PH tycoon cautious on 2024 growth outlook amid West PH Sea dispute

MANILA, Philippines  -Billionaire Teresita Sy-Coson, head of the shopping mall and banking giant SM Investments Corp., is cautiously optimistic about growth in 2024 as spiking tensions in the West Philippine Sea temper the robust economic outlook.

“Left to ourselves, we are going to do well but there are geopolitical tensions and climate change,” Coson, who is vice chair of the Philippines’ biggest conglomerate by market value, told reporters in an interview late Wednesday.

“I think our group assessment is we are going to be okay but we just have to be watchful,” she added.

Of concern were recent clashes in the West Philippine Sea after Manila accused Beijing of using water cannons and colliding with a Philippine supply vessel in disputed waters earlier this week.

READ: Another water cannon blast from Chinese ship

Coson also warned against the dangers of being “too antagonistic” and urged parties to exercise caution and find a peaceful resolution with the country’s close neighbor and largest trading partner.

READ: West PH Sea supply missions fruitful amid China’s bullying – official

“We just have to know who’s our neighbor and work peacefully together. As a business, we don’t know what will happen but we just hope there will be no more skirmishes in that area because whatever happens will affect all of us,” she said.