Henry Sy, Jr.: Wealth, Business Empire, and Life Outside Work

As Henry Sy, Sr.'s eldest son, Henry Sy, Jr. was always destined to follow in his father's footsteps. And he's achieved that and then some.

Sy had actually been trained under the SM Group even before his father's passing. He became the director of SM Prime Holdings in 1994 and has only expanded his portfolio. These cover malls, residences, convention centers, and the like. He had also once stood as chief executive of National Grid Corporation. The billionaire had even entered the infrastructure industry with Big Boss Cement in 2017.

The Co-Vice Chairman of SM Investments and Chairman of SM Prime, Sy is one of six children who are each continuing the legacy of their father, the late great Henry Sy, Sr. Here's everything we know about Henry Sy, Jr.

Net worth: $2.5 billion (P142.2 billion)

Age: 69

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In His Youth

Born in 1954, Henry "Big Boy" Sy, Jr. is the eldest son of Henry Sy, Sr. and Felicidad Tan Sy. The namesake of the late SM Group founder was the third child out of the six siblings. Each of the children has carved out their respective niches in the family empire. According to reports, "Big Boy" was more of the late bloomer of the bunch. He had initial interests in land acquisition and design. Hence, his involvement in the growth of SMDC in the future.

He graduated with a bachelor's degree in business management from De La Salle University in 1974. Five years later, he would become a Vice Chairman of SM Investments Corporation, under the Food Retail and Distribution division.

Henry Sy Jr.'s Business Empire

Sy Jr.'s primary interests are in real estate, energy, and retail, among others. One of his first major leadership positions in the SM Group was becoming director of SM Prime, the property arm of the family. Under his watch, SM Development Corp. (SMDC) went from being a relatively dormant player in real estate to becoming one of the leading developers in the region in a little over a decade.

SMDC would be absorbed by SM Prime in 2013 in a merger that saw Sy Jr. become the strategist of the brand while Hans retained his role as president. The move was part of the shift toward a full-range property development group that encompasses residential, hotel, office, and shopping malls. “He’s (Henry Jr) the thinker and I’m the executioner…We work well together,” Hans told reporters at the time. In 2014, the namesake of their father would be appointed chairman of the board, as well.

The tycoon established his own cement business during the Duterte administration's "Build, Build, Build" program. Big Boss Cement became popular because it made cement out of volcanic debris in Pampanga. Sy Jr. would join the construction game and would partner with the government for some of its infrastructure projects.

Sy Jr. would also find himself taking over as chief executive of the National Grid Corporation of the Philippines (NGCP). These days, he remains its vice chairman. He is the chairman of the board of Synergy Grid & Development Phils., Inc., too.

Sy's Impact on Philippine Economy and Society

As the son of one of the most revered Filipino philanthropists in recent memory, Sy Jr. would continue their father's legacy of empowering education through the Henry Sy Foundation.

In 2019, Sy Jr. and Hans led the signing of the agreement for the creation of the Medical Sciences building at the University of the Philippines-Manila. It was a joint effort between the Henry Sy Foundation and UP Medical Alumni Foundation Inc. that amounted to roughly P300 million. The foundation also offers grants and scholarships, contributing to the likes of the UST Research and Endowment Foundation, Inc., National University, Xavier School, Miriam College, and more.

Through the NGCP, Sy Jr. would donate about P1 billion to health workers during the pandemic. The first half of the aid focused on goods and medical equipment while the other half was meant for the Office of the President's other initiatives.

Outside the Boardroom

All of the Sy siblings have solidified their posts in the Sy clan's group of companies. Tessie, for instance, is vice chairman of SM Investments and chairperson of BDO Unibank while Hans is chairman of China Banking Corporation.

Sy Jr. is married to Jasmine Sy, with whom he has three children. One of them, Hank, is quite the dancer, with most of his choreography work still available on YouTube.

Their daughter Jessica, an ardent advocate for sustainability, integrates her advocacy into the development planning programs of SMDC, aiming to shape a sustainable urban future. Unfortunately, his daughter, Catherine, passed away in 2021 in what was then a shock to the entire family, as she was supposed to get married during that same year.