SM Investments Corporation, the flagship of the Sy family, posted a nine percent growth in consolidated net income to ₱20.1 billion in the first quarter of 2025 from ₱18.4 billion in the same period last year, as rising consumer confidence translated to higher revenues.

The firm said its consolidated revenues from January to March rose six percent to ₱152.0 billion from ₱143.7 billion in the first quarter of 2024.

"We are encouraged by the positive start to 2025. Consumer confidence remains good and our businesses are well-positioned to serve in all categories. Positive sentiment is supported by falling inflation, which was at 1.4 percent in April,” said SMIC President and CEO Frederic C. DyBuncio.

He noted that, “We continue to monitor uncertainties in the global macroeconomic environment, but remain positive about the Philippines. SM remains focused on serving and enabling our local customers and stakeholders.”

Banking accounted for 51 percent of reported net earnings, followed by property at 29 percent, retail at 14 percent, and portfolio investments at six percent.

SM Retail’s net income grew 18 percent to ₱3.6 billion from ₱3.1 billion in the same period last year. Revenues were up seven percent to ₱100.3 billion from ₱93.5 billion.

Revenues for food retail increased eight percent to ₱61.5 billion, driven by improved margins in SM Markets. In non-food retail, revenues of the department store business rose six percent to ₱23.5 billion.

Revenues for specialty retail grew seven percent to ₱21.8 billion driven by spending across all categories. Discretionary spending was strongest in the health & beauty and fashion categories.

BDO Unibank, Inc. reported net income increased to ₱19.7 billion from ₱18.5 billion in the same period last year, supported by double-digit loan growth and solid fee income performance.

China Banking Corporation sustained its momentum from strong core business growth, posting ₱6.5 billion in net income, up 10 percent from last year.

SM Prime Holdings, Inc. reported net income grew 11 percent to ₱11.7 billion from ₱10.5 billion in the same period last year, driven by steady revenue growth, margin improvement and disciplined cost management.

The portfolio investments’ performance was driven by NEO which contributed 38 percent of total portfolio income, Philippine Geothermal Production Company which delivered 36 percent, and Belle Corporation which contributed 11 percent.

SM Prime is reinforcing its leadership in Philippine real estate through a strategy anchored on scale, innovation and geographic reach It will undertake organic expansion, regional development and bold diversification.

“Our approach is deliberate and forward-looking. Every project is meant to improve how Filipinos live, work and connect,” said SM Prime President Jeffrey C. Lim.

In the near term, over 316,000 square meters of new gross floor area will be added across SM Prime's mall portfolio, alongside the redevelopment of more than 309,000 square meters of existing mall space.

SM Prime is also scaling up its presence in provincial growth centers. New malls in Laoag, La Union, and Zamboanga are scheduled to open by 2025, expanding SM Prime’s reach into underserved markets and contributing to regional economic development.

At the same time, diversification into high-value segments is underway. Lim said he expects integrated property developments and premium residential projects to drive growth over the next five years.

To strengthen its entry into the premium primary residential segment, SM Prime signaled its openness to partnerships while emphasizing its internal capability to deliver projects independently.

“For certain developments that we have already planned and have strong confidence in, we will pursue them on our own. However, if the project requires additional expertise or broader organizational support, we are more than willing to bring in partners,” said Jose Juan Z. Jugo, Executive Vice President for the premium residential segment.

Metro Manila will be the launch market for the yet-to-be-named premium brand, but Jugo said that expansion to other areas will depend on demand. Prices will start at P15 million, with upper ranges to be set by market conditions.