SM Investment Corp. (SMIC) President and Chief Executive Officer Frederic DyBuncio (center) leads a press briefing in Pasay City on Monday (March 2, 2026). The Sy-led firm is planning to divest its stake in Atlas Consolidated Mining and Development Corp., saying mining no longer aligns with its core portfolio. (PNA photo by Joann Villanueva)
Sy-led SM Investment Corp. is preparing to exit the mining sector, signaling a sharper focus on businesses that more closely align with the group’s long-term growth strategy.
Speaking at a media briefing on Monday, SMIC President and Chief Executive Officer Frederic DyBuncio said mining has become an outlier within the conglomerate’s portfolio, which is now increasingly centered on banking, property, and retail.
“Mining is a very cyclical business. If the dollar goes down, prices go up, and if the dollar goes up, prices go down. It’s really a cyclical business, and right now, it’s probably a good time to be able to dispose of it given the need for copper for all of these EVs and whatever else that’s being done,” DyBuncio said.
SMIC currently holds about a 30 percent stake in Atlas Consolidated Mining and Development Corp.. DyBuncio noted that Atlas weighed on the company’s portfolio investments in 2025, alongside shares in Philippine Geothermal Production Company Inc..
He added that PGPC’s weaker contribution was largely driven by pricing exposure linked to the Wholesale Electricity Spot Market, which affected earnings during the year.
Despite these pressures, SMIC delivered solid financial results, reporting a 10 percent increase in consolidated net income to P90.5 billion in 2025, while revenues rose 4 percent to P681.7 billion. Banking remained the group’s biggest profit driver, accounting for 49 percent of net income, followed by property at 27 percent, retail at 18 percent, and portfolio investments at 6 percent.
Looking ahead, DyBuncio said the group is sharpening its focus on renewable energy and logistics in 2026, with logistics growth anchored on its investment in 2Go Group Inc.. The strategic shift underscores SMIC’s intent to streamline its portfolio and concentrate capital on sectors with more predictable returns and long-term demand.