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Manila, PHILIPPINES: SM Investments Corporation vice chairman Henry Sy Jr. is joined by Tourism Secretary Ace Durano during the unveiling of a major eco-tourism project to be undertaken by the Philippines biggest mall operator SM Investments Corp. in Manaila, 22 March 2007. The first phase of the 6 billion pesos (125 million USD) Hamilo Coast project entailed the construction of Pico de Loro Cove, a 40-hectare medium-rise, low-density condominium, with 227 out of the 1,500 apartments due to be completed this year. Pico de Loro will be the first of 11 buildings to be constructed in Hamilo coast's 13 coves. AFP PHOTO/Jay DIRECTO (Photo credit should read JAY DIRECTO/AFP via Getty Images)

Manila, PHILIPPINES: SM Investments Corporation vice chairman Henry Sy Jr. is joined by Tourism Secretary Ace Durano during the unveiling of a major eco-tourism project to be undertaken by the Philippines biggest mall operator SM Investments Corp. in Manaila, 22 March 2007. The first phase of the 6 billion pesos (125 million USD) Hamilo Coast project entailed the construction of Pico de Loro Cove, a 40-hectare medium-rise, low-density condominium, with 227 out of the 1,500 apartments due to be completed this year. Pico de Loro will be the first of 11 buildings to be constructed in Hamilo coast's 13 coves. AFP PHOTO/Jay DIRECTO (Photo credit should read JAY DIRECTO/AFP via Getty Images)
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Hans Sy, president (C), Henry Sy Junior, chairman (R) and Jeffrey Lim, executive vice-president (L) of the Philippines' shopping mall giant SM Prime attend a shareholders' meeting in Manila on April 14, 2015. SM Prime, which has 50 malls in the Philippines and five in China, plans to spend 4.5 billion USD until 2017 to develop new properties including malls and condominiums in the Philippines and China, company officials said. AFP PHOTO / Jay DIRECTO (Photo credit should read JAY DIRECTO/AFP via Getty Images)

Hans Sy, president (C), Henry Sy Junior, chairman (R) and Jeffrey Lim, executive vice-president (L) of the Philippines' shopping mall giant SM Prime attend a shareholders' meeting in Manila on April 14, 2015. SM Prime, which has 50 malls in the Philippines and five in China, plans to spend 4.5 billion USD until 2017 to develop new properties including malls and condominiums in the Philippines and China, company officials said. AFP PHOTO / Jay DIRECTO (Photo credit should read JAY DIRECTO/AFP via Getty Images)
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AFP JAY DIRECTO