Family Runs Deep

President of SM Engineering Design and Development Hans ‘Chico’ SY Jr is determined to enhance his family’s business legacy.

It all began with a young Chinese migrant making the most of a bad situation. As a teenager, Henry Sy decided to stay in the Philippines after World War II instead of returning to China with his family. He tried selling used army boots to eke out a living. It’s a classic rags-to-riches story. From that very humble beginning, Henry became one of the wealthiest Filipinos. He built the SM Group – among the most respected business groups not just in the Philippines but in all of Asia. In terms of market capitalisation, it has also grown to become the biggest real estate development company in South-East Asia.

The SM Group of Companies started out as a family business in 1958 with a humble shoe store in downtown Manila that was transformed into a department store in 1972 and later expanded into the retail, banking and property sectors.

Henry’s two daughters and four sons forged careers in the company and its subsidiaries. From their father’s vision, they grew the family business and were instrumental in professionalising the organisation as well as spearheading the listing of the company on the Philippine Stock Exchange.

Over the past six decades, the SM Group has evolved into a leading Philippine conglomerate. Its supermalls, cinemas, and food and non-food outlets have become lifestyle destinations, while its combined retail operation is the country’s largest and most diversified. In banking, SM has the widest footprint in the Philippines through its interests in BDO Unibank Inc and China Banking Corp, the country’s biggest and one of the oldest banks, respectively.