SM Investments Corp., Philippine billionaire Henry Sy’s holding company, forecasts return on equity will rise to 15 percent in three to five years as its tourism investments, including a Manila casino, gain traction.
Jeany Rose Callora left her home on the Philippine island of Negros last year to work at a soft- drinks factory in Manila, hoping to earn money for college. When her contract ended six months later, she said she couldn’t get another job in Southeast Asia’s fastest growing economy.
BDO Unibank Inc., the largest Philippine lender by assets, plans to open more branches to tap the 80 percent of households without an account as it prepares for tougher regional competition, President Nestor Tan said.
SM Investments Corp., controlled by Philippine billionaire Henry Sy, is working with JPMorgan Chase & Co., Macquarie Group Ltd. and BDO Unibank Inc. as it considers merging its property units into a single company, said three people with knowledge of the matter.
SM Investments Corp., Philippine billionaire Henry Sy’s holding company, climbed to a record after it said it may merge its property units, which could unseat Ayala Land Inc. as the nation’s largest developer.
Henry Sy went from running a shoe store in Manila to become the Philippines’ richest billionaire and owner of the nation’s largest retailer. Now the Chinese immigrant plans to raise $1 billion to expand his bank.
SM Development Corp. , owned by Philippine billionaire Henry Sy , plans to build apartments in China as he aims to double the group’s number of shopping malls in the world’s fastest growing major economy. The stock rose to a record.