inc., which helps underprivileged but promising young Filipinos.^{[citation needed]}

Sy's retail chain is SM Prime Holdings, known as "Shoe Mart" or simply "SM". Several of his children now hold senior management positions in his companies, although he has groomed daughter Teresita Sy-Coson as his successor.

Sy's holding company, SM Investments Corp., has consistently been cited as one of the Philippines best-managed companies.^{[citation needed]} On May 20, 2006, The SM Mall of Asia, built in the reclamation area of Pasay City, was opened to the public.^[4] It is the sixth-largest mall in the world.

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• Some facts about Henry Sy