May 3, 2024

SM Prime marks 30th anniversary with record-breaking income, PHP 100 billion investment for 2024

SM Prime’s (L-R): Assistant Corporate Secretary Arthur Sy, Corporate Secretary Atty. Elmer Serrano, Chief Finance Officer and Chief Compliance Officer John Nai Peng Ong, President Jeffrey Lim, Independent Director Atty. Darlene Marie Berberabe, Chairman of the Board Henry Sy Jr., Vice Chairman and Lead Independent Director Amando Tetangco Jr., Non-Executive Director Herbert Sy, Chairman of the Executive Committee Hans Sy, and Non-Executive Director Jorge Mendiola

SM Prime Holdings, Inc. (SMPH), the leading integrated property developer in the Philippines, marks its 30th anniversary as a publicly listed company with the announcement of its highest-ever recorded income and a ₱100 billion investment for its partners, stakeholders, and communities they operate in. With eyes set on the future, SM Prime reaffirms its position as a catalyst for economic development and community advancement.

Record-Breaking Performance
From Left to Right, Top to Bottom: Lanson Place, SM Development Corporation (SMDC) Turf Residences, SM City Yangzhou in China, SM Mega Tower, SM Mall of Asia Complex, and SM City North EDSA

During the Annual Stockholders Meeting held on April 23, 2024, SM Prime announced its highest-ever recorded income, reaching PHP40 billion in consolidated net income, marking a 33% increase from 2022. Additionally, the company's revenues surged by 21%, soaring to PHP128.1 billion, a notable growth from the previous year. The consolidated operating income also saw significant growth, rising by 24% to PHP61.3 billion.

The outstanding performance can be attributed to SM Prime's mall business, driving 56% of consolidated revenues and a 30% growth to PHP71.9 billion in 2023. This growth was bolstered by a 24% increase in mall rental income, amounting to PHP61.3 billion. Moreover, the opening of four new malls in 2023 expanded SM's retail presence to 85 malls in the Philippines and 8 malls in China.

Meanwhile, SM Prime's residential business group, led by SM Development Corporation (SMDC), recorded an 8% growth in revenues to PHP43.1 billion in 2023. The residential group's gross profit rose by 15% to PHP25.4 billion, with reservation sales standing at PHP102 billion.

In addition to its mall and residential businesses, SM Prime's other key segments, comprising offices, hotels, and convention centers, contributed 10% of consolidated revenues, reported PHP13.1 billion in revenues in 2023, marking a remarkable 26% increase from the previous year.

Commitment to Shared Growth
4 New SM Malls in 2024: SM City Caloocan, SM City J Mall, SM City Laoag, and SM City La Union

At the core of SM Prime's success is its unwavering commitment to shared prosperity in every city where they are present. With a strategic ₱100 billion investment capital expenditure in 2024, SM Prime aims to reinvest in its partners, stakeholders, and communities.

SM Prime aims to continuously expand and develop new places for every Filipino to enjoy. 60% will be dedicated to enhancing its malls, development of new residential properties under SMDC, and construction of new hotels and convention centers. 40% will be directed towards acquiring new properties and coastal developments to pave the way for modern, eco-friendly urbanization.

Commitment to Environmental Sustainability and Disaster Resilience
From Left to Right, Top to Bottom: SM Foundation’s Grow Trees Community Program, SM Cares’ Bike-Friendly Program, ARISE Philippines Chairperson Mr. Hans Sy and Members, SM Supermalls x Bureau of Fire Protection’s (BFP) Nationwide Simultaneous Fire Drill, SM Supermalls’ Electric Vehicle (EV) Charging Stations, and SM Prime’s Solar Rooftop Project

SM Prime has always been committed towards creating a sustainable future. SM Prime continues to work towards its goal of achieving Net Zero carbon emissions by 2040, aligning with the Department of Energy's target of reaching a 35% renewable energy share by 2030. Through partnerships with renewable energy suppliers and organizations like the World Wildlife Fund for Nature (WWF), SM Prime endeavors to reduce its environmental footprint and advocate for sustainable practices in all areas of its operations.

SM Supermalls' SM Cares and SMDC's The Good Guys also remain actively engaged in various community initiatives, such as conducting community disaster preparedness programs, providing support programs for senior citizens and persons with disabilities, and promoting job generation and entrepreneurship through nationwide job fairs and MSME programs. Other initiatives include coastal clean-ups, the donation of school buildings and fire trucks, and the organization of eco-camps for youth.

Jeffrey C. Lim, President of SM Prime Holdings shared, “At SM Prime, we're not just building spaces; we're cultivating lifetimes of progress and shared growth. Our commitment lies in empowering Filipinos to thrive within their neighborhoods, whether through convenient shopping experiences at SM Supermalls, quality living in SMDC homes, or fulfilling work environments in our office properties. We believe that individual success fuels community prosperity, creating opportunities, and driving the nation's growth for many years to come.”

SM Prime remains committed to its role as a catalyst for economic growth, delivering innovative and sustainable lifestyle cities, thereby enriching the quality of life of millions of people. For more information, visit www.smprime.com.
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May 2, 2024

LG TVs Pioneer Immersive Audio Experience with Apple Music in Spatial Audio with Dolby Atmos

LG Smart TV Users Receive 3-Month Free Trial for Apple Music, Celebrating First Arrival of Spatial Audio with Dolby Atmos Available on TVs
LG Electronics (LG) introduces a new and thrilling feature on its smart TVs for users who enjoy streaming music. LG Smart TVs, including OLED models and QNED models with Dolby Atmos, are the first TVs to support Spatial Audio with Dolby Atmos from Apple Music. Available starting this week, the trailblazing immersive music experience mesmerizes listeners with compelling sound and elevates audio pleasure to new heights.

