The Rags to Riches Story of Sy Sr.

(Marievon Paculan)

What are you willing to sacrifice to have the success you are longing for in your hands? A
quote from Conrad Hilton says “Success seems to be connected with action. Successful men
keep moving. They make mistakes, but they don’t quit.” A man that resembles this quote is
the Philippines’ richest man and the owner of SM Incorporation, Mr. Henry Sy Sr.

Henry Sy Sr. seemed to be destined to have a successful life for his biological name, Sy Chi
Sieng means “attainment of ultimate success”. At the early age of 12, Sy followed his father
all the way from China to the Philippines with hopes of a better life. He helped in selling some
household merchandise in his father’s sari-sari store that was ravaged along with the rest of
Quiapo when the World War II occurred. That was the reason why his father, Sy Siu Tek flew
back to China. Sy decided to stay in Manila to pursue his studies, he was 19 this time, with
only 10 centavos left to his name, Sy was selling anything he can get just to support himself.
From day to night, he worked hard. Even the word “rest” wasn’t in his vocabulary anymore.
From selling different merchandise every single morning to studying every night, we can say
that Sy is a very hardworking man. At the age of 21, he started to sell G.I boots imported by
US soldiers, after he earned his degree Associate of Arts degree at Far Eastern University
while learning Tagalog and English. He saved enough money from selling boots to open the
first ShoeMart in 1958, along Carriedo, Manila. He was married to Felicidad Tan Sy, who was
a shoelace vendor, and had six children. His children’s names are Teresita, Elizabeth, Henry
Jr., Hans, Herbert, and Harley. Over the following six decades, ShoeMart grew and grew and
it’s brand name was changed to “SM”. Sy then opened his first department store in 1974 and
it was ran by his then 22-year old daughter, Teresita Sy-Coson. Sy, by that time already
owned one of the top banks that had risen in the country. The Banco De Oro, well knowed
as BDO, Aside from that, Sy ventured into other businesses like real estate properties and
hotels. The SM Prime also operates over 70 SM malls in the Philippines and another 7 in
China. His properties led him to be awarded as the Philippines’ Richest Man by Forbes, he
held that title for 11 straight years. Sy, also ranked as the 53rd Most Richest Man in the world
last 2018. January 19, 2019, Sy died in his sleep as a happy man, according to Jose Sio. He
died leaving almost 20 billion dollars after SM Prime Holdings and his children’s name.

Henry Sy is definitely a good role model, not only to aspiring businessman, but to each and
everyone of us. We can get so many lessons from all the good and bad happenings from
Henry Sy’s life and I bet, most of us, had been inspired to work hard and strive for a better
future no matter how hard the situation is. Let me end my speech by leaving a quote from
Henry Sy himself, “There is no such thing as overnight success or easy money. If you fail, do
not be discouraged. Try again.” Thank you.