MANILA, Philippines – It may seem like shopping malls are mushrooming everywhere, but the SM Group heiress still sees many under served markets in the Philippines.

In an interview with ANC’s Karen Davila in Jakarta, Teresita Sy-Coson, vice chairperson of SM Investments, said she sees any industry that has to do with consumer spending as benefiting from ASEAN integration.

Asked if she thinks there are already too many malls, Sy-Coson replied, “No, I think there’s still a lot of untapped markets… Even in the Philippines or in the other countries. Like in the Philippines, beyond the NCR, there are still some under penetrated markets.”

SM Prime built its very first mall in 1983 along North EDSA. It now has 50 malls in the Philippines, including three of the world’s largest malls – SM Megamall, SM North Edsa and SM Mall of Asia, and five malls in China.

The company had earlier said it is planning to open more than 30 malls in the next five years in the Philippines and China.

While other Southeast Asian countries such as Myanmar offer opportunities, Sy-Coson said SM will be focusing on the Philippines.

“I’ve been to Myanmar and I think there are a lot of opportunities in Myanmar but we still have a lot of opportunities in the Philippines. I’ll stick to Philippines,” Sy-Coson said.

Preparing for Asean integration

Sy-Coson is currently in Jakarta as co-chair of the 24th World Economic Forum on East Asia, which runs until April 21.

With the region preparing for the launch of the Asean Economic Community by the end of 2015, Sy-Coson believes there is still a long way to go.

“It takes a long time to go through all of the things they want to implement. We’re still on the awareness stage, after the trade barrier discussions. There’s still a lot of non-trade barriers that have to be discussed. So I don’t think this can be done overnight,” she said.

“Right now we just have to make everybody more aware that this Asean integration, even if we don’t like it, it will come.”

Sy-Coson expects Philippine companies to face competition from other Asean companies which are based in more developed countries.

“The competition could be keen… If we are aware Asean integration would come anyway, let’s prepare ourselves and strengthen our own companies, so that we can either beat them or join them,” she said.

Sy-Coson is also pushing to make it easier for skilled Filipino workers to have access to other Asean countries.

“My objective is to drive the awareness that we do have a lot of talents and we would suggest that the borders will be more open for our skilled workers, would have easier access to those countries. If we have more migration from one country to another, Asean integration could be faster,” she said.

On being one of ‘most powerful women’ in Asia

Sy-Coson was one of three businesswomen from the Philippines who were included in Forbes magazine’s list of 50 most powerful businesswomen in Asia.

Asked how she feels about that honor, Sy-Coson laughed, “I don’t know.”

Hard to believe but Sy-Coson, a known workaholic, said she doesn’t have a lot of stress.

“But you know it’s just that I sleep well. I don’t have a lot of stress and maybe we’re just lucky,” she said.

Sy-Coson, the eldest daughter of mall magnate and the country’s richest man Henry Sy, also downplayed her role in making the family business a success.

“I’m the eldest and also because you don’t see my siblings who are hard-working, you only see me because I’m present in many events. That’s the only reasons you think it’s me. I have a lot of siblings who are working in different areas of the company and they’re the ones who are successful. I’m just a spokesman,” she said.