Consumer spending lifts SMIC earnings

MANILA, Philippines — SM Investments Corp. (SMIC) booked a record first-half net income of P45.9 billion, up 8 percent, fueled by resilient consumer spending and gains across its diversified businesses. The Sy family-led conglomerate said on Wednesday its consolidated net income rose from P42.6 billion in the same period last year. READ: SMIC stays the course