Malacañang bids farewell to Henry Sy, Sr.

Malacañang on Saturday extended its condolences to the family and friends of SM patriarch Henry Sy, Sr., who passed away at the age of 94.

"The Palace expresses its deepest and heartfelt condolences to the family, friends, and colleagues of SM Group Founder, Mr. Henry Sy Sr., as well as to the legions whose lives have been touched by him," Presidential spokesperson Salvador Panelo said in a statement.

"Mr. Sy was 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," he added.

Malacañang saluted the SM Patriarch for "pioneering the construction of malls in the Philippines" and recalled how he started his conglomerate from a small shoe store in Quiapo, Manila under "daunting and harsh circumstances."

He added that Sy, the richest Filipino according to Forbes, "made malling a delightful experience as part of the urban living in the Philippines where Filipino families and the ordinary folks bond, promenade, and create wondrous and memorable moments."

According to Malacañang, "A grateful nation respects and admires the man for his lasting legacy which he attributed to hard work."

It also said that Sy "exemplified the hardworking Filipino." — MDM, GMA News