Philippines’ SM Prime Holdings Inc., led by the Sy family, is allocating up to PHP33bn (USD568m) in 2025 to expand its commercial property portfolio, banking on consumer spending and projected GDP growth exceeding 6%. The developer will invest PHP21bn to expand malls, adding 205,400 square metres of gross floor area and redeveloping 124,488 sqm, targeting 8.08 million sqm across 87 shopping centres by year-end. It is also earmarking PHP6bn for hospitality upgrades, including two new convention centres and hotel renovations, catering to rising MICE demand, while another PHP6bn will fund office developments, including the Six E-Com Center, a Grade A office complex for BPOs and tech firms. Easing inflation, lower interest rates, and election-related spending are expected to drive consumer activity.