Retail tycoon Henry Sy Sr passes away

MANILA  - Retail tycoon Henry Sy Sr. has passed away, ABS-CBN News confirmed Saturday. He was 94.

"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," Steven Tan, SM Supermalls COO, said in a statement. 

Sy's family sought privacy as they thanked those who have extended their condolences. 

"We are truly grateful for the outpouring of sympathy on the passing of our father, Henry Sy Sr. May we respectfully ask for privacy today to give the family time to reflect and to finalize arrangements," the Sy family said in a statement. 

Sy, founder of the SM group, was named by Forbes as the country's richest man with an estimated net worth of $19 billion.

Before his demise, Sy Sr. tapped a long-time associate, Jose Sio, to succeed him as chairman of SM Investments, while his eldest daughter Teresita Sy-Coson and son Henry Sy Jr remain as co-vice chairpersons at SM Investments, where Harley Sy is also executive director.

 'A pair of footwear for every Filipino'

The Chinese-born Sy started his business in 1958 with a Shoemart footwear shop in downtown Manila.

"That’s one of Mr. Sy’s dreams. He stated years before that he wanted to sell a pair of footwear to every Filipino," SM Retail senior vice president for shoes and bags Eugene Saw earlier told ABS-CBN News.

Sy's humble footwear shops in Rizal Avenue and Carriedo Street in Manila eventually branched out into bigger retail shops in Makati and in Cubao, Quezon City, two of the country's busiest districts in the 1960s.

In two decades, Sy managed to change the shopping landscape in the Philippines when he put up the 125,000-sqm SM North EDSA in 1985. 

By the turn of the century, Sy's shoe shop had evolved into a multi-sector empire that had stakes in banking and real estate.

The SM Group now includes BDO Unibank, the country's largest lender, condominium builder SM Development Corp. and Belle Corp., which has a stake in the billion-dollar City of Dreams casino resort.

Sy is among Filipino-Chinese tycoons with businesses expanding in China, with 7 malls in the mainland. 

Amid such expansion, Sy stayed true to his "first love" and opened smaller community malls in rural areas in the Philippines. 

"He got busy with other businesses, but his true love, his true passion is in the shoe business," Saw said.

Philippines' richest was also among Asia's most generous

In 2013, the SM Group chief was named by Forbes Asia as one of the region's top philanthropists for giving nearly $120 million to schools and foundations.

At the time, Sy gave $7 million to the De La Salle University to build an eco-friendly building for the school, and donated $112 million to an un-named foundation, Forbes Asia said.

Sy made it to the top because he "does not stop thinking," Sio, one of the tycoon's most trusted lieutenants, earlier told ABS-CBN News.

"He does not stop thinking. He looks at the long term. He was number one in retail but he was telling me, watch me, (this) bank will be number one," said Sio, recalling how Sy planned the success of BDO Unibank.

"His drive in life, his vision. I said to myself, this (man) will be big," he said.


source: news.abs-cbn.com

Forbes: Henry Sy is still PH top billionaire; Jeff Bezos is world's richest

MANILA - Shopping mall tycoon Henry Sy is still the Philippines' richest man while Amazon.com founder Jeff Bezos seized the top spot for the first time, Forbes Magazine said Tuesday.

Sy has a net worth of $20 billion (P1 trillion), nearly double from last year's $12.7 billion, and ranked 52nd worldwide. Sy has led the country's billionaires for 10 years in a row.

Bezos' seized the top spot from Microsoft founder Bill Gates this year with a net worth of $112 billion. Gates placed second with a net worth of $90 billion.

Tycoon John Gokongwei of the JG Summit group and family ranked second in the Philippines and 305th worldwide with $5.8 billion.

Enrique Razon, who owns Solaire Casino and Resort, was third in the Philippines and 404th worldwide with $4.9 billion.

According to Forbes, Asia Pacific has the most billionaires at 827, followed by the United States at 585 and Europe at 559.

A record 2,208 billionaires made this year's list, with a collective net worth of $9.1 trillion, up from $7.7 trillion last year.

source: news.abs-cbn.com

SM Investments' Jan-Sept revenues reach P206-B

MANILA - SM Investments Corp. (SMIC) posted consolidated revenues of P206.2 billion for the first nine months of the year, up 7 percent from the year-ago figures.

SMIC said its consolidated net income from January to September 2015 also grew by 7 percent to P19.4 billion.

“Our strong results year-to-date reflect our ongoing focus on delivering footprint expansion across the country and on driving cost competitiveness in all our core businesses," SM president Harley Sy said in a statement on Wednesday.

