SM Prime Holdings Inc. said in a filing that it will spend 120 billion Philippine pesos to finance its expansion initiatives over the next two years.

The Filipino developer made the confirmation after the Manila Standard quoted Alex Pomento, SM Prime's vice president and investor relations head, as saying that the company would retain its 60 billion-peso annual spending program to grow its core businesses, which include malls, residential properties, office towers and hotels.

Pomento was also cited in the Oct. 8 report as telling an interview at the sidelines of an economic summit sponsored by the SM Group that funds for potential acquisitions are excluded from the annual spending allocation for until 2020.

As of Oct. 9, US$1 was equivalent to 54.15 pesos.