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

SM, Globe ink deal with 'Star Wars'

MANILA - The anticipation is building up for the "Star Wars: The Force Awakens" movie, which opens in the Philippines next week.

Various merchandise items have become the hot gift choices of the season.

Several video games and mobile apps are also now the "in" thing, and a life-sized X-wing fighter is on display at the SM Mall of Asia.

"That was made locally, so it was one to two months in the making, but of course, with the guidance of Disney because we want to stay true to the actual design of the X-wing fighter," said Ria Canteras of SM Lifestyle Entertainment.

The Star Wars universe is expanding, and it has cemented its footprint in the Philippines this year with its partnership deals with the SM group and Globe Telecom.

Several Philippine companies have also partnered with Star Wars, hoping to ride on the strength of the iconic entertainment brand.

It's the companies that are paying to become Star Wars partners with Disney not even needing to spend much.

Many Filipino fans are happy with the expansion of the Star Wars brand in the country.

"When we first saw the trailer, even while wearing our costume, we were in tears. It took many years for another movie to be made," said Star Wars fan Arnel Serioso.

SM would not say how much it had to pay to use the Star Wars brand, but it said the investment was worth it as it can use Disney, Pixar and Star Wars titles for the next five years.

"We'll have more interactive activities. Anybody would want to partner with Disney because it was passed on from one generation to the other," said Canteras.

This trend has become a global phenomenon with all kinds of Star Wars themed products launched--ice cream, multivitamins, and even a commercial aircraft.

Here in the Philippines, expect to see more Stormtrooper or Darth Vader characters as well as Star Wars exhibits in various establishments across the country.

Star Wars is multi-billion dollar brand and it's not surprising that many companies would like to partner or use the brand because even in a business sense, "the force is strong with this one."

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

AgriNurture ends supply contract with SM supermarkets

MANILA, Philippines - AgriNurture Inc. has terminated its contract with the Sy-led SM group for the supply of fresh fruits and vegetables, the listed food producer and exporter said in a disclosure on Thursday.

AgriNurture's subsidiaries First Class Agricultural Corporation and Fresh & Green Harvest Corp. has already handed in a formal notice to SM Group's Super Value Inc. and Super Shopping Market Inc., saying they would stop supplying fresh produce to SM Supermarkets and SM Hypermarkets.

The food firm said it will complete pull-out of inventories by Oct. 26 for SM Supermarkets and Oct. 31 for SM Hypermarkets.

"The end of the two decade old supply relationship with the supermarket chains of the SM Group is expected to have only a small positive effect on the Company's income for the rest of 2012, but will result in a more pronounced positive effect in 2013," AgriNurture said.

The termination of its relationship with the SM Group will free up some P60 million in working capital tied to credit lines of the supermarket chain, AgriNurture pointed out.

"The newly freed up capital will be deployed to other more profitable channels of distribution for fresh fruits and vegetables and thus generate better returns for the Company and its shareholders," the food firm said.

source: abs-cbnnews.com

SM's Tessie Sy one of Forbes' 50 most powerful bizwomen in Asia; Lisa Gokongwei's 'one to watch'

MANILA, Philippines - The vice chairperson of the SM Group is one of Asia's top 50 power businesswomen, according to Forbes magazine.

Teresita Sy-Coson, 61, started to learn the shoe trade at eight years old, helping to tend to their family's store in downtown Manila. She decided to sell shoes at that young age and told Forbes about how she felt when adults derided her for her young entrepreneurial spirit.

"I would, of course, choose the kids to put shoes on, and their parents would ask me how old I was, and they would laugh. I was so hurt," Sy-Coson told Forbes.

Now widely regarded as the heir-apparent to the $9.3-billion business, Sy-Coson said she wonders how she made it through the first years in the retail business without the advanced degree or formal training. The executive said she made up for it by working long hours and following her instincts, consulting business books and attending trade fairs.

"Now that I know how the science works and the numbers work, I don't know how I did it at the time," Forbes quoted Sy-Coson.

Lisa Gokongwei is one of 15 women to watch

Forbes also cited Lisa Gokongwei-Cheng as one of Asia's 15 women to watch, which is a list of up-and-comers who are expected to be seen in the top 50 power businesswomen list in the future.

Gokongwei-Cheng, 43, is president of Summit Media, the company behind FHM Philippines, Cosmopilitan Philippines, Yes!Magazine, and other titles.

source: interaksyon.com

SM Group confirms talks to acquire Ortigas Holdings

MANILA, Philippines -- The country's biggest mall owner and operator has confirmed that it is in talks to acquire a majority stake in the holding firm of the Ortigas family.

"We confirm that SM Group is in the process of discussion for the acquisition of majority interest in Ortigas Holdings Inc. The amount and details of the transaction are still under discussion and subject to finalization," Jose Sio, SM Investments Corp. finance officer, told the Philippine Stock Exchange.

The Ortigas & Co Ltd. Partnership own Greenhills Shopping Center, the financial district Ortigas Center, Tiendesitas, Frontera Verde, Valle Verde subdivisions, Greenmeadows, Greenhills subdivisions, Luntala, Circulo Verde, and Viridian in Greenhills.

source: interaksyon.com