(Reuters) – Property firm SM Prime Holdings Inc, owned by the Philippines’ richest man Henry Sy, plans to raise up to 30 billion pesos ($673 million) in five- to 10-year loans to finance its 2016 capital spending, a senior company official said.

The company will likely raise about 20 billion to 30 billion pesos in the third quarter, Jeffrey Lim, SM Prime executive vice president, told reporters on the sidelines of the company’s stockholders’ meeting.

SM Prime, the country’s second most valuable property firm and the biggest mall operator, has committed to spend as much as 200 billion pesos ($4.5 billion) up to 2018 for an expansion programme aimed at doubling its earnings from the 2013 level, the company said in its annual report.

It will spend 80 billion pesos this year, up 23 percent from last year. ($1 = 44.5800 Philippine pesos)

(Reporting by Neil Jerome Morales; Editing by Muralikumar Anantharaman)