Jul 28, 2019
THE TEN REASON WHY MANY INTELLIGENT PEOPLE FAIL IN LIFE
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THE TEN REASON WHY MANY INTELLIGENT PEOPLE FAIL IN LIFE
Henry Sy, Billionaire Who Started as a Shoe Seller, Dies at 94
Henry Sy, Billionaire Who Started as a Shoe Seller, Dies at 94
Henry Sy Sr. in 2013. Photographer: Ted Aljibe/AFP via Getty Images
Billionaire Deaths – Henry Sy, who became a billionaire by parlaying a shoe store into the biggest retailer in the Philippines, has died. He was 94.
He died in his sleep this morning, his daughter Teresita Sy-Coson and Jose Sio, chairman of SM Investments Corp. said. Sy had a net worth of $7.2 billion, according to the Bloomberg…
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Tỷ phú giàu nhất Philippines đã 93 tuổi
10 tỷ phú giàu nhất Philippines năm 2018 đều là nam giới từ 58 tuổi trở lên. Ông Henry Sy (93 tuổi) đã 11 năm liền đứng đầu danh sách những người giàu nhất nước này, theo Forbes.
1. Ông Henry Sy (93 tuổi – 18,3 tỷ USD)
– Sở hữu khối tài sản trị giá 18,3 tỷ USD, ông Henry Sy hiện là tỷ phú giàu nhất Philippines và đứng thứ 52 thế giới. Theo xếp hạng của Forbes, ông Sy vẫn giữ vững vị trí người…
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5 Sectors Concerned With The SM Contractualization Issue
by: Bianca Tañega
SM Investments Corporation (SMIC or SM, the mother company) is one of the leading business entities in the Philippines. Henry Sy, owner of the popular empire, is known to even contribute to the value of around 6% of the entire Philippine economy. Now, a business doing so well mustn’t have an issue with providing their employees substantial salaries, wages, and benefits, right? Well as it turns out, that may not exactly be the case. SM has been accused time and time again of practicing contractualization.
When a company practices contractualization, they hire employees for less than 6 months before terminating their contracts. What this does is it never allows these employees to become regular employees entitled to employee benefits meant to be provided by their employers. Without these benefits, they are subjected to injustices such as difficulty saving for their retirement and deprivation of healthcare to name a few.
Another thing to take note of is how this issue does not only affect the employees directly. Contractualization affects their families and communities as well, since these people are their breadwinners. If they fail to provide for their families and communities, it can be assumed that the families and communities will either suffer or struggle significantly.
SM has denied this many times, but there have still been many first-hand accounts from their employees themselves. Many people have come to the aid of these people, and there have already been efforts made to effect change. There are also some people who support SM. Here are 5 sectors in society and their stands on the SM contractualization issue!
1. The Church
Church groups such as the Church-Workers Solidarity (CWS) and the National Council of Churches in the Philippines (NCCP) have openly criticized SM for denying that they don’t practice contractualization when they get approached by so many young SM contractual employees. They called it SM’s “anti-worker employment scheme.” As a Church group, these two groups need the support from the people in their communities. They will put the people first to secure that support. This can be why they are so vocal about ensuring that the interests of SM’s workers are met. A manifestation of this would be when they called SM out on their lies and exposed that the company is run by greed since they generate so much but at the expense of their workers to whom they barely even pay the minimum wage. They say that SM takes advantage of their workers, and their workers have no choice but to accept it since they really need the jobs anyway.
2. The Youth
Samahan ng Progresibong Kabataan (SPARK) is a youth group that also called SM out on their contractualization issue. They challenged the company through email to reveal the conditions under which they practice contractualization. It is understandable why they would fight for this issue since a lot of people that “fall victim” to SM’s contractualization are young people new to the workforce. They tried to get the company to budge, however, SM continued to deny their claims. Despite this, they still see SM as the one that started the whole contractualization practice in the Philippines and the young employees as the powerless in this situation with no choice but to accept the conditions their employer dictates for them.
3. The Activists
Militant activist groups Kalipunan ng Damayang Mahihirap (Kadamay) and Anakpawis Partylist are two groups that are against SM’s contractualization practices as well. They are very vocal and quite radical with their stand, too. These two groups represent the masses, and the masses are the ones who usually end up in contractualized positions such as salespeople and clerks for retailers like SM. They are simply actively protecting themselves from being taken advantage of by such a powerful entity. They disagree with this practice because to them, it oppresses the workers. It is an injustice to them. Again, the employees have no power in this situation and the abide by the company’s ultimate desires and preferences because it is their best option for providing for their families and financing their lives.
4. The Women
In the retail industry, women make up majority of the population of salespeople or sellers. If any retail company exploits their workers, women would be the most affected. Gabriela Women’s Partylist (GWP) is an organization that works for the welfare of the women in the country. Their argument is that the harsh conditions of contractualization can take a serious toll on a woman and her health. According to them, SM’s unreasonably short breaks have caused a lot of their female employees to acquire urinary tract infection (UTI). They are also forced to wear heels all day with hardly any time to rest, causing serious harm to their feet. GWP disagrees with SM because they believe that the employees, especially the female ones, deserve to work under better and more just working conditions. The women experience this in addition to the low pay and the deprivation of employee benefits. However, they continue with their job and continue working because they have no choice.
