In 1970, Henry Sy opened his first ShoeMart in Carriedo, Manila. He opened another branches until most of them became department stores and later became super-malls in the Philippines. Malling becomes the culture of Filipinos.You can find anything you want just by going to one place called mall. Thus, it saves you time, effort and money. Henry Sy through his SM malls filled that need.
Henry Sy's family was getting involved in the business. One thing followed another until the business grew into a giant conglomerate.
Henry Sy now owns the biggest shopping mall operator in the Philippines - the SM Prime Holdings. He has a well diversified investments in banking and real estate.
His net worth this year 2012 increases from $7.2 billion up to $8 billion (340 billion pesos) making him the richest man in the Philippines. He is $4.5 billion richer than Lucio Tan.
But Henry Sy is not a greedy richest man. He values the principle of giving. "The more you give, the more you receive". In 1983, Henry Sy established SM Foundation, Inc., a socio-civic arm of SM Group of Companies. For many years, it helps the less fortunate communities in the Philippines. According to Henry Sy's letter,
"SM Foundation is the heart and soul of SM. It brings meaning to what we do in business".
SM Foundation's first project was giving scholarship program to the underprivileged and poor youth. Henry Sy believes that in order to be better in life, you have to have education. Henry Sy experienced studying and working at the same time for several years. That's why he values education so much.
SM Foundation offers free medical missions in the Philippines. Henry Sy understands how poor parents suffer from incapability of buying medicines for their children.
SM Foundation offers free livelihood training programs. Henry Sy helps the farmers improve the quality of their plants and their yields.
Let's go deeper with the richest man, Mr. Henry Sy. Wilson Lee Flores wrote an article in Philippine Star-Sunday Life about the secrets of Henry Sy's success. Here are which he believed to be the secrets to Henry Sy's phenomenal success which makes him the richest man in the Philippines
- Humility - Henry Sy is a man of few words.
- Ability to find and use good talent
- Hard work
- Discipline
- Love of study
- Self-sacrifice
- Good strategic planning
- Involve family in business
- Focus
- Bold risk-taker
- Long-range strategic vision
- Good reputation
- God's blessings - Henry Sy attributed their success to God.
Do you admire Henry Sy as the richest man in the Philippines? What can you say about him?
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