The legacy of Henry Sy Sr.
Numerous accolades were accorded the late Henry Sy Sr., usually referring to him being the richest man in the Philippines. Yes, Mr. Sy was wealthy but to me his treasure was not the billions in the bank and diverse enterprises. His wealth was in the inspiration he gave countless aspiring entrepreneurs who sought to follow his pioneering path. His value was not in the credit he was given ready access to. It was that in every endeavour, he added value to the assets, especially the human resources who worked with him. Ultimately he added value to business and industry, to the nation and the Filipino people by his sterling example of sharing the fruits of his labor so that others could develop their capabilities to grasp opportunities.
It is said that working with his father, he thought of offering custom- ers smaller portions of products putting them within their means. This was not new as all over the country sari-sari stories were using the same strategy but at high cost as their suppliers had to bring the products to them. Consolidating their purchases allowed the sari-sari store owners to bring down the prices to the neighborhood buyers. SM provided the venue and later knowing the financial pattern of the sari-sari store owners provided them loans which expanded some stores to be the logistic hub of larger communities. The lesson was learned; trading was all about financial transactions and the rationale of having a bank, Banco de Oro.
The choice of the Bangko Sentra ng Pilipinas to be the “white knight” of distressed banks was because BDO led in the realm of good governance. Best practices meant that an absorbed bank transformed into an asset not a liability to the financial system. All these anchored on an ownership that depended on competent professional managers and owners who held back the urge to intervene.
When Mr. Sy decided to build the first major mall in Quezon City, I told my students in the UP College of Business Adminstration, “that’s a brave man” given the turbulent times as the end of the Marcos era was approaching. I should have said “that’s a visionary or even better someone who loves his country that he will take the risk.” His investment showed his faith in the future of the Philippines. It also started the initiatives of exposing to the buying public fledging consumer product and food entrepreneurs who today have become household names. It set a unique lifestyle in shopping, moviehouses, eating and other services (dental clinics!) transforming malls into communities including centers of worship. And the rest followed SM as its malls dotted the Philippine archipelago.
As globalization washed the domestic shores bringing challenges and opportunities, the Sy enterprises sought to strengthen their foothold by offering a variety of services to the Filipinos left out in the financial system and the developing prosperous mainstream. It’s forays abroad were both a learning experience and getting other countries to see and buy the best of Filipino products. It also allowed lowering costs to benefit the Filipino consumer as some products of good quality were manufactured abroad. True nationalism does not fight globalisation; it takes advantage of it.
I would have wanted to condole with Sy family at the wake and express both sorrow for the passing and joy for a life of a patriot that served the nation. But battling cancer of unknown primary Stage 4, I can only offer this modest tribute to a man whose wealth is the thanks of the Filipino people.
melito.jr@gmail.com