5. The Government
The last sector is the government. There are two arguments for this sector in particular; the first being that of the Department of Labor and Employment (DOLE) while the second being that of our president, Pres. Duterte. When Pres. Duterte was running for office, one thing he promised to work for was the end of labor contractualization. However, DOLE failed to align themselves with the President’s plans when the Secretary of their department, Secretary Bello, signed Department Order (DO) No. 174 (2017) without ensuring that contractualization would officially end. They failed to implement the appropriate policies that protect low-position, clerical employees from contractualization. To them, SM’s contractualization is “legal contractualization,” therefore, there isn’t anything actually wrong. Whereas the President himself is very against it. Pres. Duterte has made himself very clear with his being against corruption. Contractualization is, in a way, a form of corruption in the business and corporate world. Because SM is so powerful, DOLE is perhaps being careful about the whole situation. They want to protect themselves from what the company will or might do if they give them a hard time. In the President’s case, everyone knows how fearless he is. His goal in office is to eradicate corruption and eradicate contractualization. It doesn’t matter to him who the corporation is or how powerful they are. There is contestation present between the two since their beliefs and ideologies clash, and they are both law-enforcing or law-implementing entities. Both entities are exercising their power but since the President has authority that comes into play, DOLE is compelled to accept reconsideration of the issue and make extra efforts to ensure anti-contractualization policies are implemented efficiently even if the order had already been signed.
Although this isn’t a headlining issue that a lot of people are aware even exists, SM’s contractualization is still being discussed, and the fight to end contractualization in the country is still in pursuit to this day.
Sources:
http://www.anakpawis.net/2012/04/retail-giant-has-no-regard-for-human-and-natural-resources%E2%80%9Csm-and-henry-sy-also-under-fire-for-contractualization-policy%E2%80%9D-anakpawis/
http://bulatlat.com/main/2017/10/13/sectors-unite-nationwide-protest-vs-sm-contractualization/
http://business.inquirer.net/110413/philippines-elite-swallow-countrys-new-wealth
http://www.cbcpnews.com/cbcpnews/?p=76618
http://www.gmanetwork.com/news/news/nation/575909/duterte-urges-endo-workers-to-complain-via-gov-t-hotlines/story/
http://www.gmanetwork.com/news/money/companies/584636/youth-group-calls-on-sm-to-reveal-number-of-contractual-employees/story/
http://newsinfo.inquirer.net/893227/contractualization-problem-persists-despite-new-labor-dept-order
https://www.rappler.com/nation/148400-end-contractualization-duterte-100-days
https://www.rappler.com/thought-leaders/164921-endo-contractualization-alive-dole-department-order
http://www.remate.ph/2012/04/militanteng-grupo-nagprotesta-vs-sm-contractualization/
Shoemart: Henry Sy’s story from Rags to Riches
Nouveau Riche is better than no riche at all.
For six decades, SM is the face of the nation’s prime retail, housing, banking and property development. SM founder Henry Sy’s shares his story from rags to riches. Unlike few filipino billionaires, Sy’s story truly started from the bottom.
Born as ‘Sy Chi Sieng’ in a small village in southern China on December 25, 1932 to a poor family, it is very evident that early on from childhood, Henry inspired to follow his father’s footsteps of escaping poverty and worked hard to alleviate his family’s life.
Henry Sy came to the Philippines at the young age of 12. He worked in his father’s small sari-sari store more than 12 hours everyday to help him. It was located on Echague St., which is now Carlos Palanca Sr. St. in Quiapo, Manila.
The Sy family then lived there, he devised ways to increase his income by developing small portions of products – much like the sachets we see today in the supermarkets. Henry started his studies at Anglo-Chinese School in Quiapo at the age of twelve where he also struggled to learn English.
According to his accounts, He would also buy goods from the infamous ‘Divisoria’ flea market. The goods that he bought would be carried on his back and sell them in his father’s small (sari-sari) store. When they close for the night, they would both sleep inside that small space until all their hard labor eventually earned them a better way of life.
On December 8 1941, just ten hours after the Imperial Japanese Attack on Pearl Harbor, the Japanese launched a surprise invasion on the Philippine islands. The country’s economy collapsed shortly after. Henry Sy’s father and family retreated back to China in fear of danger but Henry stayed.
Henry started his own store selling shoes in Marikina.
After the war on 1946, Henry began venturing to american brands of shoes. He sooner learned the value of partners and friendship, not later he was already managing three shoe stores in Manila.
He have always had the pleasure of a growing family while at the same time pursuing studies at FEU in the early 50s, he sought more ways to augment his income. He studied the market and decided to be different. While other young men went to the US to pursue a higher education, he went on a long business trip to the East Coast, and came home with a lot of merchandising ideas. For a time, he was selling a lot of shoes, accessories, and leather goods, hoping to change the way shoe manufacturers look at the industry.
