Early Life and Building a Foundation

Born in China, Henry Sy migrated to the Philippines with his family at the tender age of 12. He immediately began
working alongside his father in their small sari-sari store in Quiapo, Manila. This early exposure to retail instilled in
him a strong work ethic and a keen understanding of customer needs.
However, their life took a dramatic turn during World War II when their store was destroyed. While his father
returned to China, Henry made a bold decision – he would stay in the Philippines and build a new life.
Despite the devastation, young Henry Sy didn't wallow in despair. He used his meager savings of 10 cents to invest in
his education, learning English and Filipino languages alongside courses in commerce. This newfound knowledge,
coupled with his natural business acumen, proved invaluable in the years to come.
He started small, selling surplus boots and gradually transitioning into the shoe trade. By identifying a local supplier
and venturing into shoe imports, Henry Sy displayed a remarkable ability to adapt and capitalize on emerging
opportunities.
The Birth of ShoeMart and the Rise of a Retail Empire
In 1958, Henry Sy's entrepreneurial spirit took a major leap – he opened his first shoe store, aptly named ShoeMart.
Felicidad, his wife and a pillar of support, played a crucial role in managing the business. ShoeMart's success laid the
foundation for what would become a retail empire. However, Henry Sy wasn't one to rest on his laurels.
He recognized the growing demand for a wider variety of products and envisioned a more comprehensive shopping
experience. This vision led to the opening of the first SM Department Store in 1972, just two months after the
declaration of Martial Law in the Philippines.
The early years of the department store were challenging. Building a new business amidst political uncertainty was
no easy feat. Yet, Henry Sy remained steadfast in his long-term vision. He viewed limited opportunities for property
acquisition as an investment in the future. His calculated risks and unwavering focus on steady progress laid the
groundwork for the SM brand's phenomenal growth.
The journey wasn't without its obstacles. Construction delays and the Asian financial crisis of 1997 presented
significant hurdles. However, Henry Sy's unwavering commitment to his vision propelled him forward. In 1985, a
pivotal moment arrived with the opening of SM City North EDSA, the first of many SM Supermalls. These iconic
shopping malls transformed the Philippine retail landscape, offering a one-stop destination for Filipinos across all
walks of life.
Expanding Horizons: From Retail to Banking
Henry Sy's ambition extended beyond the realm of retail. He recognized the potential of the banking sector and
acquired Acme Savings Bank, later renamed Banco De Oro (BDO). His initial motivation was to assist his suppliers
with cash flow management. However, this strategic move proved to be a masterstroke.
BDO flourished under his leadership, becoming a major force in the Philippine banking industry. The synergy
between BDO and SM Malls further strengthened both entities. BDO branches conveniently located within SM Malls
offered Filipinos unparalleled access to banking services, fostering trust and boosting BDO's reputation within the
Filipino market.

TONY TAN CAKTIONG

Under the leadership of Tan, Jollibee has become the most popular chain of fast food restaurants in the country.
Today, it is one of the leading fast food chains and dominates 50% of the food market.

