The Makings of a Filipino Business Titan
Weekends with my family would never be complete without a visit to the mall. Regardless of budget, our mall-strolling routine during Saturdays or Sundays is a regular, and not removed in our schedules. My 1 year old daughter, Amber, can recognize her favorite mall from as far as 5 blocks away and my eldest, Pauline, would immediately agree to come with us to the mall for as long as we buy her a wrap n’ roll in Plato Wraps.
I believe that like us, a lot of families greatly appreciate the fun and convenience that shopping malls bring. As a young child who grew up in the Province, a visit to Manila would always include a side-trip to the mall. Today, I am glad that I can conveniently bring my children to a place like this, without having to waste so much time and money from traveling. The happiness and bonding times with the family would never been possible without this person who started everything with a dream. Here is one success story that is truly remarkable.
Henry Sy, now aged 83, ranks first in Forbes’ list of the Philippines Richest. His net worth is estimated to be USD3.1 Billion and has now gained a spot in Forbes’ List of the World’s Billionaires. Looking back, it is so hard to reconcile that this once, young peddler would turn out to be one of the most powerful business tycoon in the country. His rags-to-riches story is indeed inspiring and abundant with many valuable lessons in life.
Born in China on December 25, 1923, he migrated to the Philippines at the age of 12. His father, who was then a small-time trader, had big dreams upon his entry to this foreign land. He saw this country to be bright and promising, a place where he can start sowing his dreams for the family. When Henry was reunited with him in 1936, he saw how poor the conditions of his life were. Henry then began to craft his one goal in life- to strive for excellence and overcome poverty through frugality, hard work, and discipline. He helped out his father by reselling some goods bought from Divisoria. Both worked hard from sun up to sun down and would rest by the small counter floor in the late evenings. These humble beginnings would soon be the pillars to which bigger and brighter dreams would be built.
Then came World War II. It was a catastrophe that left many Filipinos crushed and shattered. Among those gravely affected were Henry and his father. The war crumpled the hard work of the Sy’s to the ground- leaving them with nothing but ashes and rubble. Henry’s father decided to return to his homeland, while Henry, armed with a renewed sense of courage and determination willed to stay. He again engaged in peddling some goods.
In 1949, he saw his future bouncing back to the right track following a successful loan application of one million pesos from China Bank. He also began sharpening his skills in his trade and enrolled in Far Eastern University. It was this time that he legally changed his name to Henry Sy after obtaining his Philippine citizenship. Henry was now not only planning for himself but also for his family. Soon enough, he saw light in the economic situation of the Philippines and decided to set up a shoe store, then known as Shoe Mart. This led to the expansion of three more outlets and was soon recognized as a top shoe retailer. But this feat did not stop Henry from surpassing his previous achievement.
Despite the economic crisis of the 60’s, Henry Sy pursued to expanding his shoe centers in the urban centers at Makati, Cubao, Harrison Plaza, and Iloilo City. Shoemart was then shortened to SM and Henry was accorded a new level of fame and fortune. His big breakthrough came in 1985, with the opening of SM City North Edsa. With all his growing achievements, Henry remained to be the simple and humble man that he was many years ago. He continued to reach for greater heights. He claims that it is not just about good luck, but rather, a combination of hard work, good credit standing, readiness and right timing. As opportunities knock, be ready to embrace and welcome them.
Henry Sy, together with his family, now owns and controls SM Group of Companies, which includes SM Prime Holdings, SM Investments Corp., SM Developments Corp., SM Shoemart, Inc., Highlands Prime, Inc., and SM Foundation. SM Prime Holdings alone boasts of being the largest retailer in the Philippines, with 30 operating malls around the country, 3 in China and 1 in Guam. Their biggest mall ever- the SM Mall of Asia is said to be largest in the Philippines, and the 3rd largest in the world. He also has investments in other related industries such as banking (BDO, Equitable-PCI, and China Bank), real estate, and tourism.
Indeed, at this stage of his life, he has attained triumphs that to many, would remain to be mere fantasies. As for his many successful feats, let me share the Secrets of his Success as narrated by Severo E. Santos- Humility, Ability to find and use good talent, Traditional Confucian values of hard work, frugality, discipline, love of study, self-sacrifice for the family welfare and harmonious social relationships, Good strategic planning, Wife and children, Focus, Bold Risk-taker, Long-range strategic vision, Good reputation and God’s blessings.
Read more about Henry Sy on these sites:
Secrets of Henry Sy’s Success
Henry Sy Life Works & Achievements
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