Sy family-led SM Investments Corp. (SMIC) is optimistic about the second semester after it posted a six-percent improvement in consolidated net income to ₱42.6 billion in the first half of 2025 from ₱40.2 billion in the same period last year as its business benefited from the growing economy.

Consolidated revenues for the January to June period also grew six percent to ₱319.2 billion, up from ₱301.4 billion in the first half of 2024.

“We continue to see steady growth across our core businesses, supported by favorable macroeconomic conditions in the Philippines. Bank lending remains strong, and consumer spending in our malls and retail stores continues to rise,” said SMIC President and Chief Executive Officer (CEO) Frederic C. DyBuncio.

He noted that, “The Philippine economy was steady at 5.4-percent growth in the first quarter, while inflation has eased to its lowest level since 2019, creating a more supportive environment for both corporates and consumers.

“Despite global trade uncertainties, overall sentiment remains positive, and we share that optimism for the remainder of the year.”

Banking accounted for 50 percent of reported net earnings, followed by property at 28 percent, retail at 15 percent, and portfolio investments at seven percent.

SM Retail’s net income grew 10 percent to ₱8.4 billion from ₱7.6 billion in the same period last year. Revenues were up eight percent to ₱211.8 billion from ₱196.3 billion.

In non-food retail, revenues of the department store grew by 11 percent, marked by a shift in the school opening to the second quarter.

Revenues for specialty retail grew five percent, fueled by spending on stationery or back-to-school items, fashion, as well as health and beauty categories.

Food retail revenues increased eight percent to ₱127.1 billion due to store expansion and volume growth.

BDO Unibank Inc. reported a three-percent net income increase to ₱40.6 billion, supported by strong performance from its core businesses. China Banking Corp. (Chinabank) posted ₱13 billion in net income, up 14 percent on the back of strong core business growth.

SM Prime Holdings Inc. reported first-half net income growth of 11 percent to all-time-high earnings of ₱24.5 billion, driven by higher rental income, real estate sales, and ancillary revenues.

Meanwhile, SMIC’s portfolio investments’ performance was driven by Philippine Geothermal Production Co., which contributed 35 percent of total portfolio income, followed by NEO with 30 percent, and 2GO with 16 percent.