Duterte visits wake of business tycoon Henry Sy Sr.

President Rodrigo Duterte on Sunday night paid his last respects to SM Group founder Henry Sy Sr. who passed away in his sleep last Saturday.

A press statement from Malacañang said Duterte arrived at 10:50 p.m. Sunday at the Heritage Memorial Park in Taguig City.

He was accompanied by Executive Secretary Salvador Medialdea, National Security Adviser Hermogenes Esperon Jr., presidential spokesperson Salvador Panelo,  and former Special Assistant to the President Christopher “Bong” Go.

“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.

Malacañang earlier expressed its “deepest and heartfelt condolences” to the family, friends, and colleagues of Sy, who died at age of 94.

In a statement, 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,” he added.

With a net worth of $20 billion, Sy, the 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.

The business magnate is survived by his wife, Felicidad Tan, and six children, Teresita Sy-Coson, Hans Sy, Harley Sy, Elizabeth Sy, Herbert Sy, and Henry Sy Jr. —KBK, GMA News