The Entrepreneur Of The Year Philippines 2019 has concluded its search for the country’s most successful and inspiring entrepreneurs. Entrepreneur Of The Year Philippines is a program of the SGV Foundation, Inc. with the participation of co-presenters Department of Trade and Industry, the Philippine Business for Social Progress, and the Philippine Stock Exchange. In the next few weeks, BusinessWorld will feature each of the finalists for the Entrepreneur Of The Year Philippines 2019.
Regan C. Sy
CEO and VP for Marketing
Regan Industrial Sales, Inc. (RISI)
IN CONSTRUCTING a building, you need to start with a strong steel foundation to ensure its longevity and durability.
The same thinking can be applied in business, because for a company to thrive in an era of unprecedented disruption, it must have a solid purpose and a robust set of values at its core.
For Regan Sy, chief executive officer and vice-president for Marketing of Regan Industrial Sales, Inc. (RISI), these core values are trustworthiness, integrity, loyalty, being passionate about your job and looking out for your clients’ best interest. These ideals are deeply ingrained in RISI’s over 1700 people, which has enabled it to consistently lead the market in steel importation, and to be included among the Top 250 corporations in the Philippines.
He adds, “If there’s one thing we’re passionate about, it’s customer service. I realized that in the steel business, we’re not just selling steel, especially in today’s environment, we’re selling a service. We have a lot of competition, but what will set us apart is the quality of service we provide. ‘Regan’ is not just about steel; we are also a solutions provider.”
Mr. Sy’s entrepreneurial principles also helped him overcome the challenges of operating a large-scale steel trading business. He admits that RISI experienced setbacks during the Asian and global financial crises. However, he recalled the company’s biggest test was when his father passed away in 2005. This tragedy prompted RISI’s employees to question the company’s viability, but Mr. Sy was determined to continue the family business.
RISI was founded by Mr. Sy’s parents in 1968. It started as a small hardware store in Tondo, Manila that sold nails, steel articles and mining tools. Eventually, the company expanded to selling structural steel and relocated to a bigger headquarters in Balintawak in 1975. By 1989, RISI started to make and distribute steel pipes, under its subsidiary, Supreme Steel Pipe Corp.
Today, RISI is focused on importing steel materials from reputable mills in Japan, Korea, Taiwan, Thailand, China, the United Arab Emirates and other sources. The company markets the products to local and international contractors and companies engaged in manufacturing, mining, retail and other industries involved in new engineering structural options. RISI also takes advantage of mavericks in the industry and responds to their needs as they evolve.
RISI also provides warehousing services through its four large steel hubs across the country. To complete its logistics package, the company operates its own fleet of trucks that delivers products to the retail market. In addition, RISI utilizes the services of third-party providers and outsources trucking services from a pool of eight contractors that serves its other clients.
Mr. Sy claims that RISI became the forerunner in its industry, because it refused to participate in the old industry practice of settling for substandard quality steel in place of premium quality steel. Instead, it educates clients by providing them with clear choices on steel quality and country of origin, in accordance clients’ specifications and budgets.
To guarantee the company’s lead in the market, Mr. Sy invests in the digitalization of RISI’s existing manual systems. The company has been leveraging data analytics to provide real-time information to staff and clients. He also plans to integrate digital systems into logistical operations by yearend.
RISI plans to go public after two years, once it will have completed all the requirements needed for initial public offering.
Over the years, RISI has developed strategic alliances with suppliers abroad. Recently, it partnered with a Thai-Japanese company to expand their business into developing advanced garage systems and new structural options. The company also wants to pursue partnerships for new ventures to offer innovative products in the rapidly evolving marketplace.
RISI also invests in capacity-building of its staff, as Mr. Sy would like RISI’s legacy to be defined by their pursuit of continuous growth. The company enrolls its people in various leadership and skills-based trainings for their personal development. This practice can be attributed to Mr. Sy’s late father who was an advocate of lifelong learning, despite himself not being able to finish college.
Mr. Sy realized his father’s dream, by earning his Management Economics degree from the Ateneo de Manila University and his MBA from the Ateneo Graduate School of Business.
His commitment to education also extends to his charity work, as he has partnered with Gawad Kalinga to build a school in Marikina. The company’s social responsibility programs also include quarterly visits to homes for the aged and orphanages around Metro Manila. Aside from RISI’s donations, Mr. Sy is proud of his employees who pool their own money to raise funds for outreach programs. After each outreach visit, the participants share their experiences with their colleagues and reflect on what they have experienced.
Upon his own personal reflection, Mr. Sy realized that taking the helm of RISI completely transformed his demeanor. He learned how to be humble and how to engage with people. He also improved his management style to better suit RISI’s corporate culture. As a result, he notes that most of his people average a tenure of at least 25 years.
Asked on lessons he can impart to budding entrepreneurs, Mr. Sy shared the advice of his mother: “You must always keep your word of honor to your partners, suppliers, employees and creditors. Never break their trust, because in business trust is foremost. Love your work and be as honest as possible, and you will go a long way.”
The official airline of the Entrepreneur of the Year Philippines 2019 is Philippine Airlines. Media sponsors are BusinessWorld and the ABS-CBN News Channel. Banquet sponsor is Uratex.
Winners of the Entrepreneur Of The Year Philippines 2019 will be announced on Oct. 15 in an awards banquet at the Makati Shangri-La hotel.
The Entrepreneur Of The Year Philippines will represent the country in the World Entrepreneur Of The Year 2020 in Monte Carlo, Monaco in June 2020. The Entrepreneur Of The Year program is produced globally by Ernst & Young.
