MANILA - Philippine mall-to-banking group SM Investments Corp. (SMIC) said on Monday it would earmark P40.6 billion ($873 million) for capital spending next year, nearly double the amount planned for 2009.

SMIC, which is controlled by Henry Sy, one of the country's richest men, said P12.1 billion would be spent to build 5 malls, P17.4 billion would go to its property busness and the balance on its retail and hotel/entertainment divisions.

The conglomerate has reported that its net income grew 14.3% to P10.8 billion in the first 9 months of the year from P9.4 billion in the same period last year.