SM founder Henry Sy still on top
Retail king Henry Sy, Sr. remains the Philippines’ richest person, according to the Forbes 2016 Global Billionaires’ list.
His net worth dropped from $14.2 billion in 2015 due to the volatile global market, weak oil prices and strong US dollar.
Born in Xiamen, China in 1924, Sy migrated to the Philippines and conquered the retail scene becoming the SM founder. His eldest daughter, Teresita Sy-Coson, has become one of Asia’s most powerful businesswomen.
Sy’s family business empire, SM Investments Corporation (SMIC), includes retailing, real-estate, hospitality, banking, mining, education and healthcare services.
In 2015, SMIC reported a 13 per cent growth in recurring income, with consolidated net income of P28.4 billion and consolidated revenues of nearly P300 billion. The increase came on the back of 17 per cent growth in retail earnings, 14 per cent growth in property net income and 10 per cent growth in bank income.