Duterte pays respects to Henry Sy Sr.
Credit to Author: The Manila Times| Date: Mon, 21 Jan 2019 04:15:11 +0000
PRESIDENT Rodrigo Duterte on Sunday night paid his respects to the late retail tycoon Henry Sy Sr., the country’s wealthiest man, who passed away in his sleep on Saturday.
Duterte, accompanied by some members of his Cabinet, arrived at 10:50 p.m. at the Heritage Park in Taguig City to condole with the family of Sy, Malacañang said.
“The President then expressed his sincerest condolences to Sy’s family. Duterte stayed for more than an hour before leaving the vicinity,” the Palace said.
Palace photos showed the President shaking the hands of Teresita Sy-Coson, daughter of the late tycoon, before approaching Sy’s coffin for a moment of silence.
Malacañang expressed its “deepest and heartfelt condolences” to the family, friends, and colleagues of Sy, who died at age of 94.
In a statement, Palace spokesman Salvador Panelo described Sy as “a visionary and a pillar of the Philippine economy who believed in the potentials and opportunities of the country, and pursued them with dedication, passion, and hard work till their fruition.”
“Mr. Sy boldly took the business path which Filipino businessmen feared to tread,” the Palace official added.
With a net worth of $20 billion, Sy, chairman emeritus of conglomerate SM Investments Corp., was ranked 52nd richest in the world according to business magazine Forbes.
He was also chairman emeritus of SM Prime Holdings Inc., SM Development Corp., and Highlands Prime Inc., BDO Unibank Inc., and honorary chairman of China Banking Corp.
Sy opened the first ShoeMart store in 1958, which has since evolved into a dynamic group of companies involved in retail, banking and property.
Sy was born in China on October 15, 1924 to Henry H. Sy and Tan O. Sia. He graduated from Chiang Kai Shek College and obtained his Commercial Studies at Far Eastern University in 1950. CATHERINE VALENTE
The post Duterte pays respects to Henry Sy Sr. appeared first on The Manila Times Online.