SM urges Philippine firms: Think global

ABS-CBN News

Posted at Jul 25 2014 05:53 PM | Updated as of Jul 26 2014 01:53 AM

MANILA, Philippines – SM Investments Corp. is urging Philippine companies to maximize opportunities that may arise from the ASEAN integration in 2015.

The mall and banking conglomerate said companies should have the proper mindset in facing the integration, noting that many firms are “still scared to go out and explore, to grow, and become bigger.”

Corazon Guidote, SM senior vice president for Investor Relations and Corporate Communications, said this type of mindset is holding back many entrepreneurs in the country.

“I get many comments saying, SM is so large now. But from the ASEAN perspective, more so, in the Asian region, we hardly figure in the top 50 companies. This is why we have to constantly focus on being global and benchmarking ourselves with global companies," Guidote said.

Guidote said among the challenges that companies face are strong resistance to change, complacency, thinking small, staying in the status quo, misinformation, the lack of financial discipline, governance and transparency.

SM advised Philippine companies to observe business models used by successful companies here and in the ASEAN region as well as characteristics.

SM also highlighted to role of malls in boosting both local and foreign brands.

"SM chooses tenants and suppliers for the concepts they bring to our world. They keep our malls and stores fun, new and exciting. It doesn't matter if they are known or not. The best concepts bring uniqueness and an element of surprise not just to us, but most importantly, to our customers,"Guidote said.

"As we approach 2015, SM is enjoining local companies to explore, learn and harness the opportunities that economic integration brings," she added.

Aside from the Philippines, members of the ASEAN are Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, Singapore, Thailand and Vietnam.