To celebrate this remarkable milestone, LG is offering three months of Apple Music free to LG Smart TV users worldwide. The 3-month free trial is available within the Apple Music app of compatible LG Smart TVs (2018 models and later) running webOS 4.0 and higher, as well as lifestyle screen models StanbyME, StanbyME Go and MyView Smart Monitor.

Apple Music is an ad-free streaming service with a massive library that allows subscribers to listen to over 100 million songs and 30,000 expertly curated playlists. Apple Music also presents a range of exclusive content including Apple Music Live, a concert series featuring live video stream, a post-show video playback, live-recorded albums and exclusive pre-show artist interviews. LG Smart TV users can effortlessly access Apple Music by voice command, in the LG Content Store, Apps or through the Music Quick Card3 on the Home Screen, which serves as a convenient portal to uninterrupted listening entertainment.

Music available in Dolby Atmos further enriches the audio experience, delivering an elevated level of clarity and depth with multi-dimensional sound. Apple Music automatically plays Dolby Atmos tracks on compatible LG Smart TVs, and when paired with Dolby Atmos-enabled LG soundbar models, the sound harmonizes to immerse listeners in a next-level listening experience. What’s more, there's no need to adjust the volume when you switch to listening Dolby Atmos tracks, thanks to the loudness normalization algorithm implemented.

What’s more, even on LG Smart TVs not supported by Dolby Atmos, users can still enjoy mesmerizing sound of Dolby Atmos by connecting to a Dolby Atmos LG soundbar. LG Smart TVs can also directly connect to Apple AirPod or other Apple devices via Bluetooth to enjoy Dolby Atmos.

Songs and albums available in Dolby Atmos are clearly labeled on Apple Music with a badge on the album’s detail page. Music lovers can easily explore their favorite tunes available in Dolby Atmos with Apple Music’s extensive range of curated playlists.

“The introduction of Dolby Atmos through Apple Music on LG TVs transforms how we listen to music on the big screen,” said, Chris Jo, senior vice-president of platform business at LG Electronics Home Entertainment Company. “LG is dedicated to elevating the content streaming experience for music enthusiasts around the world, and we will continue to offer easy access to and great music experience across devices.”

LG continues to elevate the audio experience with immersive sound and a diverse range of content. LG Smart TV users can effortlessly help users discover new features and services through the easy-to-use webOS platform.
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April 26, 2024

Hot Air Balloon Festival and Airshow Set to Soar Over Albay Next Weekend

From May 3-5, 2024, the old Legazpi Airport in Albay will transform into a vibrant playground for enthusiasts of all things airborne. "A Weekend of Everything that Flies," the country's exclusive airshow experience typically hosted in Clark, Pampanga, will debut in the Bicol region, with the iconic Mayon Volcano providing a breathtaking backdrop.

Initiated by Ako Bicol party-list representative, Cong. Zaldy Co, the event draws inspiration from renowned hot air balloon festivals worldwide, particularly in Clark, Pampanga, and the daily flights of Cappadocia, Turkey. Co envisions this international spectacle, headlined by foreign pilots and participants, as a catalyst for revitalizing tourism throughout Albay and the wider Bicol region.
"In Cappadocia, Turkey, we marveled at hot air balloons drifting over stunning landscapes. Now, imagine these vibrant balloons against the backdrop of the majestic Mayon Volcano," Co expressed. "This event promises to attract spectators, generate tourism-related employment, bolster sales of local products, and invigorate our regional economy."

Attendees can anticipate a captivating array of hot air balloons, including whimsical shapes like Brazil's Bidu and the UK's Bella and Buster (different dogs), Party Balloon from USA, UK's Dyno (a dinosaur), and Belgium's Princess Nelly (an elephant) among others. Additionally, the Global Stars aerobatic team will dazzle spectators with thrilling aircraft stunts, accompanied by daytime smoke trails and nighttime pyrotechnics.
The festivities continue with drone light shows, fireworks displays, and the enchanting Night Glow, where hot air balloons illuminate the evening sky to synchronized music. Throughout the event, visitors can explore exhibitions featuring paramotors, kites, FPV drones, ultralight planes, and even car drifters, all set against the scenic runway backdrop.
Indulge in Bicol's renowned local cuisine and products showcased in the "Fly Market" and food booths scattered across the venue. While entrance to the event is free, those seeking to experience hot air balloon flights, tethered rides, tandem skydiving, or tandem paragliding are advised to book tickets online in advance, as slots are limited.

Organized by the Philippine International Hot Air Balloon Fiesta (PIHABF), renowned for its annual airshow in Clark, Pampanga, and New Clark City, Tarlac, the event continues a tradition of nearly three decades. Its core objectives remain steadfast: to ignite aviation interest among youth, instill discipline in aspiring pilots, and foster a spirit of community volunteerism.

Tickets for rides and experiences are available at www.balloonfiesta.ph. Stay updated on event details via PIHABF's official social media channels:
Facebook – www.facebook.com/pihabf
Instagram – @philballoonfest
TikTok – @philballoonfiesta
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