Tessie Sy-Coson shrugs off weak peso concerns: We’ve learned lessons from 1997 crisis
Bilyonaryo Tessie Sy-Coson says SM Investments is well-protected from any foreign currency shock despite $800 million worth of loans due in 2019.
“As long as we’re hedged, we’re OK. We’ve learned our lessons from the 1997 Asian financial crisis,” said Sy-Coson in an interview with Bloomberg.
The Bangko Sentral ng Pilipinas has raised interest rates by 150 basis points this year to arrest the slide in the peso which has plunged to its lowest since 2006.
The Philippines’ largest business empire has a total of $1.9 billion worth of loans due to over the next five years – $800 million in 2019, $300 million in 2021, and $800 million in 2023.