The banking, real estate and retail-focused conglomerate, often seen as a proxy for Philippine consumer strength, is accustomed to volatility.
This time, however, the cycle appears different, with the US-Iran war causing wider disruptions in energy markets that could delay recovery compared to past geopolitical flareups.
“We’re so used to disruptions that, after a while, we think it will just go back up. This one may take a while because this conflict is beyond us. We can’t do anything but be the recipient of whatever bad news,” Sy-Coson said during the InvestPH business forum on Tuesday.
“It may lengthen but now is the time for us to prepare for another upswing,” she added.
Growth seen slowing, not stopping
The tycoon, who also leads the country’s biggest bank by assets, BDO Unibank, said the government could face challenges in meeting its growth targets for the year.
“With all these external problems, I don’t think we can make that 5–6 percent, but I would be happy if our group can make some growth even at 2–3 percent. That would sustain us for this year and prepare for the next year,” Sy-Coson said.
Demand holds
She noted that consumer demand has softened but remains steady.
“The consumer market is strong and even if it has weakened the demand is still there,” Sy-Coson said, adding that decentralization from Metro Manila into provincial locations allows the group to target growth opportunities across the country.
“Even last year, when there were disruptions and the flood control [issue], the banks are always ready to fund those people who really know how to ride this economic movement,” she said.
Opportunities still local-led
This highlights investment opportunities in the Philippines, though for now these are largely captured by local players.
“There are quite a lot of opportunities in the Philippines but you have to look at it from the eye level and not from the top level,” Sy-Coson said.
She said investors overseas “don’t really understand how we see the business here”.
“Most of the investments are from our domestic companies because we know the opportunities. Of course, if foreign investors can see the way we see it, then maybe there will be more businesses around,” she said.
Miguel R. Camus has been a reporter covering various domestic business topics since 2009.
