Latest news with #Sy-led
GMA Network
28-07-2025
- Business
- GMA Network
BDO nets P40.6B in H1 2025, up 3%
Sy family's banking giant BDO Unibank Inc. posted a net income of P40.6 billion in the first six months of 2025 on the back of strong performance of its core businesses. In a statement on Monday, BDO said its first half net income grew by 3% from P39.4 billion in the same period last year. The bank said its bottom line growth was tempered by the continuing investments in market coverage and IT spending for operational efficiency. BDO reported its net interest income rose by 7% as gross customer loans climbed by 14% to P3.4 trillion, 'with broad-based growth across all market segments.' Meanwhile, deposits widened by 8% to hit P4 trillion, with a Current Account/Savings Account (CASA) ratio of 69%. The bank added its non-interest income, likewise, grew by 15%, driven by the significant contributions from fee-based income and income from insurance operations. The Sy-led lender said it is set to issue its fourth ASEAN Sustainability Bonds on July 29, 2025 with a minimum aggregate issue size of P5 billion. 'Originally set to run from July 9 to 22, 2025, the strong demand from both retail and institutional investors prompted the early closing of the offer on July 14, 2025,' it said. 'The net proceeds will be used to finance and/or refinance eligible projects and further support the growth of the Bank's sustainable portfolio,' it added. Amid global uncertainties arising from geopolitical tensions and the imposition of US tariffs, BDO said that the Philippines is expected to remain resilient, supported by its consumer-driven economy and sustained domestic demand. 'Likewise, the bank remains well-positioned to manage emerging risks and capitalize on opportunities given its robust capital base and diversified business franchise,' the lender said. —VAL GMA Integrated News
GMA Network
27-06-2025
- Business
- GMA Network
SM hospitality arm earmarks P5.3 billion for 5-year MICE expansion
SM Hotels and Convention Corp. (SMHCC), the hospitality arm of Sy-led property giant SM Prime Holdings Inc., is embarking on an expansion initiative for its meetings, incentives, conferences, and exhibitions (MICE) footprint. In a statement, SM Prime said SMHCC has set aside a P5.3-billion investment to ramp up its MICE portfolio over the next five years. The Sy family's property developer said its hospitality arm's expansion will begin with two major developments in Cebu and Pasay. SM Prime said the SMX Convention Center Seaside Cebu is set to open in the third quarter of 2026. SMX Cebu is poised to be one of the largest and most modern convention venues in the Visayas. The convention center in the "Queen City of the South" will have 21,000 square meters of leasable space across six levels, directly integrated with the SM Seaside Arena and SM Seaside Cebu Mall. SMHCC also broke ground on SMXCITE at the Mall of Asia Complex in Pasay City last April. SMXCITE, set to open in the first quarter of 2027, is seen to add 18,000 square meters of leasable space to the existing 17,000 square meters at SMX Manila, enabling SMHCC to accommodate large-scale, concurrent events. "Our expansion into Cebu and Pasay reflects our strong belief in the potential of these cities. By building next-generation venues with scale and flexibility, we are enabling more communities to benefit from the business and tourism opportunities that MICE events bring," said SMHCC executive vice president Peggy Angeles. These projects are part of SMHCC's broader strategy to grow its events portfolio outside Metro Manila and support economic activity in emerging urban centers, according to SM Prime. The Sy-led property developer said each SMX venue is co-located with hotels, malls and transport infrastructure to provide seamless access for organizers and guests. — VDV, GMA Integrated News
GMA Network
24-06-2025
- Business
- GMA Network
BDO chief Nestor Tan is first Filipino president of IMC
BDO Unibank Inc. president and CEO Nestor Tan has been elected as president of the International Monetary Conference (IMC) for the 2025–2026 term. In a news release on Tuesday, BDO said Tan's election as the first Filipino president of the IMC was held during the organization's annual gathering held in Brussels, Belgium. The IMC is an exclusive, non-profit organization composed of chairpersons and chief executive officers from 58 of the world's largest financial institutions across 31 countries. The list of past presidents include Johan Thijis, CEO, KBC Group, Brussels, Belgium (2024-2025); Carlos Torres Vila, Chair, BBVA, Spain (2023-2024); and John Dugan, Chair, Citigroup, Inc., USA (2022-2023). Since its founding in 1954, the IMC has played a key role in shaping international banking practices and policies, according to BDO. The IMC provides a private forum for dialogue among leading commercial banks, central bank governors, senior government officials, and top executives from global financial organizations such as the International Monetary Fund and the World Bank, the Sy-led bank said. 'Mr. Tan is the first Filipino to be elected as president of the IMC, and his election reflects his extensive expertise in banking and finance and affirms his leadership standing in the global banking community,' BDO said. 'It is also a recognition of BDO's consistent performance and growing influence in the regional and global financial sectors,' the bank added. The Sy-led lender said Tan's appointment as chief of the IMC 'marks a milestone not only for BDO but also for the Philippine banking industry, which continues to gain recognition in the global financial community.' —VAL, GMA Integrated News