The biggest contributor to SM's consolidated earnings for the first nine months is the banking unit, accounting for 40 percent.

BDO Unibank Inc. recorded net interest income growth of 12 percent to P41.8 billion in the first nine months, with net income up 5 percent to P17.6 billion.

SM's property unit, SM Prime, accounted for 39 percent of total earnings and reported income growth of 70 percent to P22.9 billion from January to September.

By the end of the year, SM Prime will have a total of 55 malls in the Philippines and six malls in China.

source: www.abs-cbnnews.com

Henry Sy still the richest billionaire in PH - Forbes

MANILA - Mall tycoon Henry Sy Sr. is still the richest man in the Philippines, according to Forbes magazine.

For the 8th consecutive year, the SM malls owner topped the 2015 Forbes Philippines Rich List with a net worth of $14.4 billion, up by $1.7 billion compared to last y

"The country's richest man is even richer as the value of his publicly traded conglomerates, SM Investments and SM Prime Holdings, have increased by 17 percent and 20 percent, respectively over the past year," Forbes said.

Sy also has a stake in electricity firm National Grid Corp., and is the owner of BDO Unibank, the country's largest bank in terms of assets, loans, deposits, capital and trust funds.

Landing at the No. 2 spot is JG Summit’s John Gokongwei Jr., with a net worth of $5.5 billion.

Gokongwei moved up three spots after his company’s stock rose 30 percent driven by strong revenues from his petrochemical businesses and earnings from investment in Manila Electric Co. (Meralco).

Andrew Tan of Alliance Global moved up to the third spot with $4.5 billion, down from $5.1 billion previously.

Rounding out the top 5 on the 2015 list are LT Group’s Lucio Tan ($4.3 billion) and International Container Terminal Services’ Enrique Razon Jr. ($4.1 billion).

Razon slipped to the fifth spot after seeing a drop in his net worth of more than $1 billion.

Newly-minted billionaire Dean Lao of D&L Industries is a new addition to the list at No. 16 as he saw his net worth soar to $1.1 billion, a 76 percent increase from last year's $625 million.

D&L manufactures aerosol cans as well as fats and oils used in food products like margarine, cocoa butter and ice cream.

Oscar Lopez also reached billionaire status with investments in ABS-CBN, telecom, and power distribution. Lopez Holdings is also among the firms cashing in on clean-energy projects in the Philippines.

The net wealth of Philippines’ richest are compiled based on stock prices and exchange rates as of the close of markets on August 14.

The top 10 richest in the Philippines are:
1) Henry Sy
2) John Gokongwei Jr.
3) Andrew Tan
4) Lucio Tan
5) Enrique Razon Jr.
6) George Ty
7) Aboitiz Family
8) Jaime Zobel de Ayala & family
9) David Consunji
10) Tony Tan Caktiong

The list was compiled using shareholding and financial information obtained from the families and individuals, stock exchanges, analysts and other sources.

source: www.abs-cbnnews.com

Who are the richest billionaires in the Philippines?

MANILA - These tycoons own the country's major shopping malls, banks, airlines, fast-food chains, hotels, and power firms.

The richest billionaires in the Philippines have a combined net worth of nearly $50 billion (P2.3 trillion), which are compiled by Forbes magazine based on stock prices and exchange rates as of the close of markets on August 14.

Here are the country's 10 richest billionaires:

Mobile users can view the desktop version of the slideshow here.

10) Tony Tan Caktiong

Tony Tan Caktiong has turned Jollibee Foods into the fastest-growing Asian restaurant chain in the world. He also recently entered new territory, building community malls with fellow billionaire Edgar Sia II of Mang Inasal fame. The 62-year-old Caktiong has a net worth of $2.2 billion. Photo: Jollibee Foundation

source: www.abs-cbnnews.com

These 11 Pinoys are among world's richest

MANILA – Eleven Filipino billionaires made it to Forbes magazine's latest list of richest persons in the world.

The SM Group’s Henry Sy is still the richest Filipino with a net worth of $14.2 billion. He ranked number 73 among the richest billionaires in the world.

“His net worth has increased by 10 digits plus thanks to the continued growth of his SM Investments Corp, the largest retailer in the Philippines with over 200 individual outlets around the country. The firm is one of the country's largest conglomerates with interests in real estate development, shopping malls and banking,” Forbes said.

Second-richest Filipino is the founder of JG Summit Holdings, John Gokongwei Jr., who has a net worth of $5.8 billion.

Gokongwei, who ranks 254th richest in the world, has businesses in airlines, telecoms, property development, banking, hotels, and power.

