SM PRIME Holdings Inc., the Philippines’ biggest mall operator and developer, expects to sign this month a P5-billion loan facility to partly finance its expansion program for 2012.

In an interview with reporters late Wednesday, SM Prime chief financial officer Jeffrey Lim said the syndicated loan will be handled by Rizal Commercial Banking Corp. with foreign banks ING and ANZ.

“We are signing the [loan] facility hopefully before the end of the year and will draw on that in the early part of next year,” Lim said.

Lim said in a briefing last month that SM Prime is budgeting P20.9 billion for its 2012 capital spending program.

SM Prime plans to open three shopping malls in the Philippines and one in China. Malls to be opened are shopping centers in Davao and General Santos, both in Mindanao, as well as in Consolacion in Cebu. It will also open SM Chongqing in China next year.

Lim said next year’s budget includes “initial” spending requirements for a new mall in Cebu City’s South Road Properties reclamation project and a shopping center in Taguig City.

SM Prime, controlled by billionaire Henry Sy, reported earlier that net income in the nine months through September rose 14 percent to P6.41 billion as the company opened more shopping centers and store rentals rose.

Consolidated revenues during the period rose 13 percent to P19.27 billion.

For the rest of 2011, SM Prime is scheduled to open SM City San Fernando in Pampanga, SM City Olongapo in Zambales, and SM Marketmall in Dasmariñas, Cavite.

By year-end, the company will have 48 malls in the Philippines and in China with an estimated combined gross floor area of 5.9 million square meters.