SM Prime to Cut Spending as Middle East Conflict Spurs Caution

SM Prime Holdings Inc. will reduce capital spending this year as the Philippines’ biggest mall operator braces for the worst amid volatility brought by the Iran war.

“We will be curtailing some capex so that we are prepared for the worst,” Chairman Henry Sy Jr. said during the company’s stockholders meeting on Tuesday. “We recognize the situation is volatile and could become even more difficult in the coming months.”