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Philippine SM Group to invest $2bn in 2024, boost property segment

Bouyed by healthy consumer business, conglomerate to expand capex by 40%

The headquarters of SM Prime Holdings in the Philippine city of Pasay.   © AP

MANILA -- The Philippine conglomerate SM Group has increased its spending plan for 2024, with a chunk of that going to property development.

Franklin Gomez, the retail-to-banking company's senior vice president for finance, told reporters on Wednesday that the company is allotting "more or less" 110 billion to 115 billion pesos ($1.9 billion to $2.0 billion) for its capital expenditures this year. They were around 80 billion pesos last year, making this year's increase more or less 40%.

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