THE SY FAMILY’S listed conglomerate SM Investments Corp. (SMIC) said it is confident it can sustain stable business performance, driven by strong consumer spending, despite market volatility and global trade uncertainties caused by the US government’s reciprocal tariffs.
“Consumption accounts for over 70% of gross domestic product (GDP), while exports of goods account for only about 15–16%, and manufacturing accounts for less than 30%. This structure gives us a certain amount of protection. We are less vulnerable,” SMIC Chairman Amando M. Tetangco, Jr. said during the company’s annual stockholders’ meeting in Pasay City on Wednesday.
“We may be less open than other countries. But in this current environment, it provides us some insulation from potential adverse effects from external developments,” he added.
SMIC President and Chief Executive Officer Frederic C. DyBuncio said during the meeting that easing inflation and a robust economy would create new opportunities.
“Our focus on consumer growth mirrors the over 70% of GDP driven by consumer spending. We are a strong group with leading businesses, a trusted brand and heritage, with a very conservative balance sheet, and we have world-regarded leadership,” he said.
“Our geographic expansion strategy — serving more communities and customers — follows the growth of the country,” he added.
For 2025, SMIC is allocating P115 billion for capital expenditures, higher than the P100-billion capex spent last year. SMIC’s core business interests are in retail, banking, and property.
In the renewable energy segment, Mr. DyBuncio said SMIC, through subsidiary Philippine Geothermal Production Co., Inc., has secured five new concessions from the Department of Energy to grow its geothermal portfolio.
“We’re exploring each one of them. But it takes time to be able to drill and be able to make things commercially viable. We actually purchased our own drilling rig, which arrived last September. We bought the rig from Houston,” he said.
“We will continue to drill and really explore geothermal fields to be able to help the country’s renewable drive,” he added.
Meanwhile, SMIC shareholders elected seasoned executive Marife B. Zamora as an independent director on Wednesday. She replaced Tomasa H. Lipana, who completed her maximum term as an independent director.
Ms. Zamora is the second female independent director of SMIC, joining Lily K. Gruba.
“I’m truly honored to join SM’s board. SM mirrors the energy and growth journey of the Philippine economy. I look forward to contributing to a growing company deeply committed to independence and strong corporate governance,” Ms. Zamora said.
Ms. Zamora has decades of leadership experience in telecommunications, insurance, and business process outsourcing.
She is also a known advocate for women in technology and leadership, serving on the Board of Trustees of the FTW (For The Women) Foundation and as co-founder of the Filipina CEO Circle, a network of women business leaders driving positive change.
SMIC shares rose by 1.75% or P15 to P870 per share on Wednesday. — Revin Mikhael D. Ochave
