SM group to invest P25B in ’09 projects

Higher capital expenditure budget amid crisis.

MANILA, Philippines – The SM Group of taipan Henry Sy is investing P25 billion in the local economy this year to expand its retail, real estate, shopping mall, hotel, and banking businesses, an official said Wednesday.

This capital outlay, budgeted by SM Investments Corp., the holding company of Sy’s SM group of companies, excludes another P7 billion that its mall development arm SM Prime Holdings Inc. plans to spend to put up new malls in China, SMIC president Harley Sy said in a briefing after the firm’s annual stockholders’ meeting.

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