Taking the Lead
Representing the Philippines’ business empire SM Group, Hans Sy takes the lead in giving aid to combat COVID-19 pandemic in the country
With an extensive portfolio spanning six decades, SM Group has grown to be an epitome of success in the country with businesses in multiple industries with interest in retail, shopping malls, hotels, banking, mining, real-estate development, education, and tourism. Today, the corporation is being run by the six Sy scions, who are all involved in management and overlooking the company’s overall strategy, as members of its board.
As the nation continues to battle the coronavirus pandemic and social distancing becomes a norm, the whole country and its economy have ground to a halt with the implementation of an enhanced community quarantine (ECQ) declared by President Rodrigo Duterte in the capital to combat the spread of the virus in the region. Top conglomerates in the country are doing their share of donations and assistance to those in need during the outbreak and quarantine period.
Business Empire SM Group is one of the first few conglomerates in the country to give aid and support in the wake of the outbreak, allocating PhP100-million (US$2M) in assisting government-owned hospitals. The corporation has also equipped health workers on the frontlines with personal protective equipment (PPEs) such as johnny gowns, masks, gloves, visors, and hospital shoe covers, as well as medical supplies. The group has also waived retail rents for all the tenants of its SM Supermalls during the nationwide lockdown. Mara Sy Coson, the daughter of Teresita Sy-Coson, is also helping out as the head of the team in distributing medical equipment, PPEs, test kits, and ventilators nationwide to over 50 hospitals and groups such as TOWNS, Xavier School Alumni and PAL PNP-AVSEGroup—as well as ensuring logistics and warehousing of supplies and equipment. SM Foundation has also donated over P170-million to help fight against the COVID-19 pandemic to provide additional PPEs and other supplies to frontliners. It has also orchestrated the delivery and distribution of over 6,700 relief packs to depressed communities nationwide.
SM has also reached out to Manila HealthTek Inc to help distribute test kits for free to government health institutions and provided ICU-grade ventilators to hospitals that manage severe coronavirus cases. In addition, SM has also assured its employees working on the frontlines, such as security guards and janitorial staff, emergency financial aid. Frontline employees will receive P5,000 during the quarantine period. “In these trying times, we are in uncharted territory. Let’s be mindful of our frontliners and help with their need to be alert so they can continue to do their best in working for the safety and health of our communities,” said Hans Sy, chairman and director of SM Prime. The six Sy siblings are the children of the late industrialist who topped the Forbes list of Philippines’ 50 Richest in 2019, with a combined net worth of $17.2B from its publicly traded holdings SM Investments and SM Prime.