SMIC president and chief executive Frederic DyBuncio said in a statement the group’s retail, malls, hotels and residential units are focusing on further expanding in provincial areas where local economies are growing faster due to strong inflows of remittances.
“We are investing in the future growth of the Philippines as it continues to present tremendous potential,” DyBuncio said. More than 80 percent of SM’s new retail stores are in provincial areas, which receive a large share of remittances. SM Retail, the retail arm of SM Investments, operates over 3,300 department stores, groceries and specialty retail stores.
SM Prime Holdings Inc., the mall and residential unit of SMIC, is also looking to further expand into the provinces, particularly in Northern Luzon, Visayas and Mindanao.
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