SM focuses on expansion to serve more regions
PASAY CITY, Philippines, April 26, 2024 /PRNewswire/ -- The SM group continues to expand its presence nationwide to serve more Filipinos and communities.
"We will continue to invest in growth in the Philippines and we are committed to being a catalyst for responsible development. We have a young, dynamic, higher-earning population who will help support and drive economic activity," said SM Investments Corporation President and Chief Executive Officer Frederic C. DyBuncio.
There are many areas in the country which have yet to benefit from access to modern retailing, formal financial services and integrated property developments.
"Our strategy is to continue to expand coverage nationwide to create new markets that improve access to these sectors," he added.
SM Prime Holdings, Inc. is opening four new malls, one in Metro Manila and three in the provincial areas in 2024.
SM Development Corporation (SMDC) is planning to roll out 8,000 to 10,000 residential units this year in the northern part of the Philippines and across Visayas and Mindanao.
SM Hotels officially launched its first Lanson Place property at the Mall of Asia Complex, Pasay City.
Alfamart, SM's minimart grocery format, is set to increase its store expansion by at least 400 stores in 2024.
BDO also continues to expand coverage nationwide with BDO and BDO Network Bank planning to increase branches by a combined 100 to 120 this year.
Following its acquisition of the Philippine Geothermal Production Company (PGPC), SM is set to explore new steam fields with the aim to double the company's current steam production of 300 megawatts within the medium-term.
These projects are set to generate around 2,000 jobs during exploration and development, which will boost livelihood in each respective locality.
2GO Group, Inc. added two new ships and will have 11 ships in its fleet, serving 19 ports of call.
Airspeed, another SM-owned logistics company, is also keen on expanding its distribution facilities in key cities in the regions along with opening more kiosks and collaborations with service providers to offer better customer options, wider network, and quicker delivery times.
*About SM Investments Corporation*
SM Investments Corporation is one of the leading Philippine companies that is invested in market-leading businesses in retail, banking, and property. It also invests in ventures that capture high growth opportunities in the emerging Philippine economy.
SM's retail operations are the country's largest and most diversified, consisting of grocery stores, department stores and specialty retail stores. SM's property arm, SM Prime Holdings, Inc., is the largest integrated property developer in the Philippines with interests in malls, residences, offices, hotels, and convention centers as well as tourism-related property developments. SM's interests in banking are in BDO Unibank, Inc., the country's largest bank, and China Banking Corporation, the fourth largest private domestic bank.
For more information, please visit www.sminvestments.com