Die Henry Sy, the richest businessman in the Philippines

The founder of the Philippine holding SM Investments, Henry Sy, considered the richest man in the Philippines, died today aged 94, the business group owner of the country's main commercial chain reported.

"With deep sadness, I want to inform the group that our beloved President Tatang, Mr. Henry Sy Sr., passed away in peace while he slept on Saturday morning," SM operations director Steven Tan said in a statement.

Sy, known as Tatang, had in 2018 a heritage valued at 19,000 million dollars, according to Forbes magazine, which since 2005 placed the entrepreneur at the top of the list of wealthiest Filipinos.

Born in China, Sy moved to the Philippines at age 11, where his father ran a small grocery store in Manila, and began to build his empire in 1958 with the opening of a first shoe store.

Currently, SM owns the main and most diversified commercial chain in the Philippines, with more than 2,100 stores and some 11,660 employees, according to the group's website.

The interests of the group are ramified in the banking sector, which has more than 1,800 branches, mining and real estate property, according to the same page of the group, which closed 2017 with profits of 396,000 million pesos (about 7,516 million dollars ).

Sy, who for some years had transferred the responsibility of the management of the holding company to his children due to his advanced age, was still seen visiting his big department store in a wheelchair.

After his death, Sy received the recognition of the unions, who thanked him for his contribution to the creation of employment in the country.


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