SM is the symbol of culture of consumerism in the Philippines, a country where 27% of its 100 million population lives below poverty line.That big box type building of SM has been proliferating in major strategic locations in the country. Indeed, SM is one criteria in measuring a city's economic growth. SM now holds more than 45 branches located at cities and provinces in the Philippines.
SM Mall of Asia in Pasay City. Dubbed as one of the coolest malls in the world.
HENRY SY's Humble Beginnings
Henry Sy was born into a poor family in in Xiamen, China on October 15, 1924. He went to Manila to join his father who had opened a small grocery store. Seeing his old man for the first time in Manila (He described his father as “dirt poor.”) made him cry.The young Sy first came to the Philippines in 1936, shortly before the beginning of World War II. After the war, almost everybody had to start their lives all over again. The ‘50s to the ‘60s were tough years for many countries, most specially for those whose economies were ravaged by war. In China, those who could fled Mao Zedong’s Cultural Revolution. But in the Philippines, there was relative peace and quiet as the economy flourished. The local postwar economy held much promise for the many Chinese who began to start businesses (chinabusinessphilippines.com).
Sy opened a small shoe store in Quiapo, Manila in 1946. He took 45-hour plane rides from Manila to New York to buy shoes he would sell back home for at least a peso per pair. Things began to look up for him in the 1950s when his small shoe store eventually evolved into a department store.
With hardwork and determination, Sy was able to establish his first shoe store in Quiapo, Manila in 1958. He called it SM (Shoe Mart) Quiapo. In 1985, he built his first supermall SM North EDSA in Quezon City.
The first standalone SM in Quiapo, Manila
BUSINESS INTERESTS
Considered the Philippines' richest man, the 88-year-old Sy ranks 72nd on Bloomberg's list, with an estimated net worth of $13.3 billion, up by $1.1 billion from last year. Through SM Investments Corporation, Sy and family has interests in the following:
1. Retails and Malls - SM Department Store, SM Supermarket, SaveMore, SM Hypermarket, Makro
2. Banking - Banco de Oro (BDO), China Banking Corporation
3. Real Estate - SM Development Corp (SMDC, Highlands Prime, Inc. Mall of Asia Complex
4. Gold Mining - Atlas Consolidated Mining and Development Corporation
5. Gaming - Belle Corporation
How Sy's money revolves around his businesses? Robert Kiyosaki says that rich people become richer by making use of other people's money and time. When Sy builds his supermalls, does he use his own money? I don't think so. He borrows from banks of course! And what banks? BDO and Chinabank use people's savings to lend to SM. So Henry Sy builds his malls and other real estate investments by borrowing from his own banks. Very clever.
HENRY SY AND FAMILY
Henry Sy is married to Felicidad Tan Sy and have six children: Teresita Sy-Coson, Elizabeth, Henry Jr., Hans, Herbert, and Harley. SM Group's management team is composed of Teresita, President of Shoemart Inc. and Chairman of Banco de Oro Universal Bank, the family’s main retail and commercial banking interests; Henry Jr., President of SM Investments Corporation and Senior Vice President of SM Prime Holdings, Inc. and who keeps an eye for new ventures; Hans, head of mall construction and operations; Herbert, in-charge of SM Supermarket; Elizabeth, Senior Vice President for marketing; and Harley, SM Prime’s Senior Vice President and Treasurer.
According to Robert Tiglao's column in Inquirer, Henry Sy has several mansions in Forbes Park for his mistresses, so it would be easy to be with them, and still have dinner with wife No. 1. It has also been reported that Sy has several illegitimate children. His other families will definitely grab anything that they can get from his billions. I surmise that upon his death, the family feud will come to a boiling point. I bet that the other children will spend their inheritance up to the last cent.
JOHN LLYOD CRUZ PAID MORE TAXES THAN HENRY SY IN 2012
Ranked only 74th in the Bureau of Internal Revenue's 2013 list of top 500 taxpayers, beaten by actor John Lloyd Cruz who has the 8th slot (Cruz paid Php 42.7 million tax), Sy is typical of Filipino economic elites driven by capitalist dogma that individual greed leads to a nation's economic prosperity. Henry Sy only paid a paltry sum of Php 16.4 million, next to his son Henry Jr who is on the 73rd ranking.
List of top taxpayers: ftp://ftp.bir.gov.ph/webadmin1/pdf/top_500_individual_tp_ty2012.pdf
What's the difference between Filipino and American billionaires? Filipino billionaires just amass massive wealth and hold on to their riches. American billionaires like Warren Buffet and Bill Gates give away large chunk of their wealth to foundations to advance health and education. The 55-year-old Gates has given away to philanthropy $28 billion, half of his wealth, or three times the net worth of the 87-year-old Sy. Gates is only leaving $10 million each to his two children.
Gates says he’s just “giving back to society” what he took. Suggest that to a magnate here, and he’ll roll into burst of laughter. Neknek nyo!
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