Property giant SM Prime Holdings Inc. has allocated P180 billion for expansion outside Metro Manila. 
 
The company on Wednesday told the Philippine Stock Exchange it has earmarked P60 billion a year to widen its footprint over the next three years. 
 
“SM Prime’s expansion program for the malls remains focused on the provinces which present major opportunities for higher growth and where many areas remain unserved,” SM Prime President Hans T. Sy told the exchange. 
 
“In the housing sector, we will continue to serve the Metro Manila area, but will slowly move towards the provincial areas in the medium term,” he added. 
 
According to SM Prime, it is opening five new malls this year – SM City Trece Martires in Cavite, SM City San Jose Del Monte in Bulacan, SM Cherry Congressional, SM East Ortigas, and SM Cherry Antipolo. It will also expand SM City Calamba and SM City Naga. 
 
“By end 2016, SM Prime will have 61 malls in the Philippines and six malls in China with an estimated combined gross floor area of 8.6 million square meters. 
 
In residential development, SM Prime noted it will launch between 11,000 to 14,000 units in Quezon City, Bicutan, Sucat, Las Piñas, and Pasay through SM Development Corp. 
 
The company also said it will give P6.64 billion in cash dividend to shareholders on record as of April 29, 2016, reflecting a payout of P0.23 per share.