SM’s Sy-Coson confident on targets next year amid political noises

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December 12, 2025 | 12:00am

MANILA, Philippines — Tycoon Teresita Sy-Coson is confident that the SM Group will be able to attain its growth targets next year amid the political noises in the country.

“The next year will not be so bad if we think more positively,” Sy-Coson said.

“We just have to do our work in spite of all the political noises. So for us, we’re going to continue what we have planned and I think we will be able to achieve our targets next year,” she said.

Sy-Coson is the vice chairperson of conglomerate SM Investments Corp. and chairperson of BDO Unibank Inc., the country’s largest bank.

As the holding firm of the Sy family’s SM Group, SM Investments has investments in market-leading businesses in retail, banking and property as well as in ventures that capture high growth opportunities.

SM Investments posted a net income of P64.4 billion during the January to September period, up by six percent from P60.9 billion in the same period last year.

Revenues for the period likewise jumped by four percent to P482.3 billion from P462.5 billion a year ago.

SM’s retail operations are the country’s largest and most diversified, consisting of grocery stores, department stores and specialty retail stores.

Its integrated property arm, SM Prime Holdings Inc., has interests in malls, residences, offices, hotels and convention centers as well as tourism-related property developments.

SM’s interests in banking are in BDO and China Banking Corp., the fourth largest private domestic bank.

BDO president and CEO Nestor Tan, for his part, described 2025 as a rollercoaster year, with the bank and the business environment starting out very strong.

“From a business perspective, it’s tough this year and we continue to think that 2026 will end the same. Because the business is uncertain. The business community is not sure what’s likely to happen,” Tan said.

“And therefore, if they’re not sure, then they will hold back. Not because they don’t want to invest, but they will hold back a little. And we expect that to happen going into 2026,” he said.

Tan, however, said that it’s not all “doom and gloom” because there are still pockets of opportunities.

He said that some activity is seen in infrastructure and energy where people continue to invest.