SM to continue expansion in 2023


By The Philippine Star

The SM Group will continue to pursue growth and expansion in 2023 as it targets to support more communities.

As part of the plan, SM will further increase its focus on provincial areas where local economies are growing faster.

Over 80 percent of SM’s new retail stores are in provincial areas where a good chunk of growing overseas remittances flow into.

“We will continue to invest in growth as we are still seeing more communities that need access to various goods and services,” said SM Investments Corp. president and CEO Frederic DyBuncio.

The company, he said, is looking forward to working with communities to sustain and support growth and recovery in partnership with micro, small and medium enterprises (MSMEs).

These MSMEs make up 99.5 percent of total business enterprises in the Philippines and generate over 5.3 million jobs or 62.7 percent of the country’s total employment, according to data from the government.

“As we expand, we are mindful about how this brings meaningful support to communities,” DyBuncio said.

SM enables 90,000 MSMEs partners to navigate mainstream retailing as SM’s retail stores serve as platforms for MSMEs to offer their products, master their entrepreneurial skills, and grow their businesses.

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