SOCORRO RAMOS
Socorro Ramos
Introduction:
Socorro Ramos, also referred to as Nanay Coring, is a well-known entrepreneur from the Philippines and the creator
of National Book Store, the country's biggest chain of book stores. Nanay Coring, who was born on January 13, 1923,
in Sta. Cruz, Manila, has a unique story to tell about his tenacity and love of reading. Her commitment to encouraging
literacy and giving the Filipino people access to affordable books has had a long-lasting effect on the educational and
cultural landscape of the nation.
Childhood:
The bustling streets of Manila, Philippines, were the setting for Nanay Coring's modest upbringing. She was born on
January 13, 1923, into a close-knit family that taught her the value of perseverance and toughness. Nanay Coring
found comfort and inspiration in books as a young child and grew to love reading. She pursued her studies with
unflinching determination despite the difficulties presented by her low living situation because she believed in the
power of information and the transforming potential it held for her. Her early years lay the groundwork for her future
ambitions as she set out on a remarkable journey to transform the Philippine bookselling sector.
Education:
She helped her parents and grandmother in their small businesses since she was a child. She graduated from
Arellano High School in Manila and worked as a shop girl in the Ramos Goodwill Book Store, where she met her
future husband José Ramos. In 2006, she received an honorary degree of Doctor of Humanities from Ateneo de
Manila University for her contributions to Philippine literature and culture.
Career:
When Socorro Ramos was 18 years old, she worked as a salesgirl at a bookshop and began her career in publishing
and retail. She was employed by Jose Ramos, her brother-in-law and operator of the Ramos Goodwill Bookstore.
Despite the opposition of her family, she wed Jose in 1940, and the two of them used P200 to start their own
bookshop in Escolta. They named it National Book Store and sold books and school supplies to students.
However, their business faced many difficulties during the Japanese occupation and World War II. They had to hide
their American books from the Japanese censors and sell other items like soap and slippers. Their store was also
burned down during the Battle of Manila in 1945. They had to start over with the books they had saved and rebuild
their store at a new location on Rizal Avenue. Unfortunately, a typhoon destroyed their store again in 1948.
In spite of these obstacles, Socorro and Jose continued. They added a mezzanine to their reconstructed store and
increased their selection of goods to include greeting cards, magazines, toys, and gifts. They also hired more workers
and opened new branches in other regions. They made the company a family affair by involving their three kids,
Alfredo, Benjamin, and Cecilia. They had roughly 50 branches nationally by the 1990s. They employed more than
3,000 people and had 145 branches by the year 2020.

Challenges:
Socorro Ramos faced many challenges throughout her career as an entrepreneur. Some of them were:
Competition:
She was competing with rival bookstores and retailers in the industry. In order to meet her consumers' shifting
demands and preferences, she had to constantly innovate. She had to supply excellent products at affordable prices
and deliver outstanding service to customers.
Crisis:
She had to deal with various crises that affected her business, such as natural disasters, political instability, economic
downturns, and technological disruptions. She had to find ways to cope with the losses and recover from the
damages.
Succession:
She had to plan for the future of her business and ensure its continuity after her retirement. She had to train and
mentor her children and grandchildren to take over the leadership and management of the company.
Here are some useful business tips from Socorro Ramos:
1. Determine what you want to do and believe in yourself.
According to Nanay Coring, you can dream of becoming a business or being a salesman or just about
anything you like. But whatever you choose, be the best you could possibly be in that profession you picked.
2. The customer is important.
Many would say that the customer isn’t always right. While that’s true, of course, Nanay Coring wants you to
focus on your customer. Always be humble and try to make your customers feel that they are important. This
also means that you have to determine what they want so you can sell it to them.
3. Work very hard.
Nanay Coring points out that there is no elevator to success. You have to work really hard if you want to
achieve your dreams.
4. Never be late.
A lot of Filipinos live by the ‘Filipino time’ but for Nanay Coring, that’s a big no-no! Always be on time.
5. Live simply and save up.
Many businesses fail because the owners quickly upgrade their lifestyles. Instead of doing that, use the
money you earned to grow your business some more.
6. Love what you do.
 Everything will always be hard work if you hate what you do but work will be something you enjoy doing if
you change your attitude.
7. Don’t give up.
Things were so difficult when the Ramos couple started out, but they are where they are now because they
refused to quit.
8. Invest in your mind.
There are many ways to improve your life and your business. Reading is one of the top sources of knowledge.
Nanay Coring recommends buying lots of books – and reading them, of course!

JOHN GOKONGWEI
 John’s father belonged to an affluent family from Cebu (in the Philippines), and his ancestors lived in China's
Southern Fujian province. John’s great-grandfather, who was a trader from China, was one of the
Philippines's most influential Chinese Filipinos. Andrew Gotianun Sr. was a distant relative of John.
 However, following his father’s death, John and his family lost all their wealth. Thus, at 13, John began
peddling items from his bicycle, on the streets of Cebu. From ages 17 to 19, he used a wooden boat to carry
his goods to Dalahican, Lucena, and then carried them to Manila by truck.