Too early to tell Trump effect on BPO industry in PH, says SM
CEBU CITY—Don’t be discouraged and just continue what you’re doing.
This was the piece of advice given by Hans T. Sy of the giant SM group to businessmen amid jitters that the outsourcing industry would be adversely affected after businessman Donald Trump was elected US President.
Trump had said repeatedly during the campaign that he wanted to bring back jobs to the US from overseas, including outsourced jobs to countries like the Philippines.
Sy, whose family owns SM Prime Holdings that has greatly benefited from the outsourcing industry, said it was not wise to react immediately.
“We should not get into an immediate reaction. We should stand (our) path, listen to the policies and move forward,” he said.
Sy, board director of SM Prime Holdings, was in Cebu recently to grace the official launch of SM City Cebu’s Christmas Village of Hope that benefits 113 cancer patients under Kythe Foundation, Inc.
During the interview with reporters, Sy was asked whether the outsourcing industry would suffer under a Trump presidency.
Sy said: “I’’m a businessman and we adapt to any situation. I say the prospects remain to be seen.
The Trump presidency will not stop SM’s expansion plans here and abroad despite fears that the new administration would have an impact on the retail and leasing sectors where SM is a dominant player.
“In Cebu, our investments are focused on our Seaside property. We’ll continue with the plans we have already set for that property,” Sy said.
He added that the SM Group would also continue with their expansion plans in China, although he admitted they were faced with challenges as prices had risen beyond their projections.
“Our target is to open one mall every year in China. That remains to be the plan (even with the improving relationship with China),” he said.
Sy described their expansion in China as “conservative” and added that they would pursue growth projects as planned.
In April last year, SM Prime Executive Vice President Jeffrey C. Lim said they had set aside a budget of P20 billion every year for their operations in China that include retail and residential development.
SM has six malls in China with a total of about 900,000 square meters of retail space.
SM opened its first mall in China in Xiamen in 2001, followed by Jinjiang, Chengdu, Suzhou, Chongqing and Zibo.
In the country, SM Group operates close to 60 malls and 50 retail outlets under the five formats—SM Supermarket, SM Hypermarket, Savemore, Waltermart Supermarket and Alfamart.
