Jose T. Sio, executive vice president and chief financial officer of the SM Group’s holding firm SM Investments Corp., told reporters the biggest contributor to its sales from the department stores are the supermarkets.

"The supermarkets contribute the bulk of our sales especially that we have opened hypermarkets seven new stores and we intend to open more," Sio said.

There were four department stores that were opened this year. There were seven new hypermarkets opened this year alone including Tiendesitas, Harrison, Mall of Asia, and the North.

Next year, the SM Group plans to open 5 to 6 hypermarkets in the following areas in Marikina, Bacolod, Tarlac, and other stand alone outlets like SM ACA in Kamagong, Zobel Roxas and Taytay area going to Antipolo.

According to Sio, Filipinos love to shop at hypermarkets because it is convenient as it is a combination of items that can be found in the department store and supermarkets.

"Hypermarkets have also bigger spaces and shoppers love that," Sio said.

SMIC vice chairman Tessie Sy-Coson also noted that the November sales alone are very encouraging.

"If the economy continues to be okay then we are going to be okay also and we are very optimistic," SyCoson said.

"I feel the local economy is growing because of the right atmosphere and right momentum," Sio added.

He cited the sprouting of call centers, business process outsourcing, and the increasing remittances of overseas workers increase as growth drivers.

Another potential source of growth in the future is the country’s tourism saying the Philippines has a lot to offer.