BIZ BUZZ: SM is conglomerate of the year

Apart from shattering the record for the highest first-semester earnings, SM Investments Corp. also raked in awards.

The International Business Awards aptly recognized the country’s largest company as the Conglomerate of the Year, equivalent to a Gold Stevie.

The Sy family-led conglomerate also received a Silver Stevie for Best Annual Report.

SM Investments, which has interests in banking, retail and real estate, was awarded for its growth from a modest shoe store in the capital to being a massive conglomerate.

”This recognition inspires us more to deliver products and services that matter to our customers while positively impacting the communities we serve,” SM Investments president and CEO Frederic DyBuncio said in a statement.

We’re stoked to see what else SM has in store, especially with that P115-billion capital spending allocation. —MEG J . ADONIS

And BDO, too

It is a package deal, of course.

For the 13th time, BDO Unibank Inc., the banking arm of the SM Group, was recognized as the Best Bank in the Philippines at the Annual Alpha Southeast Asia Best Financial Institution Awards.

Understandably so, as right before its parent firm, SM Investments Corp., took the crown, BDO reported the highest first-half earnings in Philippine corporate history.

It likewise received the Best Cash Management Bank in the Philippines award for the ninth straight year, while BDO Private Bank bagged the Best Wealth Management Bank in the Philippines award for the 17th time.

BDO Capital and Investment Corp. also took home the Best Investment Bank in the Philippines Award for the 13th year.

”I am immensely proud of our team. Their passion, hard work and consistency in the pursuit of service excellence is truly commendable,” BDO president and CEO Nestor Tan said.

With an interest rate cut finally here, analysts are seeing another banner year for BDO. Abangan! —MEG J. ADONIS