MANILA - Philippine businesses are expanding to the provinces, as the economy plays catch-up with the rest of the region, SM Investments vice chairperson Teresita Sy-Coson said.
The eldest daughter of the country's richest man, Henry Sy, said the family-led conglomerate with interests in banking, retail and real estate, said the outlook on the Philippines was "optimistic."
Sy-Coson spoke at a business summit in Singapore and her remarks were released by SM Investments in Manila on Tuesday.
"The Philippines has not grown as fast as its neighbors in the last decade so we are catching up now. Distribution of wealth is going to the provincial areas. Right now, our businesses have been developing throughout the country," Sy-Coson said.
"There are geopolitical fears, climate change and digital disruptions. New technology will bring a different way of doing things and as long as we make efforts to stay relevant, our businesses will still be there," she said.
SM has been expanding its shopping mall empire to the provinces and recently opened upscale "premiere" outlets in Cagayan de Oro City and Puerto Princesa City.