SM says not affected by territorial issue with China | ABS-CBN
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SM says not affected by territorial issue with China
SM says not affected by territorial issue with China
MANILA - SM Investments Corporation (SMIC), one of the country’s largest conglomerates, said Wednesday that the ongoing territorial issue with China has no major effect on the company.
MANILA - SM Investments Corporation (SMIC), one of the country’s largest conglomerates, said Wednesday that the ongoing territorial issue with China has no major effect on the company.
At the sidelines of its Annual Stockholders’ Meeting, SMIC Corporate Information Officer & SVP for Finance Franklin Gomez said the issue with China is nothing new and SM is more focused on the Philippine market. SM currently has 8 malls in China and 85 in the Philippines.
At the sidelines of its Annual Stockholders’ Meeting, SMIC Corporate Information Officer & SVP for Finance Franklin Gomez said the issue with China is nothing new and SM is more focused on the Philippine market. SM currently has 8 malls in China and 85 in the Philippines.
“Our strategy is not deeply affected or in any way affected by geopolitics. It is a risk we look at as a way of risk management, but really our strategy in terms of expansion and the core strategy of our core businesses are not impacted by that at all,” Gomez said.
“Our strategy is not deeply affected or in any way affected by geopolitics. It is a risk we look at as a way of risk management, but really our strategy in terms of expansion and the core strategy of our core businesses are not impacted by that at all,” Gomez said.
SMIC owns or has an interest in various companies in retail, property, logistics, energy, mining, food, and banks like BDO and China Bank. Its revenues in 2023 grew to P616.3 billion up from P553 billion in 2022.
SMIC owns or has an interest in various companies in retail, property, logistics, energy, mining, food, and banks like BDO and China Bank. Its revenues in 2023 grew to P616.3 billion up from P553 billion in 2022.
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The group is optimistic it will continue its growth trajectory amid inflation and other geopolitical concerns. It is allotting around P115 billion in capital expenditures this year from P80 billion last year. This does not include capex for its banks. Majority of capex will be for SM Prime.
The group is optimistic it will continue its growth trajectory amid inflation and other geopolitical concerns. It is allotting around P115 billion in capital expenditures this year from P80 billion last year. This does not include capex for its banks. Majority of capex will be for SM Prime.
“There are headwinds, inflation along the way, and some uncertainty around geopolitics. But we are still confident, the fundamentals of the country remain intact. So there shouldn’t be significant changes in the outlook for the long term,” Gomez said.
“There are headwinds, inflation along the way, and some uncertainty around geopolitics. But we are still confident, the fundamentals of the country remain intact. So there shouldn’t be significant changes in the outlook for the long term,” Gomez said.
SMIC Chairman Amando Tetangco Jr also said, “Targeting to increase the contribution of our portfolio investments over the medium term. We see growth in logistics and renewables… Across our core businesses, we continue to, of course, grow in banking, retail, and property.”
SMIC Chairman Amando Tetangco Jr also said, “Targeting to increase the contribution of our portfolio investments over the medium term. We see growth in logistics and renewables… Across our core businesses, we continue to, of course, grow in banking, retail, and property.”
The SM Group will open 4 new malls this year, 3 of which will be in the provinces. SM Development Corporation (SMDC) is planning to roll out 8,000 to 10,000 residential units this year, mostly in North Luzon, Visayas and Mindanao. SMIC also plans to expand its other businesses like 2GO, AirSpeed, Goldilocks, Alfamart, BDO, and its renewable energy projects.
The SM Group will open 4 new malls this year, 3 of which will be in the provinces. SM Development Corporation (SMDC) is planning to roll out 8,000 to 10,000 residential units this year, mostly in North Luzon, Visayas and Mindanao. SMIC also plans to expand its other businesses like 2GO, AirSpeed, Goldilocks, Alfamart, BDO, and its renewable energy projects.
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