SM Prime Holdings Inc. is moving ahead with its ambitious 360-hectare Manila Bay reclamation project in Pasay City, undeterred by global economic headwinds and geopolitical tensions.
Hans Sy, chair of SM Prime's executive committee, affirmed the company's commitment to the Smart City development, stating, "We should not stop." He emphasized that economic downturns are transient and part of the natural business cycle, and the company aims to be ready when conditions improve.
"The economic cycle goes up and down. Right now, it's down, but it will go up again someday. By that time, we should already be finished," Sy said.
Despite challenges such as the Middle East conflict and volatile fuel prices, SM Prime has kept construction on track. The company has pre-ordered fuel supplies for the next month to mitigate risks, and easing fuel prices could further support momentum.
Smart City, which aims to rival established business districts like Bonifacio Global City, will focus on wider roads, integrated developments, and potential partnerships with other property players. The project is slated for completion and handover to the government by the third quarter of 2028.
An SM Prime executive stressed that the reclamation remains a priority investment: "This is not one of those that we will defer, because we need these projects to move forward."
The company's conservative approach, reinforced by prolonged uncertainty, underscores its long-term bet on the Philippines' urban growth and resilience.