SM Investments Corporation (SMIC), the flagship of the Sy family, and its banking arm BDO Unibank Inc. are cautiously optimistic about their prospects next year even as they expect to wrap up 2023 with decent growth numbers.
In an interview, SMIC Vice Chairperson Teresita Sy-Coson said “this year was okay. It’s not the best, it’s not the worst…and I think maybe next year will be the same.”
“We are cautiously optimistic… because there are geopolitical (concerns); there is climate change. So many things are not predictable,” she noted.
One of the geopolitical concerns she cited is the ongoing dispute at the West Philippine Sea as well as the impact of climate change and possible natural calamities, taking note of frequent earthquakes experienced in the country.
“Left to ourselves, we’re going to do well but there is this geopolitical tension. There are these global uncertainties and the climate change…you know sometimes earthquakes or whatever. So it’s more of that,” Sy-Coson said.
Nonetheless, Sy said, “we’re going to be okay. It’s just that we always have to be watchful.”
Meanwhile, BDO President Nestor Tan said “so far, I think 2023 is a decent year, it's actually a good year but, again, we remain cautious.”
“Looking into 2024, while we have a good 2023, we look at it cautiously because we don't know what will happen. Rates look like they're stabilizing, which is good. But… growth so far is still in the mid single digit,” he noted.
SMIC reported a 30 percent growth in consolidated net income to P55.9 billion in the first nine months of 2023 from the P42.9 billion earned in the same period last year.
The firm said its consolidated revenues rose 15 percent to P440.4 billion in the first three quarters of 2023 from P382.0 billion in the same period last year.
Meanwhile, BDO reported that its net income was P53.9 billion compared with P40 billion in the same period last year backed by broad-based growth across its core businesses.