Henry Sy: Life and Success Story

If there’s one name that still echoes in the world of Philippine business, it’s Henry Sy. From selling surplus shoes on the streets of Manila to building SM malls that practically define weekend family trips, his story is a mix of grit, timing, and vision.

Even after his passing in 2019, his legacy is alive, carried on by his six children and a business empire that stretches from groceries to global banking.

Humble Beginnings

Every success story has its shaky start, and Henry Sy’s was no exception. Born in Jinjiang, China in 1924, he migrated to the Philippines at just 12 years old. His father ran a sari-sari store in Quiapo, but when it was destroyed during World War II, the family’s plans collapsed. While his father returned to China, Henry chose to stay behind with just 10 centavos in his pocket and a stubborn resolve to succeed.

Building the Foundation

Instead of giving up, Sy invested in himself. He studied commerce at Far Eastern University, all while learning English and Filipino. He started selling surplus GI boots and shoes, slowly discovering the massive demand for affordable footwear. In 1958, his persistence materialized into his first store: ShoeMart (yes, the “SM” we all know today).

Growing the SM Empire

SM began as a modest shoe store but quickly evolved. By 1972, Sy expanded into department stores, and in 1985, he opened the first SM Supermall, SM City North EDSA. It was a bold gamble at the time (critics thought it was too big and too far from the city), but the crowds proved him right. From there, SM malls mushroomed across the country, turning “Let’s meet at SM” into a household phrase.

Venturing into Banking

Retail wasn’t enough. In 1967, Sy bought Acme Savings Bank, renaming it Banco de Oro (BDO). Over the decades, he acquired Equitable PCI Bank and merged it with BDO, creating one of the largest banks in the Philippines. Today, BDO is as common as SM itself, and you’ll find branches everywhere from the smallest towns to the busiest business districts.

Accolades and Wealth

For 11 straight years until his death, Henry Sy was named the richest man in the Philippines. At his peak, his net worth was estimated at US$19 billion. He wasn’t just known for the money, though, but for his strategy: patient growth, reinvestment, and never shying away from risks that others thought were impossible.

His Passing and Legacy

Henry Sy passed away peacefully in his sleep on January 19, 2019, at the age of 94. By then, his empire included retail, banking, property, and education. The second generation, the Sy siblings, took over and kept the wheel turning. In fact, as of 2024, they collectively topped Forbes Asia’s list of the Philippines’ 50 richest families.

A recent symbol of his legacy: the Henry Sy Sr. Hall at the University of Santo Tomas, a reminder that his impact wasn’t only about business, but also about giving back.

The Next Generation: The Sy Siblings

Henry and his wife Felicidad raised six children, Teresita, Elizabeth, Henry Jr., Hans, Herbert, and Harley. Each one now manages a slice of the empire, from property development to banking. And yes, each one is a billionaire in their own right. Talk about family business done right!

Inspiring Lessons from Henry Sy

Henry Sy’s journey offers timeless lessons:

• Invest in learning: He didn’t just sell, he studied, adapted, and upgraded.
• Perseverance is gold: Obstacles weren’t stop signs, they were detours to bigger opportunities.
• Think long-term: Whether in retail or banking, Sy was always building for decades, not just for quarters.

Henry Sy’s Success Playbook

Beyond the broad lessons, Sy lived by values that shaped his empire:

• Start small, think big: SM was one store, but he envisioned a nationwide chain.
• Perseverance and resilience: He survived poverty and war injuries but kept moving forward.
• Focus on customer needs: SM malls were built to be accessible, affordable, and family-friendly.
• Long-term vision: He reinvested profits and built systems that lasted decades.
• Education and continuous learning: He studied commerce while working and pushed his children to study globally.
• Calculated risk-taking: Opening SM North EDSA during economic uncertainty was risky, but it paid off.
• Discipline and hard work: Known for his simplicity and long working hours, he led by example.
• Building an ecosystem: Malls, banks, supermarkets, and real estate all supported one another.
• Family and legacy: He involved his wife and children early, making sure the business thrived beyond him.
• Give back: Through SM Foundation, he funded education, healthcare, and community projects.

As one entrepreneur joked on Facebook, “Kung may mall sa tabi ng bahay mo, chances are may BDO rin sa loob.” That’s Henry Sy’s vision in action, an ecosystem where businesses support and feed into each other.

Closing Thoughts

Henry Sy’s life wasn’t about quick wins or overnight success. It was about resilience, smart risks, and a relentless belief in possibilities. He turned 10 centavos into a multibillion-dollar empire, proving that with hard work and vision, kahit sino pwedeng umasenso. And maybe that’s the most powerful part of his story: the belief that success isn’t just inherited, it can be built.