World's third largest mall to open in Philippines

The world's third biggest shopping mall is to open in the Philippines capital this week, a vote of confidence on the country's economic prospects amid a global slowdown, its owners said Thursday. The launch on Friday of a 90,000-square-metre (22-acre) annex will make the SM City North Edsa mall the third biggest in the world with a gross floor area of 425,000 square metres (105 acres), SM Prime Holdings Inc. said in a statement. The company, a holding firm of the country's richest man Henry Sy, also owns the world's fourth, seventh, and 11th biggest malls, it added. SM Prime President Hans Sy said launching the project amid the global crisis "speaks of how we view the longer-term prospects of the country." read more.................