Palace condoles with family of SM founder Henry Sy Sr.
Malacanang has extended its condolences to the family of SM Group founder Henry Sy Sr. who passed away on Saturday at the age of 94.
Presidential spokesperson Salvador Panelo, in his statement, described the tycoon as a visionary and a pillar of the Philippine economy who believed in the potentials and opportunities of the country, and pursued them with dedication, passion, and hard work till their fruition.
"Mr. Sy boldly took the business path which Filipino businessmen feared to tread. He pioneered the construction of malls in the Philippines beginning with the construction of SM North EDSA in 1983 when the country was in political and economic turmoil as a result of the assassination of Senator Benigno Aquino, Jr.," Panelo said.
He recalled that Sy started his business from a small shoe store in Quiapo, Manila, which later became SM Quiapo - SM’s first department store, under daunting and harsh circumstances.
The spokesperson said Sy made "malling" a delightful experience as a part of the urban living in the Philippines where families and ordinary people "bond, promenade and create wondrous and memorable moments".
He added that people recognized "Tatang", as Sy was fondly called, as the “Father of modern Philippine retail".
"A grateful nation respects and admires the man for his lasting legacy which he attributed to hard work," Panelo said.
Panelo quoted what the late Chairman of SM Investments Corporation had said: “People often ask me why, what is my driving force? It’s this: If I make good today, I want to make better tomorrow. If I have a big shopping mall, my next thing is to have a bigger one. By doing that, I have to work very hard.”
He said Sy's words should be carved not in stone but in the hearts and minds of entrepreneurs to propel them to the stratosphere of business.
"Mr. Sy exemplified the hardworking Filipino. As a family man, he had moulded his children into his own image: humble, hardworking and a man of prophetic vision," he said.
"We pray for the eternal rest of his soul, and may perpetual light shine upon him as his spirit traverses the path to everlasting life," he added.
On Saturday, SM COO Steven Tan announced the death of his father.
"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," he said in a statement.
The Sy family sought for 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.
In 2018, Forbes had listed Sy as the 52nd richest man in the world and top one in the Philippines with an estimated worth of $20 billion. Ella Dionisio/DMS
