Teresita Sy-Coson: Wealth, Business Empire, and Life Outside Work

As the leader of one of the largest publicly traded holding companies in the country and in Southeast Asia, Teresita Tan Sy-Coson is one of the most powerful and influential people in business. The eldest child of the late Henry Sy, Jr. has upheld the highest standards of corporate leadership and practiced philanthropy throughout her career.

Sy-Coson is one of the most revered businesswomen in ASEAN for a reason. Having board and management positions under the SM Group umbrella, Sy-Coson has helped turn SM Investments and BDO Unibank into powerhouse enterprises. She's also been asked to represent the Philippines in numerous economic forums, business advisory councils, and more locally and worldwide.

The Vice Chairperson of SM Investments and Chairperson of BDO Unibank undoubtedly possesses the strength of character and leadership once displayed by her father, the late great Henry Sy. Here's everything we know about Teresita Sy-Coson.

Net worth: $2.2 billion (P125.4 billion)

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Age: 72

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In Her Youth

Born in October 1950, Teresita "Tessie" Tan Sy-Coson is the eldest of six children of Henry Sy, Sr. and Felicidad Tan Sy. She saw how her father laid down the foundation for what would become the SM Group we know today. At times, Sy-Coson once said that she felt like she didn't have a choice about following her career, saying that it was her birthright to join the family business. She wasn't wrong.

Sy-Coson's father and her maternal grandfather were small shoestore owners when she was young. While in the shops, she would contribute to the family by assisting fellow children. These were her first lessons in business transactions. She also worked as an inventory clerk and cashier.

Interestingly, the young Sy was said to have always had a knack for banking. Her earliest exposure to the business was when her maternal grandfather would bring her to local banks at around the age of five. She would go on to study at Immaculate Conception Academy–Greenhills in San Juan City before attending Assumption College San Lorenzo. Sy-Coson graduated with a degree in commerce. She thought about pursuing a master's degree, but of course, her father had other plans for the young Tessie.

Teresita Sy-Coson's Business Empire

At 22, she helped her father establish the first SM department store in Manila. Success didn't come easy, seeing as the store opened two months after Martial Law was declared. But it wasn't long before various SM department stores started popping up all over the metro. In 1983, construction of the first  SM supermall started and, two years later, SM North EDSA opened. By 1990, she would become president of the SM Department Stores unit (today, it's part of the SM Retail Group).

In the '90s, Sy-Coson shifted her focus to the Sy family's retail and savings bank arm, Banco de Oro, which introduced innovative products and services, as well as cater to smaller businesses. Soon enough, it would transform from being a savings and retail bank into a universal bank.

Before she took over BDO Unibank, it was the 13th biggest bank in the country. Sy-Coson bought into Equitable in 2004, which, at the time, was the third-largest bank in the Philippines. Eventually, BDO became the largest bank in the Philippines in terms of total resources, capital, loans, total deposits, and assets under management.

These days, SM Retail, Inc. is the country's leading retailer. It consists of a nationwide portfolio of department stores, supermarkets, and specialty stores. The group's biggest gains happened all under Sy-Coson's leadership. 

In April 2022, SM Investments Corp acquired Philippine Geothermal Production Co. in a $304-million deal. This was part of SM's vision to lower its carbon footprint.

Apart from being Vice Chairperson of SM Investments, Co-Chairman of SM Supermalls, and Chairperson of BDO Unibank, Sy-Coson also hold management and advisory posts on the boards of SM Prime Holdings, Inc., BDO Private Bank, Inc., BDO Leasing and Finance, Inc., and BDO Capital & Investment Corporation, among others.

Sy-Coson's Impact on Philippine Economy and Society

Sy-Coson is also admired among members of the business community because of her philanthropy and charity. Her efforts were especially recognized during the pandemic.

When COVID-19 happened, the billionaire donated more than P1.5 billion in vaccines, hospital equipment, and more through the SM Foundation to frontliners and medical institutions in the fight against the health crisis. The SM Group was said to have donated more than 150,000 doses of vaccine in various programs nationwide.

As a member of the board of the BDO Foundation, Inc. and the ASEAN Business Advisory Council, she has represented the Philippine business community on the biggest business and economic stages worldwide.

In 2015, she was given the "Outstanding Exemplar in the Private Sector" award for SM Foundation's programs. Six years later, Sy-Coson was even named to Forbes' list of Asia's Top 15 philanthropists. Among her other accolades are Asia's Best CEO award and the Asian Corporate Director of the Year award from Corporate Governance Asia.

Outside the Boardroom

Sy-Coson and her siblings Elizabeth Sy, Henry Sy Jr., Hans Sy, Herbert Sy, and Harley Sy have all taken the reigns to head the conglomerate's various companies. Next to them, the next generation of Sys is making strides in fields even outside of business. For instance, Sy-Coson's daughter, Nicole Coson, studied fine arts at Central Saint Martins and received her master's of arts in painting from the Royal College of Art and has exhibited with different groups around the world.

Sadly, the billionaire businesswoman's husband, Chinese lumber tycoon Louis Coson, passed away in 2003. She has claimed that in the years since her husband's death, one of the biggest dreams she still wants to pursue is to study architecture when she retires. Sy-Coson has said that she hopes to one day build a structure that she herself has designed.