Rising employment, OFW remittances, BPO revenues keep SM bullish for growth
MANILA, PHILIPPINES — SM Investments Corporation (SMIC) cites rising employment, remittances from Overseas Filipino Workers (OFWs), and revenues from Business Process Outsourcing (BPO) firms as its reasons for optimistic growth prospects in the Philippines.
According to the firm, seeing BPO revenues be at par with PFW remittances — nearly $30 billion annually — makes them more confident with the country’s prospects for this year.
“Opportunities for growth in the Philippines remain high. Heading into 2023, we remain optimistic as a group,” said SMIC president Frederic DyBuncio.
DyBuncion added that most of SMIC’s expansion would be focused on the regions, especially in emerging regional centers outside of Metro Manila.
“Our businesses are well-positioned and have clear strategies to participate in the country’s strong growth.”
According to reports, SMIC is allocating P80 billion to P90 billion in capital expenditure to fuel its expansion of malls, residential developments, and retail stores.
SM Prime Holdings, SM’s property arm, also announced its ambition to push through with a real estate investment trust (REIT) listing within 2023.
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