THE COUNTRY’S largest mall developer will borrow next year to pay off maturing debts and fund expansion amid an expected tightening in global credit markets.

Jeffrey C. Lim, SM Prime Holdings, Inc. executive vice-president and chief finance officer, yesterday said the Sy-owned firm would raise around P5 billion.

Part of the money will be used to pay off US$ 70 million in debts maturing in October. The rest will be spent on projects, he said in an interview.  ‘We are monitoring the market. There is nothing definite yet as to [how we will raise the mo-ney],’ Mr. Lim said.

He said SM Prime might need as much as P6 billion for its budget next year. The company plans to open a mall in Naga City in Bicol, Pamplona in Las Piñas City and Rosario in Cavite next year.

It will also start building three more malls along Commonwealth Ave. in Quezon City, Novaliches and San Pablo in Laguna. Once the malls are completed, SM Prime will have 39 malls with a total gross floor area of about 4.7 million square meters.  ‘We still see that there is opportunity. [The malls] are still [doing good] and it is possible that we will be getting more market share,’ Mr. Lim said.

SM Prime will open its 33rd mall in Baliwag, Bulacan tomorrow. The latest mall will occupy 93,000 square meters, and 42,171 square meters will be leased to shops. SM City Baliwag is about 40 kilometers from the EDSA-Balin-tawak interchange at the North Luzon Expressway. The mall is expected to generate 1,500 jobs directly and indirectly.

Aside from Baliwag, SM Prime had also launched SM City Marikina, the SM Megamall Bridgeway and SM City Rosales in Pangasinan.