Our country Philippines have a lots of Billionaires and one of the Top 62 Richest Man in the World was Filipino name Henry Sy Sr. (2016 Top 62 according to Forbes Magazine who owned and controlled SM Investment, SM Prime Holdings, BDO Universal Bank, China Banking Corporation etc.). Henry Sy is the Richest Man in the Philippines right now.
(See Reference #1 below) Henry T. Sy Sr. (Chinese: 施至成; pinyin: Shī Zhìchéng; Pe̍h-ōe-jī: Si Chì-sêng; born October 15, 1924) is a Chinese-Filipino business magnate, investor, and philanthropist. He is involved in the industries of real estate, hospitality, banking, mining, education, and health care. He is responsible for the establishment of SM Malls, anchored by Shoemart Department Store and Supermarket. He is the chairman of SM Prime Holdings, Inc., the holding corporation for all his business interests in his vast business empire. In 2015, Forbes Magazine listed him as the richest man in the Philippines, ahead of 11 other billionaires including John Gokongwei and Lucio Tan.
Henry Sy was born to a poor family in Jinjiang, Quanzhou, China on October 15, 1924. He is the son of Henry H. Sy and Tan O Sia. He completed his secondary education in a school now known as Chiang Kai Shek College and earned his Associate of Arts degree in Commercial Studies at Far Eastern University in 1950.
In 1958, Sy established a small shoe store in Quiapo, Manila that marked the establishment of SM Prime Holdings. In November 1972, the small shoe store became SM Quiapo, SM's first standalone department store.
On November 8, 1985, he established his first SM Supermalls, SM City North EDSA.
He is the Philippines' richest man, gaining $5 billion in 2010, amid the global financial crisis. The huge gain was due to his holding company, SM Investments Corporation, which has interests in Banco de Oro, inter alia. Forbes magazine's 2008 list of 40 wealthiest Filipinos, revealed the Sy family's net worth was $6.2 billion. Earlier, he was the second-wealthiest individual in the Philippines, next to Lucio Tan, and (as of 2010) 201st-wealthiest in the world.
Sy is considered a tai-pan. The Sy group is the operator of Banco de Oro and owner of China bank. In 2006, he bought the remaining 66% of Equitable PCI Bank which is merge to BDO today, the Philippines third largest lender, in which he already had a 34% stake, and merged it with Banco de Oro in 2007. The merger created the Philippines' second largest financial institution with resources of close to $17 billion.
In August 2005, Sy's stake in the San Miguel Corporation, Southeast Asia's largest food and beverage conglomerate, reached 11%.He sold that stake in October 2007 for $680 million.
Sy was named "Management Man of the Year" by the Makati Business Club in 1999 and was conferred an Honorary Doctorate in Business Management by De La Salle University in January of that year. He organized the SM Foundation Inc., which helps underprivileged and promising young Filipinos.
If you study the history of Chinese Businessmen in our Philippine Country not only SM but also other businesses like Mercury Drugstore. The humble beginnings of Mercury Drug Store, the Father name Mariano Que started by Push Cart where their medicines were selling and sell to Filipino people.
( Reference #2 below) The company began on March 1, 1945 with a single drugstore owned by Mariano Que (d. April 15, 2017). He named it after Mercury, the messenger of the gods in Roman mythology, whose caduceus is sometimes used as a symbol of medicine. The store began cutting packaged, bulk items into single pieces and selling them individually; this practice is colloquially called tingí-tingì in Filipino.
Upon the invitation of Ayala Corporation, Mercury Drug opened its second branch in May 1963 at a developing commercial center in Makati now known as the Ayala Center.
In 1965, Mercury Drug established its landmark branch by Plaza Miranda, Quiapo, Manila, which is notable for its large outdoor LED screen.
In 2001, then Trade secretary Mar Roxas described Mercury drug as a "near monopoly" and said it has 70 percent share of the domestic market.
As of 2017, Mercury Drug has reportedly over 1000 branches across the country. Recently, it opened a new building, MDC100, located in Eastwood City, Quezon City.
Based on the examples of the above I believed that the rich becomes richer due to the following;
Attitudes toward business. If you take a look on their humble beginnings one of the attitudes of Chinese pinoy business man is consistency and hard work or we call in Filipino language is "Tiyaga at Sipag". Not only they have consistency to run their business but also fair prices of value. Chinese Pinoy Businessmen sell their product to customer even they have only one (1) peso profit. the question is why they only sell with small profit their major reason is to win their customer forever that is why it is better to sell very cheap and even small profits are gained the most important is consistency dealing business with customers. But Pure Pinoy doesn't want to do that one, they want "one time big time" profit immediately that's why their customers are easy to loss and don't comeback anymore. So pure Pinoy businessmen losses their business and bankrupt which instead they will become richer they become poorer.
