Philippines' wealthiest man and the SM Group Founder Henry Sy Sr. passed away Saturday morning, January 19.

SM Group founder Henry Sy Sr. passed away earlier today at the age of 94.

SM Supermalls Senior VP Steven Tan says: "With deep sadness, I would like to inform the group that our beloved Chairman Tatang, Mr. Henry Sy Sr, passed away peacefully in his sleep early Saturday morning. Please pray for the eternal repose of his soul."

BIOGRAPHY:

Henry T. Chi Sieng Sy Sr. (October 25, 1924 - January 19, 2019) was a Chinese-Filipino business magnate, investor, and philanthropist. He was involved in the industries of real estate, hospitality, banking, mining, education, and health care. He was responsible for the establishment of SM Malls, anchored by Shoemart Department Store and Supermarket. He was the founder of SM Prime Holdings, the holding corporation for all his business interests in his vast business empire. In 2015, Forbes magazine listed him as the richest man in the Philippines, ahead of 11 other billionaires including John Gokongwei and Lucio Tan.

In 1956, Sy established a small shoe store in Quiapo, Manila that marked the establishment of SM Prime Holdings.[9] In November 1972, the small shoe store became SM Quiapo, SM's first stand alone department store.

On November 8, 1985, he established his first SM Supermall, SM City North EDSA.

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 organized the SM Foundation Inc., which helps underprivileged and promising young Filipinos.

In August 2005, Sy's stake in the San Miguel Corporation, Southeast Asia's largest food and beverage conglomerate, reached 11%. He sold that stake in October 2007 for $680 million.

Sy is considered a tai-pan. The Sy group is the operator of Banco de Oro and owner of Chinabank. In 2006, he bought the remaining 66% of Equitable PCI Bank which is merged with BDO today, the Philippines' third largest lender, in which he already had a 34% stake, and merged it with Banco de Oro in 2007. The merger created the Philippines' second largest financial institution with resources of close to $17 billion.

He is 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 Corporation, which has interests in Banco de Oro, inter alia. Forbes magazine's 2008 list of 40 wealthiest Filipinos revealed the Sy family's net worth was $6.2 billion. Earlier, he was the second-wealthiest individual in the Philippines, next to Lucio Tan, and (as of 2010) 201st-wealthiest in the world.

In 2017, Sy stepped down as chairman of SM Investments Corporation. –(Source: Wikipedia)

Rest in peace, to the man behind all SM malls. Sir Henry Sy. You are truly a great inspiration to others. To fight for life and to have a wealthy life. Thank you sir!