The chairman and chief executive of International Container Terminal Services (ICTSI), Enrique Razon Jr., ranks 291st richest person in the world with a net worth of $5.2 billion.

ICTSI is the largest port operator in the Philippines, and operates a total of 29 ports across 21 countries.

Megaworld’s Andrew Tan is the Philippines’ fourth richest billionaire with a net worth of $4.8 billion. He ranks 330th in the world.

Aside from Megaworld, Tan is also the man behind the success of Emperador Distillers and Resorts World Manila.

LT Group’s Lucio Tan is the Philippines’ fifth richest billionaire and 369th in the world with a net worth of $4.4 billion.

LT Group owns Asia Brewery and has a stake in Philip Morris-Fortune Tobacco, which has an estimated 80 percent market share of the cigarette market in the Philippines.

Rounding up the list of riches Filipinos in the Forbes annual list are GT Capital’s George Ty ($4.4 billion; 369th); DMCI’s David Consunji ($4.1 billion; 405th); Jollibee’s Tony Tan Caktiong ($2.7 billion; 690th); Puregold’s Lucio and Susan Co ($2.3 billion; 810th); Prudential’s Robert Coyiuto Jr. ($1.8 billion; 1054th); and former senator and Vista Land founder Manuel Villar ($1.6 billion; 1190th).

World's richest

The title of world’s richest man still belonged to Microsoft co-founder Bill Gates, who has a current net worth of $79.2 billion, up from $76 billion in 2014.

Gates took the top spot for the second consecutive year, beating out telecom mogul Carlos Slim Helu, whose net worth increased to $77.1 billion from $72 billion last year.

Warren Buffett ($72.7 billion), Zara’s Amancio Ortega ($500 million), and Oracle’s Larry Ellison ($54.3 billion) closed out the five richest billionaires in the world.

Forbes said a record 1,826 billionaires made the list, higher than the 1,645 billionaires in 2014.

A record 290 billionaires were added to the list this year, beating out a previous high of 268 newcomers last year.

By countries, the US has the most number of billionaires with 536, followed by China with 213, Germany with 103, India with 90 and Russia with 88. Regionally, Asia-Pacific has the most billionaires with 562, followed by the US with 536, and Europe with 482.

The complete list is posted on www.forbes.com/billionaires.

source: ww.abs-cbnnews.com

RICH LIST: The 50 richest in the Philippines

MANILA, Philippines – Forbes magazine on Thursday released its list of the 50 richest Filipinos for 2014.

According to the latest Forbes Philippines rich list, the country's 50 wealthiest are worth a combined $74 billion, up 12% from $65.8 billion in 2013.

Here's the list of the richest Filipinos and their estimated net worth:

1. Henry Sy; US$12.7 billion (SM Prime Holdings)
2. Lucio Tan; $6.1 billion (LT Group)
3. Enrique Razon Jr.; $5.2 billion (International Container Terminal Services Inc.)
4. Andrew Tan; $5.1 billion (Alliance Global)
5. John Gokongwei Jr.; $4.9 billion (JG Summit Holdings)
6. David Consunji; $3.9 billion (DMCI Holdings)
7. George Ty; $3.7 billion (Metropolitan Bank & Trust Co.)
8. Aboitiz Family; $3.6 billion (Aboitiz Equity Ventures)
9. Jaime Zobel de Ayala & family; $3.4 billion (Ayala Corp.)
10. Tony Tan Caktiong; $2 billion (Jollibee Foods Corp.)
11. Robert Coyiuto Jr., $1.8 billion (National Grid)
12. Lucio & Susan Co, $1.7 billion (Puregold Price Club)
13. Yap family, $1.475 billion (Philtrust Bank)
14. Manuel Villar, $1.460 billion (Starmalls; Vista Land & Landscapes)
15. Inigo & Mercedes Zobel,$1.2 billion (Ayala Corp.)
16. Alfredo Yao, $1 billion (Macay Holdings; Zest-O)
17. Andrew Gotianun $955 million (Filinvest Development)
18. Vivian Que Azcona $935 million (Mercury Drug)
19. Eduardo Cojuangco $870 million (San Miguel Corp.)
20. Beatrice Campos $825 million (Unilab)
21. Po family $770 million (Century Canning)
22. Oscar Lopez $700 million (Lopez Holdings)
23. Alfonso Yuchengco $685 million (Rizal Commercial Bank Corp.)
24. Roberto Ongpin $680 million (Alphaland)
25. Betty Ang $670 million (Monde Nissin)
26. Dean Lao $625 million (D&L Industries)
27. Manuel Zamora $620 million (Nickel Asia)
28. Carlos Chan $550 million (Liwayway)
29. Jorge Araneta $510 million (Araneta Complex)
30. Mariano Tan Jr. $445 million (Unilab)
31. Edgar Sia $390 million (DoubleDragon)
32. Ramon Ang $380 million (San Miguel Corp.)
33. Michael Romero $375 million (Harbour Centre Port)
34. Concepcion Family $320 million (Concepcion Industrial)
35. Philip Ang $315 million (Nickel Asia)
36. Frederick Dy $310 million (Security Bank)
37. Luis Virata $300 million (Nickel Asia)
38. Alfredo Ramos $260 million (Atlas Consolidated Resources)
39. Wilfred Steven Uytengsu Jr. $255 million (Alaska Milk Corp.)
40. Tomas Alcantara $250 million (Alsons Consolidated Resources)
41. Jose Antonio $240 million (Century Properties)
42. Bienvenido Tantoco Sr. $235 million (Rustan’s)
43. Jacinto Ng $230 million (Asia United Bank)
44. Gilberto Duavit $200 million (GMA Network)
45. Menardo Jimenez $195 million (GMA Network)
46. Eric Recto $190 million (Alphaland)
47. Walter Brown $183 million (Atok-Big Wedge)
48. Felipe Gozon $182 million (GMA Network)
49. P.J. Lhuillier $180 million (Cebuana Lhuillier)
50. Juliette Romualdez $170 million (Banco de Oro; Benguet)

