Tessie Sy-Coson sees strength in local business sector

SM Investments Corp. vice chairwoman Tessie Sy-Coson continues to believe in the strength of the Philippine business community even as the country faces strong economic headwinds that may continue to depress the local economy next year.

- MARIANNE GO

In her address to media guests at BDO’s Christmas gathering Wednesday evening, she remains optimistic that if the local business community continues to invest and work together, the Philippine economy will grow even in the face of the global economic uncertainties created by changing trade and economic polices, geopolitical risks and the new challenges posed by artificial intelligence.

Nestor Tan, president and chief executive officer of BDO Unibank Inc., in his own remarks at the gathering, acknowledged that the economic downturn experienced this year would likely spillover to next year.

He pointed that while the economy performed well in 2024 and early in 2025, the series of shocks that started with the “Liberation” tariffs of US President Donald Trump, continuing geopolitical conflicts and the local controversy over corruption in flood control projects have depressed economic growth this year, and would likely continue in 2026.

The SM Group, despite its concern about the economy moving forward, has been steadily pursuing expansion and growth plans for almost all of its key interests in banking, the retail sector, real estate and property development, and so much more.

The optimism over the Philippine economy is also reflected in the recent announcement of the Asian Development Bank (ADB) to grant a $400 million policy-based loan to the country to support government reforms to improve ease of doing business and help position the Philippines as a top investment destination in Asia and the Pacific.

The Business Environment Strengthening with Technology Program Subprogram 1 is intended to support private sector development reforms to streamline and improve transparency of regulatory requirements and processes for businesses.