Business remains upbeat and resilient, says SM's Teresita Sy-Coson

The Philippines remains the top market of SM Investments Corp. (SMIC) as the country continues to be resilient amid geopolitical concerns, the firm said on Tuesday, quoting a top official of the company.

"The Philippines has not grown as fast as its neighbors in the last decade so we are catching up now. Distribution of wealth is going to the provincial areas," SMIC Vice Chairperson Teresita Sy-Coson said during a panel discussion at the Milken Institute 2017 Asia Summit held in Singapore last month.

The economy grew by 6.5 percent in the second quarter of the year, among the fastest in Asia after China's 6.9 percent.

On Tuesday, Socioeconomic Planning Secretary Ernesto M. Pernia said the second half economic performance would likely be stronger than the first semester.

"Right now, our businesses have been developing throughout the country," Coson said.

She noted, however, several factors may affect growth.

"There are geopolitical fears, climate change, and digital disruptions. New technology will bring a different way of doing things. As long as we make efforts to stay relevant, our businesses will still be there," she said.

Late September, the foreign minister of the Democratic People's Republic of Korea warned that Pyongyang reserved the right to take countermeasures such as shooting down American bombers, even if they are not in its airspace. — Jon Viktor Cabuenas/VDS, GMA News