MANILA, Philippines - Philippine conglomerate SM Investments Corp. (SMIC) expects its net income to grow by 14% in the fourth quarter and the full year, driven by strong real estate and retail revenue, a senior official said.

"Still, it will be double digit (growth)," Jose Sio, company chief finance officer told reporters late on Wednesday regarding SMIC's profit outlook for the current quarter and for all of 2009.

"Approximately, 14% growth in net income this year. Around the same for the fourth quarter, 14% growth in net income," Sio said, adding the key drivers were the real estate and retail businesses.

The profit growth forecast by SMIC, owned by one of the country's richest men Henry Sy, is higher than market estimates of 2009 net income of P15.1 billion ($326.5 million) this year, up 7.9%, based on Thomson Reuters I/B/E/S.

The company is banking on huge remittances from Filipinos working and living overseas to fuel more spending at its malls and in real estate projects.

Apart from its flagship retail business and property ventures, SMIC has interests in mall operations, banking, and leisure development.