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SM Prime is spending P6 billion for new malls and the expansion of existing malls in 2008, executive vice president Jeffrey Lim said.

The new malls will be in Rosales town in the northern province of Pangasinan (25,000 sq. m.), in Baliuag, Bulacan (48,000 sq. m.), and Marikina City (130,000 sq.m.), he said.

The SM Megamall in Pasig City and SM Fairview in Quezon City will be expanded, he added.

SM Prime said it will have a total of 33 malls in 2008, Lim said.

Its parent company, SM Investments Corp., is also considering funding about 40 percent of its P25-billion capital expenditures next year with debt, SM Investments executive vice president Jose Sio said.

Bulk of the budget for 2008 will go to property, tourism and mall development, he said.