By Doris Dumlao
PDI
The SM Group of taipan Henry Sy is investing P25 billion in the local economy this year to expand its retail, real estate, shopping mall, hotel, and banking businesses, an official said Wednesday.This capital outlay, budgeted by SM Investments Corp., the holding company of Sy’s SM group of companies, excludes another P7 billion that its mall development arm SM Prime Holdings Inc. plans to spend to put up new malls in China, SMIC president Harley Sy said in a briefing after the firm’s annual stockholders’ meeting.
The domestic capital expenditure (capex) planned for this year by the SM group, which has historically invested heavily even in economic downturns, was higher than the P19 billion disbursed last year.
SMPH will corner the bulk of group-wide capital expenditures this year with a total budget of P12 billion, followed by condominium development arm SM Development Corp. with P7.2 billion.
SM Land Inc., which handles the group’s commercial property development (including those for business process outsourcing or BPO office buildings), has a budget of P2.7 billion.
SM Land executive vice president Josefino Lucas said the company would break ground this year for TwoEcomCenter, the second of four BPO buildings planned in the Mall of Asia complex.
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