Taipan Henry Sy Sr. — the Philippines’ wealthiest man and also one of the country’s most generous philanthropists — passed away on Saturday, according to a member of the Sy family.
Sy was 94 years old.
“[He] passed away peacefully in his sleep early Saturday morning,” according to a statement released by one of the conglomerate’s officials, adding that the particulars of the retail magnate’s wake and interment were still being worked out.
Sy had been the country’s richest man for 11 years in a row, according to Forbes magazine, which estimates his net worth at $19 billion.
He was the founder of the SM Group and was the chairman emeritus of SM Prime Holdings Inc., SM Development Corporation, and Highlands Prime Inc., BDO Unibank Inc., and honorary chair of China Banking Corporation.
Sy opened the first ShoeMart store in 1958 and has since evolved into a conglomerate with three main lines of businesses – retail, banking, and property.
He was also a generous donor to charitable causes, allotting millions of pesos each year to finance the college scholarships of thousands of deserving but underprivileged Filipino youth, among others.
Sy was 94 years old.
“[He] passed away peacefully in his sleep early Saturday morning,” according to a statement released by one of the conglomerate’s officials, adding that the particulars of the retail magnate’s wake and interment were still being worked out.
Sy had been the country’s richest man for 11 years in a row, according to Forbes magazine, which estimates his net worth at $19 billion.
He was the founder of the SM Group and was the chairman emeritus of SM Prime Holdings Inc., SM Development Corporation, and Highlands Prime Inc., BDO Unibank Inc., and honorary chair of China Banking Corporation.
Sy opened the first ShoeMart store in 1958 and has since evolved into a conglomerate with three main lines of businesses – retail, banking, and property.
He was also a generous donor to charitable causes, allotting millions of pesos each year to finance the college scholarships of thousands of deserving but underprivileged Filipino youth, among others.
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