Forbes said the minimum amount required to make this year's list was $170 million, up from $105 million last year.

The list was compiled using shareholding and financial information obtained from the families and individuals, stock exchanges, analysts and other sources. Net worths are based on stock prices and exchange rates as of close of markets on August 18.

The complete list is available at www.forbes.com/philippines as well as in the latest issue of Forbes Asia.

source: www.abs-cbnnews.com

SM group capitalizes on BPO boom in Davao

DAVAO CITY, Philippines - Capitalizing on continued demand for business process outsourcing space, the SM group of retail taipan Henry Sy is opening 2,800 more BPO seats this year within its Davao malls.

SM City Davao, also known as SM Ecoland, will house 2,200 BPO seats operated by Teleperformance, while US-based outsourcing services provider IBEX Global will have 592 seats occupying 1,500 square meters in SM's Lanang Premier. These are expected to generate roughly 3,500 jobs.

"We have a growing call center industry, aside from tourists many investors coming in and many other industries are growing," said Therese Lapeña-Manalo, mall manager of SM Lanang Premier.

Located north of Davao City, SM Lanang Premier is the group's second mall there. Sitting on a 10-hectare property, it houses several mid to high priced retail brands, an iMAX cinema and the SMX convention center signifying the growing affluence of Davao as a key urban city in the south.

Out of SM's four malls in Mindanao, Lanang Premier is so far the largest in gross floor area (GFA) terms.

"The brand equity of SM is very high so as much as possible we try to also give them what we have in Manila so people don't have to travel all the way there," Debby Go, head of SM Prime's Mindanao operations said.

Another 6,000 square meters of BPO space is still available in SM City Davao in which, a lease deal is likely to be finalized within the year. All in all, a total of 21,500 square meters of BPO space will be occupied.

The Philippines is a favored hub among BPO locators, due to its strong human capital -- a relatively young population with good English language skills. Many have already ventured outside Metro Manila and choosing next wave cities.

Over the years, SM has been allotting more BPO space within its malls, as round-the-clock call center operations need support facilities such as dining and entertainment, at the same time providing a steady market for the mall's tenants.

Inspired by Mindanao's growing economy and high consumer spending power, SM is set to build new malls in Butuan and Cagayan de Oro, bringing its mall count in the island to six.

To date, its Mindanao malls have a total GFA of 455,649 square meters, contributing four percent to the group's total revenues.

source: www.abs-cbnnews.com

Sy, Gotianun daughters in Forbes list of top Asian bizwomen

MANILA, Philippines - The daughters of Filipino-Chinese tycoons Henry Sy and Andrew Gotianun made it to Forbes magazine's 2013 list of top 50 businesswomen in Asia.

In its March issue, Forbes Asia released its list of "Asia's 50 Businesswomen In The Mix," which includes women who led top companies to higher profits and stellar accomplishments last year.

Teresita Sy-Coson, 62, is the vice chairman of SM Investments, the Sy family's holding company for its retail, mall, banking and property businesses. Sy-Coson, an Assumption College graduate, is also the chairman of BDO Unibank Inc., the country's largest bank in terms of assets. She is the daughter of Henry Sy, who was named the Philippines' richest man by Forbes magazine last year.

