A tribute to Henry Sy Sr.

"You have to have a dream, whether big or small. Then plan, focus, work hard and be very determined to achieve your goals.”  

Those were Henry Sy Sr.’s words which, in a nutshell, summarize his remarkable success story that had its beginning when as a 12-year-old boy, he arrived in the Philippines with nothing but the shirt on his back and 10 centavos in his pocket, armed with a strong resolve to become a businessman in order to make a better life for himself and his family. This was his aspiration as a child in Fujian province in south China. 

Henry Sy achieved his goal of becoming a businessman, emerging as the Philippines’ and Southeast Asia’s richest man, and the 53rd wealthiest person in the world with a net worth estimated at $19 billion by Forbes. (See photos in This Week on PeopleAsia at the Allure section of the Philippine STAR today.) 

I first met the founder of the SM empire in his rented office at the old Makati Stock Exchange building during the early 1970s when I was doing some advertising work for Tessie Sy Coson, his eldest child. During one of my visits, I was surprised to see him going to the common restroom on the floor where his office was located. 

That Mr. Sy did not have his own private restroom showed me just how simple, humble and low-key the man was. In fact, he was known to be very frugal, reportedly counting every centavo to make sure that nothing is unaccounted for, not wishing to spend money needlessly. 

As a matter of fact, there was a legendary story that when Mr. Sy, already at the pinnacle of his success, was having merienda with some people at the lobby of the Peninsula hotel. A business associate ordered Perrier water – and Mr. Sy – who usually checks the bill himself, was surprised why water would cost that much. Even if he was already wealthy, Mr. Sy used to go to the seaside market himself on weekends to personally select the best seafood catch, and prepare lunch for his family.  

A lot has also been said about the industry, diligence and work ethic of the man dubbed as the “father of modern Philippine retail.” At an early age, he already knew the value of hard work, industry and diligence, working 12 hours a day in his father’s small sari-sari store in Quiapo that, at night, was converted into a bedroom.  

“I instilled in my children the importance of good values in business: Hard work, determination, integrity and optimism,” he once said. 

No surprise therefore that his children – Tessie, Elizabeth, Henry “Big Boy” Jr., Hans, Herbert and Harley – also learned the importance of hard work, frugality, fairness, integrity, humility and simplicity. The children are low-key, not prone to flaunting their wealth around like some children of rich families do.

Son Hans is frugal, making sure that every investment or purchase would be a wise one. In an interview, daughter Betty shared how as a young girl, she would help out in the stores after school. “Daddy did not impose anything on us that he himself could not do. For decades, he would spend several evenings each week in the former buying office in Echague, inspecting each and every pair of shoe samples,” she recalled.

 But if there is anyone who people say is most similar to “Tatang,” it is none other than his eldest, Tessie Sy Coson who, as far as I could remember, always accompanied her father.  

“Like father, like daughter.” 

 Thus went an article published at the website of SM Investments Corp. (SMIC) when Tessie won the “Management Man of the Year” award by the Management Association of the Philippines in 2016 – the same award bestowed on Mr. Sy in 1999. 

Named by Forbes as one of the 50 Power Businesswomen of Asia, Tessie is the chairman of BDO Unibank (the biggest bank in the Philippines and the 15th largest in Southeast Asia) and vice chairman of SMIC, one of the biggest conglomerates in the country with major investments in retail, banking and property. One could say that Tessie learned the ropes of the business from the best teacher – her father – whom she says is the mentor that she really looks up to.    

But as they say, behind every successful man is a woman. In the case of Henry Sy, it is none other than Felicidad Tan Sy, the young 16-year-old lady that he fell in love with as he was biking. Known as “Nanang” by SM employees, Mrs. Sy is a devout Catholic and is the reason why many SM malls have their own chapels where people can hear mass and go to confession. 

Together with her husband, Mrs. Sy established the SM Foundation in 1983 whose core philosophy is “people helping people,” providing health and educational assistance to residents in communities where SM is present, giving out scholarships, giving relief to disaster victims, conducting trainings to farmers, among others. 

In 2008, the Felicidad Tan Sy Foundation was established, serving as the religious arm of SM Foundation although its activities also encompass sports, healthcare and education, like donating millions for the construction of sports centers, improving facilities in public hospitals, even establishing a place for seniors. 

One could say that Mrs. Felicidad Sy is “at the heart” of a great business empire like SM – which is probably why many have tried to emulate, but could not equal, the phenomenal success of Henry Sy Sr. – the man who changed the face of retail in the Philippines. 

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