Henry Sy, Sr. learned financial literacy the hard way


The late taipan Henry Sy, Sr., affectionately called “Tatang,” built his business empire armed with financial wisdom acquired at a very young age in the streets of pre- and post-war Manila.

At 12 years-old, he arrived in Manila with only 10 centavos in his pocket (worth about P120 in today’s money). While the amount was not much for a young boy in a big city, for Tatang, it was enough for the start he needed—not to start a business, but to start dreaming of a better future.

Henry Sy, Sr.

“Even at that age, Mr. Sy had the gift of vision, of looking at a far bigger picture. Later in life, he would be able to see the finer details of that vision until it is fully realized. The growth of his investment to what we know as SM today is a testament to that,” said BDO Capital & Investment Corporation President Eduardo Francisco.

Tatang once said that, “From the very start, I knew I had the drive and determination to make something of myself.” As his father’s assistant at the sari-sari store they operated in Quiapo, Manila, Tatang recognized the value of money early on. He saw his father pick up stocks from Divisoria and bring these to their store on foot.

Tatang himself would walk out into the streets to try to interest customers in their merchandise. Together, they saved every bit they could scrape from their earnings, hoping to be able to put up more small stores.

Thus, he learned the value of financial wisdom early, noting that, “I learned from my parents the importance of hard work and good credit.”

But their moderate success was interrupted by chaos and violence of the Second World War. The Battle of Manila at the end of the war saw their stores razed to the ground and their business all but wiped out. Everything they had slowly built was quickly gone, and along with it, most of their hopes and their savings.

One thing that remained, however, was the value of hard work Tatang had learned from his father and in his early years in the city. Determined to rebuild his dreams, he sought an opportunity that would give him a chance to start something that could grow bigger, with the little he had left to his name.

The small shoe store Tatang established decades ago would become a chain of shops, and then a string of malls and department stores. Decades later, he would see his business flourish into a conglomerate that would enter various other industries.

The old Banco de Oro building

In 1976, the SM Group would purchase Acme Savings Bank—a thrift bank that would eventually become Banco De Oro, which would later be renamed BDO.

Today, the SM Group stands as the leading business conglomerate in the country, with further interests in real estate development, retail, banking and other industries.

Tatang’s dream for a better future began with ten centavos and a deep understanding of how even a small start can have powerful potential for growth. On this month of October, Tatang’s birth month, it is a wisdom that SM aims to share with every Filipino today.

The SM Group has its Super Month campaign, its biggest celebration across its well-loved retail brands, SM Supermalls, SM Store and SM Markets for the whole month of October.

It is a time when SM honors its roots by sharing the legacy of its founder, Henry "Tatang" Sy, the visionary behind one of country's leading conglomerates today, during his birth month.