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Manila Bulletin devider Business devider The Stock Market devider SMIC to aggressively expand retail, banking footprints outside Metro Manila

SMIC to aggressively expand retail, banking footprints outside Metro Manila

Published Mar 2, 2026 03:13 pm
SM Investor Relations and Sustainability Head Timothy Daniels
SM Investor Relations and Sustainability Head Timothy Daniels
SM Investments Corp. (SMIC), the holding company of the Philippines’ wealthiest family, is ramping up capital spending across its core businesses as it bets on provincial consumption boom to drive growth through 2026.
In a briefing on Monday, March 2, SM Investor Relations and Sustainability Head Timothy Daniels said the Sy-led conglomerate plans to aggressively expand its retail, banking, and real estate footprints outside of Metro Manila.
“We remain cautiously optimistic about 2026. The momentum that we saw in the fourth quarter and over the Christmas period [of 2025] was good, and the prevailing economic conditions that we’ve been seeing support us to feel good coming into 2026,” Daniels told reporters.
SMIC’s retail arm is prioritizing physical reach in underserved regions, with Alfamart, the group’s minimart chain, slated to open more than 200 new stores this year.
The broader retail portfolio is also set to shift geographically, with 85 percent to 90 percent of new store openings targeted for provincial areas.
While the company continues to enhance its omnichannel and e-commerce capabilities, Daniels said that SMIC remains focused on the traditional brick-and-mortar experience, noting that e-commerce is viewed as a complementary facility rather than a replacement for physical retail.
In the banking sector, SM’s lenders—BDO Unibank Inc. and China Banking Corp.—are moving toward middle-market and consumer lending to sustain credit growth.
Similar to the retail strategy, the banking units are pursuing an aggressive branch expansion into the provinces to capture the unbanked and underbanked segments of the population.
The property division, SM Prime Holdings Inc., is scheduled to launch three to four new shopping malls in 2026. Residential projects are also shifting toward regional hubs, with new condominium developments moving away from the saturated capital.
The company’s 2026 pipeline includes the completion of the Six E-Com Center, the commencement of a new convention center, and the launch of the 360 Reclamation Project in Manila Bay.
Additionally, the firm is moving into upscale horizontal housing with a development in Susana Heights and expanding its hospitality portfolio with new Radisson and Park Inn hotels in Santa Rosa, Laguna.
Beyond its core pillars, SM is doubling down on its portfolio investments. Philippine Geothermal Production Co. is currently developing six new geothermal steam sites to augment its existing operations, reflecting the group’s broader push into infrastructure and sustainable energy.
Daniels noted that the group’s overarching mandate for the year is to scale operations while simultaneously improving margins.

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SM Investments Corporation Frederic C. DyBuncio
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