Henry Tan Chi Sieng Sy Sr.

 (Tagalog: [si]; Chinese: 施至成; pinyin: Shī Zhìchéng; Pe̍h-ōe-jī: Si
Chì-sêng;[2] October 15, 1924 – January 19, 2019) was a Filipino businessman and investor.

Born in Fujian, he moved with his family to the Philippines at age 12. While his family returned
to China, he stayed behind and founded ShoeMart, a small Manila shoe store, in 1958. Over the
decades he developed ShoeMart into SM Investments, one of the largest conglomerates in the
Philippines, including 49 SM malls in the Philippines and China, 62 department stores, 56
supermarkets and over 200 grocery stores. SM also owns Banco de Oro, the second-largest bank
in the Philippines, as well as real estate holdings.[3]

For eleven straight years until his death, Sy was named by Forbes as the richest person in the
Philippines.[4] When he died, his net worth was estimated at US$19 billion.[3]

In his twenties, Sy became a store manager working for an American business involved
in the local shoe industry in the Philippines; he opened his first sole-proprietorship store
in Quiapo, Manila in 1948.[2] He opened at least three shoe stores in the Carriedo area
which was then known for its heavy pedestrian traffic. His decision to sell shoes was due
to the losses his family experienced in World War II thinking that everyone would need
shoes following the aftermath of the war.[7]
He sold surplus G.I. boots and saved finances before he established ShoeMart [9] in 1958,
his own small shoe store in Quiapo, that marked the beginning of SM Prime.[10] He later
encountered difficulties in sourcing shoes locally and decided to import shoes from
outside the country.[9]
Sy became involved in the banking industry when he acquired Acme Savings Bank (later
renamed Banco de Oro or BDO) in 1967.[9]
In November 1972, he opened SM Quiapo, SM's first stand alone department store, and
entrusted his 22-year-old daughter Teresita to run the store.[3] On November 8, 1985, he
established his first SM Supermall, SM City North EDSA.[11] In the early 1990s, SM started
opening more shopping malls with the setting up of two malls in Metro Manila and a
solitary mall in Cebu City. SM Prime Holdings was incorporated in 1994 and went public.[9]
Sy was named "Richest Man of the Year" by the Makati Business Club in 1999 and was
conferred an Honorary Doctorate in Business Management by De La Salle University in
January of that year. He and his wife established the SM Foundation Inc., which helps
underprivileged youths, the disabled and the elderly.[12] He established business
presence in Mainland China when the SM Group opened its first shopping mall in his
native Xiamen. Other malls were later set up in other parts of Southern China. [2]
In August 2005, Sy's stake in the San Miguel Corporation, Southeast Asia's largest food
and beverage conglomerate, reached 11%.[13] He sold that stake in October 2007 for
$680 million.[14]
Sy's holding company, SM Investments (also known as SM Group), has been frequently
named as one of the best managed companies in the Philippines. [12] SM Investments is
the operator of Banco de Oro (BDO) and owner of Chinabank. In 2006, Sy bought the
remaining 66% of Equitable PCI Bank, the Philippines' third largest lender, and merged it
into BDO the following year. The transaction turned BDO into the second largest
financial company in the country.[12]
He was the Philippines' richest man, gaining $5 billion in 2010, amid the global financial
crisis. The huge gain was due to his holding company, SM Investments, which has
interests in BDO, inter alia.[12] For 11 straight years until his death in 2019, Forbes ranked
him as the richest person in the Philippines, with an estimated net worth of US$19
billion in 2019.[4][3]
In 2017, Sy stepped down as chairman of SM Investments Corporation and was given
the honorary title of Chairman Emeritus as recognition for being the founder of the SM
Group. Jose Sio succeeded Sy as chairman. [15