Smart or Strategy in Business - Pinoy businessmen their businesses are obsolete already which means they can't raise or upscale their sales due to short of capital. Chinese or chinoy Businessmen are not obsolete they always explore and upscale their business due to lot of capital. To raise money or capital they have business Circles of Chinese or Chinoy Businessmen whose members are almost successful in business. These Chinese businessmen lend their money to their colleague Chinoy Businessmen and that's why they can succeed always and upscale their businesses to compete not only locally but globally.
Reinvestment - Based on Kurot Principles, Chinoy when they earn profits after a month their attitude is to reinvest to grow their business but Pinoy when they earn profits on their business what they do is to buy more gadgets, additional cars, expanse their house instead of business, spent more money in vacation etc.. So, with this attitude your business will not grow if you will not reinvest your profits.
Hands-on - When Chinoy manage their business they are hands-on which means they are not careless. If the time is 8:00AM to 5:00PM they come to their business on time or according to policy and regulations. unlike Pinoy almost are not hands-on in business they usually trusted to their appointed manager or workers so that's why thief and irregularities in business are always found on their business and their business becomes failure.
Expansions - Chinoy are eager to expand their businesses and has no fear to go or face the risk in joint venture and they buy other business which are healthy in their fundamental and financial strength. Pinoy have no intentions for expansions that's why if we compare Pinoy and Chinoy, Chinoy are aggressive in expansions and their business grows faster than of Pinoy Business.
Maximize the resources- What I observed of Chinese businessmen or Chinoy they can complete project with few people and unlike Pinoy a lot of workers are fielded in the field but short of accomplishment. What I observed in the Construction project where I am part of the Construction Management Team, Chinese think deeply how to complete the assignment fast and I'm not heard any complains from them. Unlike, Pinoy when they see the work it is very hard to them to complete and they will always complain and murmuring that's why the work always delayed. Chinese find ways to speed up their project.
Continuous education and growth - As observed lately when I was working in Saudi Arabia as Project Consultant and handling one of the Contractors Chinese Engineers, he is very talented and can speak english fluently, excellent in coordination and solving problems. Sometime he said to me he is resigning and I told him why? He said to me He will study Master Degree in Project Management and I told him wow! For me I seldom heard from Pinoy engineers want to educate themselves and go to higher education what they always say that they are satisfied of what they have right now for their Bachelor Degree in Civil Engineering. Pinoy Engineers if they see they are getting big salary they stop going to school but not the Chinese Engineer.
I believed that because of the above characters and attitudes where Chinese Businessmen have, not only applicable to Chinoy or Chinese businessmen can benefited on these attitudes and characters but to all foreigners also can benefit including me as former Overseas Filipino Worker or OFW, If you adopt the above attitudes and characters you will become more richer.
It's not only Chinoy or Pinoy Chinese Businessmen will become more richer but those who are willing to go extra miles and educate themselves to acquire more insights and strategies to get extra or additional or passive income and in the long run escape from 8:00AM to 5:00PM rat race work.
As Warren Buffet says "If you don't find ways to earn money while you are sleeping, you will work until you die". Warren says that you can earn more profits even you are sleeping if you educate yourself continuously about investment and business programs.
For me learning trading and participate in trading of stocks, cryptocurrencies and mining are one of the ways to earn profit. Right now you are working as an employee but if you learn to save and educate yourselves how to invest and multiply your hard earned money you can leverage yourself and you will learn more and become mature in financial literacy or financial education and no one can stop you to become super rich and more wealthy thus you will retire early.
In our time of dispensation about business and investment crypto currencies are new waves of investment that catapult you to the next level of business and investment. Lean how to trade in crypto-currencies it's very easy.
The Two Roles of Warren Buffet are;
Never lose your investment or capital (So you are required to study deeper in trading and mining strategies in crypto currencies and so simple "buy low and sell high" control your emotions and be patience to wait for crypto-currencies to go down after 3 to 4 times of downtrend then buy those belong to the top 50 traded crypto-currencies and set for target 10% profit daily of 1/10th of your capital which means to get 1% minimum daily profit and if you get reverse results set your stop loss for 2% to 3%. And
rule according to Warren Buffet is to follow Rule number one and thus the way you win in trading. For mining always increase your hash rate which means regularly allocate minimum $100 to buy hash rate regularly minimum monthly increase minimum $100 to $1K monthly after a year you will get the maximum mining of crypto-currencies you are targeting.
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Reference #1: Henry Sy : https://en.wikipedia.org/wiki/Henry_Sy
Reference #2: Mercury Drug Store : https://en.wikipedia.org/wiki/Mercury_Drug