It was at 1949 where his store burned down. He was able to loan a capital from China bank and used it to rebuild his business. And to improve his skills in the buy and sell industry, he decided to enroll at Far Eastern University in 1950 taking up a degree in Associate in Arts in Commercial Studies. He changed his legal name to Henry Sy upon acquiring his Philippine citizenship. After two years, he had to give up his studies so he could focus on his business.He married a Chinese immigrant who changed her legal name to Felicidad upon acquiring her Filipino citizenship and they had six children. They both converted to Catholicism due to the strong Filipino influence.
Henry Sy’s first generation of family along with foreign friends and investors.
Daughter Teresita Sy-Coson reccounts the moment her father decided to open the very first SM, “Sensing a lot of opportunities, he decided to open SHOE MART – “SM” – the first air-conditioned shoe store that merchandised shoes in a very inviting and classy format. With the success of that store, he went on to open more shoe stores, but he could not get enough suppliers.Many shoe manufacturers at that time could not understand why they had to listen to this shoe retailer who had very definite ideas on what he wanted to sell. They did not cooperate by providing him with the volume he needed, and because of that limitation, he gradually shifted to apparel – and thereafter other merchandise – with the help of my mother.He was continuously learning from his customers, suppliers, and employees. This on-the-job research gave him enough confidence to expand to a department store chain. Many things in life grow out of needs, and to meet the needs, you become determined. With determination you will take extra challenges and do things differently – which will most likely bring success.”
In 1972, Shoemart Manila on Calle Echague was transformed into the first of Mr. Sy’s department stores. The opening of the department store, SM Makati in 1975 was a accompanied by a dramatic corporate rebranding where Mr. Sy’s stores would be rechristened as SM from SM Department Store.
In 1978, SM Cubao opened, tapping into the large pedestrian population of that area.
In 1985, despite minor setbacks the natural progression of store to mall happened when Mr. Sy opened his first mall on EDSA in November 1985. SM North EDSA, a 125,000 square meter-mall, opened at a time when the country was plunged into one of the most turbulent periods of political history. SM Supermarket also became one of the anchor stores in SM North EDSA alongside SM Department Store.
In 1994, SM Prime Holdings, Inc. was incorporated to become the vehicle for SM's mall operations. It went public this year to enhance its funding capabilities and increase SM Prime's growth momentum in mall development.
It was finally in 2006 when SM Mall of Asia, SM Prime's flagship and the country's largest mall back then, was opened fronting the scenic Manila Bay in Pasay City. The mall was the anchor development in the 60-hectare reclaimed property now known as the Mall of Asia Complex. Later in the year, SM bought a majority stake in Equitable PCI Bank and merged it with BDO. This year saw the acquisition of the supermarket and hypermarket businesses by SM from the Sy family.
With all his achievements, Mr. Sy have collected awards, including Management Man of the Year by Makati Business Club in 1999, Honorary Doctorate in Business Management by De La Salle University in January 1999, 40 Richest Filipinos of 2008-2016, Forbes magazine Heroes of Philanthropy, and he was the 1st Chinese-Filipino recipient of the PRA President Award (2005).
Was it just pure luck or a fruit of labor? Maybe both, with this, Mr. Sy was able to give as a very concrete example of the saying; if there is a will, there is a way.
Gokongwei, Zobel de Ayala, Consuji and Sy, what do these men have in common? They all have achieved great success despite being cast away from different lands and pursued their dream to make it big here in the Philippines.
Henry Sy shares: “There is no such thing as overnight success or easy money. If you fail, do not be discouraged; try again. When you do well, do not change your ways. Success is not just good luck: it is a combination of hard work, good credit standing, opportunity, readiness and timing. Success will not last if you do not take care of it.”
Henry Sy is truly a shinning beacon of inspiration to all aspiring entrepreneurs and filipinos alike.
February 6, 2017
henry sy
Chavit Singson, 2017 Miss Universe pageant, gagastos ng $12-M
Chavit Singson Isang entertainment media get-together dinner ang naganap sa maulang Saturday evening sa bahay ng dating Ilocos Sur Governor and now a councillor sa bayan ng Narvacan na si Manong Chavit Singson. Si Manong Chavit kasi ang punong-abala sa Miss Universe 2017 na ‘pag nagkataon, dito ...
Continue Reading... http://www.pinoyparazzi.com/chavit-singson-2017-miss-universe-pageant-gagastos-ng-12-m/
Henry Sy, richest man in the Philippines
Henry Sy, richest man in the Philippines
In the eighth consecutive year, Henry Sy is still the richest man in the Philippines, according to the Forbes magazine list of the 50 richest Filipinos.
The shopping mall mogul that Sy had $ 14.4 billion net worth which increased compared to the $ 12.7 billion last year.
“At age 90, Henry Sy, the country’s richest man, still is chairman of his retail and property juggernaut SM Prime Holdings,”…
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