Teresita (Tessie) Sy-Coson

Vice Chairperson, SM Investments Corp.; Chairperson, BDO Unibank — SM Group

About Teresita (Tessie) Sy-Coson

Key facts Role: Vice chairperson, SM Investments Corporation; chairperson, BDO Unibank Organisation: SM Group Country: Philippines Sector: Conglomerate and banking Headline figures: SMIC first-half 2026 net income of ₱45.9 billion; BDO record first-half net income of ₱40.7 billion When Teresita "Tessie" Sy-Coson speaks about the Philippine economy, boardrooms and policymakers listen, because the businesses she helps steer are often seen as a proxy for the Filipino consumer. In March 2026, as war between the United States and Iran disrupted energy markets, she told the InvestPH forum that the government might struggle to reach its growth target of 5 to 6 per cent. She said she "would be happy" if the SM Group could manage growth of 2 to 3 per cent (InsiderPH, 17 March 2026). Her playbook since has been one of caution: keep expanding into the provinces, hold costs down and prepare for the next upswing. The role Sy-Coson is vice chairperson of SM Investments Corporation (SMIC), the Philippines' largest conglomerate, and chairperson of BDO Unibank, the country's biggest bank by assets. According to SMIC's leadership page, she also chairs SM Retail, BDO Private Bank and BDO Foundation, and is a board adviser to the mall developer SM Prime. At SMIC she sits as a non-executive director. Her power lies less in day-to-day management, which is led by president and chief executive Frederic DyBuncio, than in her place at the head of the founding family and in the board of BDO. The numbers The scale is considerable. In the first half of 2026 SMIC reported consolidated net income of ₱45.9 billion, up 8 per cent, on revenues of ₱339.2 billion. Banking supplied 47 per cent of that profit, ahead of property (27 per cent), retail (15 per cent) and portfolio investments (11 per cent). That makes the bank she chairs the single biggest earner in the group. BDO posted record first-half net income of ₱40.7 billion, a return on equity of 12.7 per cent, and a 15 per cent rise in gross customer loans to ₱3.9 trillion, according to the Inquirer (28 July 2026). The bank increased its provisions as a buffer against risks linked to the Middle East war, and its non-performing loan ratio eased to 1.64 per cent. “We will continue to strengthen BDO and contribute to the progress of the communities we serve and the continued growth of the Philippine economy,” — Sy-Coson, to The Philippine Star (9 May 2026) Career and priorities Sy-Coson is the eldest of the six children of the late Henry Sy Sr., who founded SM, and her career has tracked the group's growth. Forbes reported in 2012 that she was in charge of SM's retail operations, including the country's largest group of department stores, for more than two decades. She has chaired BDO since 2007, the year it acquired Equitable PCI Bank. Under her chairmanship BDO has become the country's largest lender. She holds degrees in commerce from Assumption College. As chairperson, her stated priorities for BDO are to invest in technology, upgrade systems and widen service channels. "We will continue to strengthen BDO and contribute to the progress of the communities we serve and the continued growth of the Philippine economy," she told The Philippine Star (9 May 2026). Across the group, SM's strategy of decentralisation, taking malls, stores and bank branches beyond Metro Manila, is the main way she expects to find growth in a softer consumer market. "The consumer market is strong and even if it has weakened the demand is still there," she said at the March forum. Reach Her influence is mostly domestic but systemic. Through BDO's loan book, SM's malls and retail chains, and the group's property arm, the family's decisions touch credit, jobs and spending across the archipelago. She has also argued that foreign investors "don't really understand how we see the business here", and that domestic companies are capturing most of the opportunities. What to watch: whether BDO can keep loan growth in double digits while provisions rise, how SM paces its capital spending if growth stays at the low end, and how succession is handled within the second generation of the Sy family. She ranks fourth because she chairs the country's largest bank and is vice chair of its biggest conglomerate, giving her unmatched reach over Philippine capital and consumption. Sources SM Investments Corporation, Our Leadership (board list) The Philippine Star, SM Group's mother is 'mothering' , 9 May 2026 InsiderPH, 'This may take a while': Tycoon Sy-Coson says SM braces for slower growth, sees rebound , 17 Mar 2026 SM Investments via PR Newswire, SM Investments reports 8% growth in H1 net income to PHP45.9 billion , 18 Aug 2026 Inquirer.net, BDO H1 profit reached record-high P40.7B , 28 Jul 2026 Forbes Asia, The Sky's The Limit for Teresita Sy-Coson , 29 Feb 2012

Why this entry is on the list

She ranks fourth because she chairs the country's largest bank and is vice chair of its biggest conglomerate, giving her unmatched reach over Philippine capital and consumption. Banking supplied 47 per cent of SMIC's ₱45.9 billion first-half 2026 net income, and BDO, which she has chaired since 2007, posted record first-half net income of ₱40.7 billion.