Steve Sy’s decision to face his creditors and pay Php 32 million in debt was the crossroads that built his character and prepared him for bigger things.

Great Deals E-Commerce Corporation’s Founder and CEO Steve Sy has always been ambitious. As an enterprising little boy, he would sell small items for profit, such as stickers he would cut out to sell individually to earn a few extra bucks and add to his allowance.

As a young man, he dreamed of earning his first million by the age of 21, which he achieved through buying and selling goods.

Having reached his first million, his next goal was to earn five million before tying the knot with his girlfriend. He successfully reached his goal in just four years, at the age of 25.

New opportunities

Ever the proverbial entrepreneur, Steve decided to diversify from trading to insurance brokerage to maximize his knack for sales and expand his earning potential further.

It was around the same time that a very lucrative investment opportunity came his way. A friend invited him to invest in a Turkey-based textile company that needed help with its cash flow. It required an additional $400,000 or Php 20,000,000. In exchange, it was offering a whopping monthly interest rate of 8 percent.

But Steve’s savings wasn’t enough. He simply could not let the opportunity pass, so he decided to borrow money from friends and relatives to meet the required amount.

However, before the month passed and the investment matured, his friend fled the country and could no longer be reached. It was then that he realized that he had been scammed.

A moral dilemma

Steve found himself in hot water. He did not have Php 20 million to pay his lenders. He decided to borrow even more money to pay for the ones he already owed— a practice commonly referred to as kiting. This sank him further into debt. His Php 20 million liability ballooned to Php 32 million. With his anxiety through the roof, he thought of fleeing himself, but a talk with his pastor sobered him up.

 “He advised me, ‘Even if it takes you a lifetime to pay, keep paying it,” he recalls. 

With a renewed resolve to do the right thing, he called all 36 of his creditors and confessed everything. He negotiated to waive the interest payment, but return their capital in installments. 

“Sometimes I could only pay them Php 2,000, Php 3,000 or Php 5,000. But I make sure at the end of the month, I pay each one something. I think that was a very sincere part that they saw in me,” says Steve.

Although his father could afford to advance his debt payments, he opted not to oblige him and decided to get himself out of his mess.

Steve disposed of all the assets he could liquidate, including all his cars and anything else of value. Fortunately, the house they lived in was under his father’s name, which secured his family’s shelter. But all earnings from his insurance business went straight to paying debts.

His strategy was to pay off his smallest debts first to reduce the number of people he owed. Steve recalled that he had to manage phone calls from angry people every single day— a highly stressful predicament he said he would not wish on anyone.

Meanwhile his insurance practice continued to grow. He made it into the highly coveted million dollar round table (MDRT) circle. But he could not enjoy the fruits of his labor with all his earnings going straight into debt payments.

Lessons and breakthrough

After many years of growing his company, Steve had an opportunity to sell— a decision that enabled him to finally pay off his debts after 12 long years.

From his experience, Steve shares three important life lessons:

• Never get into something you don’t fully understand.

Steve admits that the lure of strikingly high returns got him too excited and eager to immediately grab the opportunity without studying the investment thoroughly. He advises others to make sure they fully understand an investment before putting their hard-earned money into anything, to study the proposal closely, and to ask a lot of questions.

His current investment principle is to be overly cautious of any investment that offers a return higher than 2% per month.

• Never invest just because you trust someone.

Steve was lured into investing because it was offered by a trusted friend, so he thought he knew what he was getting into. Prior to the offer, he would also see how his friend was living the high life on social media, which made the offer more convincing.

But Steve warns that familiarity and confidence in someone could make you complacent. He reminds never to skip doing due diligence, ask all your questions, and not be in a rush to decide.

“When someone pressures you and tells you that the window of opportunity will only be available for a short period of time, leaving you very little room to do your research, it is most likely dubious. Take your time and study your options carefully,” he cautions.

• Never let greed be your decision maker.

Because Steve was anxious to reach a certain level of success and wealth right away, he concedes that he became impatient and greedy.

Today, instead of constantly comparing himself to others, he has learned to be his own benchmark and find a greater purpose in what he does—beyond achieving status and wealth.

• Remember that God is faithful.

Steve admits that his faith was a big factor in overcoming his debt problem, and he is thankful that he was surrounded by the right people ( pastor and prayer group) who encouraged him to do the right thing even during the most trying moments of his journey.

Throughout the most challenging times in his life, his faith kept him hopeful. He knew he had so much more to live for and that the bad times, no matter how dreadful, would eventually pass. “If God allowed it, He will also give you a way out,” says Steve.

From great debt to Great Deals

Today, Steve’s E-Commerce company, Great Deals E-Commerce Corporation, is worth close to Php 2 billion and employs over a thousand employees. It is now the biggest e-commerce solutions company in the Philippines and one of the fastest-growing companies in the Asia Pacific.

Looking back, Steve realizes that hitting rock bottom was meant to prepare him for great things, making him a better boss and leader and a more honest businessman today.

“My intention is to glorify God with my business. Pay the right taxes. Pay the right compensation to my people,” shares Steve. “I think that’s why Great Deals grew from a start-up. Because I honored God.”

Steve Sy shares his business journey in his new book “From Great Debt to Great Deals”, available now through Lazada, Shopee, and TikTok Shop.

.