Elizabeth Sy: Wealth, Business Empire, and Life Outside Work
Elizabeth Sy has carved out quite a name for herself in the country's tourism, leisure, and hospitality industry. The youngest daughter of the late Henry Sy, Jr oversees and continues to expand the SM Group's hotel and convention investments over the years, including bringing in several of the international Radisson branded properties along the way.
The president and chairman of SM Hotels and Conventions Corporation, Sy is the second child of the Sy patriarch and oversees much of the family's hotel properties arm. Here's everything we know about Elizabeth Sy.
Net worth: $2.1 billion (P120.8 billion)
Age: 71
ALSO READ:
The 14 Richest Billionaires in the Philippines in 2023
The Best Business Quotes and Insights From Filipino Tycoon Enrique Razon Jr.
In Her Youth
Born in 1952, Elizabeth "Betty" Sy is the youngest daughter out of six children of Henry Sy, Sr. and Felicidad Tan Sy. Growing up, she learned the inner workings of the family business from her older siblings, all of whom would take on various positions in their father's expanding group of companies.
Sy attended Miriam College, formerly Maryknoll College, and graduated with a degree in business administration back in 1974. While she never had an official background in hospitality, her father would eventually have her work as an assistant at the family's first hotel endeavor. At the Manila Royal Hotel in Quiapo, Sy began to hone her vision for the hospitality and conventions division of the group.
The 22-story, 250-room hotel was located in Sta. Cruz with 360-degree views of the Pasig River, featuring the first rotating rooftop restaurant in the Philippines. These days, the now-defunct hotel's future remains unknown. Its ground floor currently features an SM Department Store.
Elizabeth Sy's Business Empire
Sy worked in different capacities within the SM Group, focusing mainly on real estate and hospitality. From 1998 to 2007, she was part of the Investor Relations group of SM Prime Holdings. Here, she took management cues from the annual road shows she would attend all over the world.
She went on to spearhead the SM Hotels and Convention Corporation. With Sy at the helm, it became one of the leading hospitality companies in the country. It currently has a combined inventory of 1,960 rooms and over 38,000 square meters of leasable convention space. Its portfolio stretches across the archipelago, with 10 hotels and six convention centers to its name. Among them are the heritage hotel Taal Vista Hotel in Tagaytay City, Radisson Blu Hotel in Cebu, Pico Sands Hotel in Hamilo Coast, Park Inn by Radisson in Davao, Park Inn by Radisson in Clark, and Conrad Manila in the Mall of Asia Complex.
Around 2007, Sy ventured into the Meetings, Incentives, Conferences, and Exhibitions (MICE) space. She came up with the idea for the establishment of the SMX Convention Center at the MOA Complex in Pasay City. The 21,000 sqm of space would be leasable and have four halls. It has since become the largest privately managed exhibition and convention center in the Philippines. These days, there are SMX Convention Centers in Manila, Davao, Taguig, Bacolod, and Olongapo.
Sy is looking to double the company's hotel portfolio in the next five years. Apart from her work with the SM Hotels and Convention Corporation, she serves as an advisor to the Board of SM Investments Corporation and co-chairperson of Pico De Loro Beach and Country Club.
Sy's Impact on Philippine Economy and Society
Sy is a known philanthropist, patron of the arts, and supporter of progressive workplace policies.
In 2016, Sy oversaw the turnover of the P100-million Miriam College-Henry Sy Sr. Innovation Center. She tapped architect Eduardo Calma to work on the project. Now, the center has workshop rooms, fabrication laboratories, and exhibition spaces geared toward Science, Technology, Engineering, Arts, and Math students. She sits on as chairman of Nazareth School of the SM Group-owned National University, too.
Sy also leads the corporate social responsibility programs of SM Hotels and Conventions Corporation. Under her management, the hotels and convention centers under the group have now cut down greenhouse gas emissions by as much as 40 percent, emphasizing reduced food waste, efficient energy use, and recycling.
The corporation made it a point to hire women in executive positions, as well. As it stands, about 51 percent of managers of the company are women. SM Hotels also features ingredients and products sourced from enterprises in the Philippines and has supported thousands of micro, small, and medium businesses under Sy's watch.
On top of all these, Sy has been recognized for her innovations in the tourism, leisure, and hospitality industry several times now. In 2019, she received the prized Tourism Personality Award in the hotel category from Skål International.
Outside the Boardroom
Sy and her siblings Teresita Sy, Henry Sy Jr., Hans Sy, Herbert Sy, and Harley Sy have all taken the reigns to head the conglomerate's various companies. Much like the rest of the siblings, Sy likes to maintain a low profile. The younger Sy is married to Charles Uy. The couple's son, Eric, is already involved in the family business, serving as vice president for technical services for SM Hotels and Conventions.
Sy has always been open about her enthusiasm for art and traveling. In the SM Hotels and Conventions Corporation's art collection, visitors may freely see some works selected by Sy herself. For Conrad Manila, Sy collaborated with former Cultural Center of the Philippines president Nestor Jardin to curate the art collection of the hotel. She wanted to highligh Filipino artists, including but not limited to works by Sam Penaso, Nestor Vinluan, Jonathan Olazo, and Alain Hablo.