This is the second year in a row that Sy-Coson was in the list. Last year, she even landed on the cover of Forbes Asia magazine.

For Lourdes Josephine Gotianun-Yap, this was her first time on Forbes Asia's list of most powerful Asian businesswomen. She is the 57-year-old president and CEO of Filinvest Development Corp. and its property unit Filinvest Land. She is the third child of Andrew Gotianun Sr., founder of Filinvest who is 17th on the Forbes list of richest in the Philippines.

Aside from Sy-Coson and Gotianun-Yap, Forbes Asia's list includes Eva Chen, the co-founder and CEO of antivirus software firm Trend Micro and South Korean entrepreneur Kim Sung-Joo, who turned MCM into a rising luxury brand.

The full list can be found on the Forbes Asia website.

source: abs-cbnnews.com

Henry Sy Sr.'s long-time associate dies

MANILA - Senen Mendiola, the man who helped build the Philippines' largest shopping mall chain SM has passed away due to cardio-pulmonary arrest. He was 85.

Mendiola worked closely with shopping mall magnate Henry Sy Sr. for more than four decades and was a driving force in helping grow the SM brand.

From a single shoe store in Manila in the sixties, SM expanded to a full line store, and later on to department stores and malls.

Mendiola also served as director of SM Prime Holdings since 1994 and was vice chairman in a number of firms within the SM group. He also served as adviser to the board of BDO Unibank.

"Senen is like a brother to my dad. We grew up knowing him as a member of our family," Tessie Sy, eldest daughter of Sy Sr. and vice chairperson of SM Investments, said in a text message.

A graduate of San Beda College with a degree in Commerce, Mendiola is survived by his wife Josefina and four children, including Jorge who is currently president of SM Department Stores.

Wake is at the Sanctuario de San Jose in Greenhills. Interment will be on December 1, Saturday at the Loyola Memorial Park in Marikina City.

source: abs-cbnnews.com

SM's Henry Sy retains spot as richest Filipino - Forbes.com

MANILA - Shopping mall magnate Henry Sy has again topped Forbes.com's list of the 40 richest Filipinos.

According to Forbes.com, the 87-year old Sy and his family has a net worth of $9.1 billion, or about P385 billion.

He owns SM Investments, a conglomerate that runs 43 malls in the country and five in China, the Philippines' biggest bank, BDO, and the country's fastest-growing condominium developer, SMDC.

His son, Henry Jr., has a joint venture with State Grid Corp. of China that holds the 25-year concession for the Philippines' power transmission highway.

Second on Forbes' list is tobacco tycoon Lucio Tan and family, who was estimated to have a net worth of $4.5 billion, or about P190 billion.

Besides controlling the Philippines' tobacco monopoly in a partnership with multinational Philip Morris, 77-year old Tan also is part owner of Asia's oldest carrier, Philippine Airlines, a substantial interest in which he sold to long-time beverage rival, San Miguel Corp.

Third on Forbes' list is port operator Enrique Razon Jr., who was credited with a net worth of $3.6 billion, or about P152 billion.

Apart from International Container Terminal Services Inc., the 52-year old Razon also has interests in mineral exploration and recently has ventured into the tourism space with his gaming firm, Bloomberry.

Fourth on Forbes' list is John Gokongwei Jr., who has an estimated net worth of $3.2 billion, or about P135 billion.

The 84-year old businessman's empire includes the Philippines' fastest-growing budget carrier, Cebu Pacific, food manufacturer Universal Robina, and property firm Robinsons Land.

Fifth on Forbes' list is 90-year old construction magnate David Consunji and family, who are worth of $2.7 billion, or about P114 billion, Forbes.com said.

Other businessmen on the Forbes list in order of their net worth are the following:

- Andrew Tan, $2.3 billion;

- Jaime Zobel de Ayala and family, $2.2 billion;

- George Ty and family, $1.7 billion;

- Roberto Ongpin, $1.5 billion;

- Eduardo Cojuangco, $1.4 billion;

Senator Manuel Villar is also on the list, coming in 18^th with a net worth of $720 million.

Among world's top billionaires

Sy and family also ranked 116^th in Forbes' list of the world's billionaires, which 72-year-old Mexican telecoms owner Carlos Slim topped, with a net worth of $69 billion.

Microsoft chairman Bill Gates, 56, came in second with $61 billion, and Berkshire Hathaway chief executive and investing legend Warren Buffett, 81, was in third place with $44 billion.

article source: interaksyon.com