Hans Sy’s faith on Phl

Golden visas, anyone?

Not for tycoon Hans Sy, the son of the late retail magnate Henry Sy, who delivered a moving speech on Monday after being named the Management Association of the Philippines Management Person of the Year for 2025.

My biggest takeaway was that, at 70, he only has one passport – a testament, he said, to his faith in the Philippines, warts and all.

One Philippine passport

“I am 70 years old now. And I still hold only one passport, a Philippine passport. That is both a fact and a statement of faith. Despite the risks, the noise and the many uncertainties, I have never doubted our country’s promise or the strength of the Filipino spirit,” he told a crowd of fellow managers, businessmen, government officials and tycoons at the MAP awarding ceremony held at the glittering ballroom of Shangri-La The Fort.

Bumping into him the next day at the anniversary celebration of BizNewsAsia, I said I was touched by that line about the passport.

Lessons from his father

This was particularly interesting to me because the impression is that many of the country’s billionaires and powerful individuals have so-called golden visas, ready to leave when the going gets tough in our chaotic yet beloved nation of 115 million.

But Mr. Hans said this was not what he learned from his father, who, though Fujian-born and later a naturalized Filipino, remained deeply rooted in the Philippines and stayed through the decades, including tumultuous episodes.

This makes him “more Filipino” than many who were actually born in the country.

Even if there was capital flight in the past, Henry Sy kept his belief in the Philippines and stayed on, investing and expanding the SM Group, different crises notwithstanding.

“In the 1970s, when capital was leaving the country, my father chose a different path. He kept his money in the Philippines and invested in the expansion of SM Makati. It was a bold choice, but it was the right one,” Mr. Hans said.

His father’s steadfastness, Mr. Hans told me, continues to inspire him.

In his speech, Mr. Hans said he acknowledged that the Philippines is not perfect. Yet, like many others, his hope remains alive.

“Our nation is not perfect. Our people are not perfect. Yet many of us remain here and keep going, because we believe that hope is stronger than hardship,” he said.

Life in the Philippines, no matter how difficult, is worth the struggle.

“And that in time, things do get better,” said Mr. Hans, who is chairman of the executive committee of SM Prime Holdings Inc., the property arm of the SM Group.

The SM story

Hardship and hope, he said, built the SM Group.

“My grandfather got my father to dream big, not just to lift himself from poverty, but to earn more than enough to help others,” Mr. Hans said.

We are all familiar with the humble beginnings of Tatang, or how Henry Sy came to be known.

It’s like a scene from a proverbial rags-to-riches movie:

“From a single shoe store in downtown Manila, SM now has an ecosystem that includes real estate, banks, retail, schools and more,” Mr. Hans said.

The rest, as they say, is history.

“Our scale has allowed us to turn growth into service, generating jobs, building infrastructure and supporting scholars and livelihoods nationwide,” Mr. Hans said.

But this was not without challenges including political unrest, economic challenges and natural disasters.

“A pandemic even closed our malls,” Mr. Hans said.

Their resilience, he said, is anchored on values: integrity, hard work and humility, the same values they teach their people.

He cited the pandemic as an example: SM Malls waived the rent just three days after the lockdown.

“By the end of 2020, we had extended over P23 billion in rental concessions. Our income fell, but thousands of small businesses survived and jobs were protected. The financial risk we faced was real. But we made that call because that is how we were raised.”

Staying the course

While he did not directly address the massive flood control corruption scandal, he did say:

“Like everyone here, I am affected by what is happening. It is painful to see our country suffer because of the faults of a few.”

But, he said, “when the road gets rough, you do not stop and turn back. You keep your hands on the wheel and stay the course.”

He underscored the private sector’s role in nation building.

“We in the private sector have a responsibility to create value, opportunity and stability. That duty does not disappear when times are difficult. This is when it matters most,” Mr. Hans said.

Accolades and basketball

On the lighter side, I also congratulated Mr. Hans on the strong performance of the National University Bulldogs in UAAP Season 88. I didn’t mention that, of course as a Maroon, I’m rooting for UP to clinch the championship again.

Mr. Hans, who is chairman of NU, while clearly pleased with his team’s showing, also seemed anxious about how the season will end, saying it’s still too early to talk about the UAAP with the crucial finals leg ongoing.

In any case, whether in basketball or business, Mr. Hans’ faith in the country makes his message truly resonate.

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