(From BusinessWorld (Philippines))
Byline: Ruby Anne M. Rubio
SM Investments Corp., the holding company of the SM Group, is looking at spending 25% more this year from the P12 billion it spent last year.
In a press briefing, chief financial officer Jose T. Sio said bulk of the spending, or P7 billion, will be allotted for expansion plans of largest shopping mall developer and operator SM Prime Holdings, Inc. while P2.5 billion will be allotted for projects in real-estate development and tourism. Its retail-merchandising arm will use P3 billion as four new stores will open this year.
SM Investments President Harley T. Sy said the company …