The Sy siblings are once again the richest in the Philippines in 2024, according to Forbes Asia, now led by the second generation of the Sys.
All of SM founder Henry Sy’s six children, however, are already in their senior years. As of end-2023, Teresita Sy-Coson was 73; Elizabeth was 71; Henry Jr. was 70; Hans was 68; Herbert was 67; Harley was 64.
Some of them have given up the day-to-day running of the SM group of companies to professionals capable of leading one of Southeast Asia’s largest conglomerates.
Several years down the road, however, the third generation of Sys could be taking over the business units under the SM Group of Companies.
Who among them will step up to be among the leaders of one of the largest conglomerates in the country with businesses in retail, banking, property and other sectors?
Two of them active in the SM group’s property business are Jessica Bianca “Jica” Sy-Bell, 31, and elder cousin, Hans “Chico” Sy Jr.
Jica, a daughter of Henry Sy Jr., is currently lead executive for design, innovation and strategy of SM Prime Holdings Incorporated and SM Development Corporation (SMDC). She is also assistant vice-president of SM Prime, a post she has held for over three years.
She could be a third generation Sy who will be leading the Sys’ property business, given her academic and professional background.
Jica is a foreign-educated architect. She has a Bachelor’s degree in Design from The Queensland University of Technology in Australia, and a Masters of Architecture from the same university, according to her LinkedIn profile.
She is also a member of the board of ARISE Philippines, a local network of private sector organizations whose members are committed to Sustainable Development Goals. SM Prime was a key mover of ARISE Philippines, which now has at least 146 member private sector organizations. It is co-chaired by Jica’s uncle, Hans Sy Sr.
Jica is outspoken about her advocacy and has been speaking and pushing for sustainable development in her engagements.
In a recent forum organized by the Philippine Institute of Certified Public Accountants, she spoke on the topic, “Corporate Finance as Catalyst for Social Impact and Environmental Sustainability.”
“At SM, we believe that securing a better future for generations to come hinges on our commitment to innovative solutions and projects that embody sustainability principles. Sustainable investments play a crucial role in this endeavor,” she said, adding that the group’s property arm, SM Prime, has integrated ESG+R (Environmental, Social, Governance + Resiliency) principles into its “sustainable initiatives.”
“While ESG principles are well-known, ‘R’ stands for resiliency, guiding our investments to address climate risks and enhance disaster preparedness.”
At least 10% of SM Prime’s capital expenditure is allocated to sustainable and resilient designs, including science-based solutions to mitigate natural disaster impacts on properties, Jica said.
In SM’s Hamilo Coast in Nasugbu, Batangas province south of the capital, she said three of its 13 coves there are Marine Protected Areas, namely, Santelmo, Etayo, and Pico de Loro. These coves are part of the Coral Triangle in this region.
SM has the record to speak of when it comes to disaster resilience. SM City Marikina became famous for withstanding Tropical Storm Onday in 2009. The mall was built with severe flooding in mind and is elevated 20 meters beyond standard regulations. The mall is supported by 246 stilts.
Many of SM Malls also serve as refuge during calamities, including in the recent habagat (southwest monsoon) induced by typhoon Carina.
Similarly, Vine Residences in Novaliches is elevated three meters above ground level to protect it against flooding.
Hans Sy Jr.
Earlier mentioned as a next generation Sy who will likely be at the helm of SM’s property business is Hans “Chico” Sy Jr., son of Hans Sr. and wife Carol.
Hans Jr. is president of SM Engineering Design and Development Corporation or SMEDD, a subsidiary of SM Prime. SMEDD designs and constructs SM’s new malls and retail stores. It also services the engineering needs of the malls. Like his cousin Jica, he was also educated in Australia. He completed his double major degree in civil engineering and management at the University of Melbourne.
Chico worked for three years in Australia before returning to the Philippines. He started in SM as a management trainee and was exposed to many aspects of SM’s retail business, according to an article in CEO Magazine published in 2019.
In a talk he gave via Zoom before the Anvil Business Club during the COVID-19 pandemic, Chico said he learned the value of hard work and perseverance from his lolo Henry, fondly called “Tatang,” as well as his parents.
He said all second generation members of the family are still on the frontlines of the SM group.
In an interview in 2022 published by SM Prime, Chico said “every single company in SM is putting in the effort to integrated sustainability into its business model now.” In the same interview, Jica said they are pursuing the vision of their grandfather of opening the doors of the SM brand to people from all walks of life.
These third generation Sys will have to prove their worth if they want to reach the top. It’s not going to be easy, as shown in the case of Michelle Dee, brand ambassador of the Sys’ China Bank. It took a while before she was picked as endorser despite being part of the family.
According to Chico’s father Hans Sr., succession is open to everyone in the SM group. Chico has also said that the SM group follows meritocracy.
“It depends whether they qualify or not. That has helped even the next generation to really focus and really do something about it,” Hans Sr. told ABS-CBN News in an interview in 2019.
“If they know that it’s just going to be handed to them, I don’t think they’ll work as hard.”
In his case, after serving as SM Prime’s president for 12 years, Hans turned over the reins of the property company to Jeffrey Lim in October 2016 so he could spend more time with his family.
Hans said then that seven of Henry Sr.’s grandchildren were in the family business.
“I am the pace-setter. I stepped down. I wanted to set the pace to the siblings that it’s really time to give the next generation a chance and opportunity to grow the company,” he said. – Rappler.com
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