SM Prime Holdings Inc. is spending nearly P80 billion this year for an expansion program that is primarily taking place outside Metro Manila.

Primarily the company intends to increase by 12 percent to 7.3 million square meters its mall space in the Philippines and launch more high-rise residential projects.

“This year’s Philippine mall expansions are geared towards the provincial areas as SM Prime will open SM City San Mateo in Rizal, SM City Cabanatuan in Nueva Ecija, and SM Seaside City Cebu,” the company said, noting a handful of existing malls will also be expanded.

The expansion programs this year and in the coming years reflect on the company’s confidence toward Philippine economic growth will be sustained over the medium term and will eventually have a positive impact on the provinces as growth spreads to these areas, SM Prime President Hans T. Sy said.

“We have increased our budget to over P330 billion in the next four years until 2018, reflecting our solid commitment to support this growth,” Sy noted.

SM Prime is also opening the SM City Sangandaan in Caloocan, as well as launch new high-rises  projects in Metro Manila. – VS, GMA News