LT Group optimistic on outlook

MANILA, Philippines — LT Group Inc. (LTG) of taipan Lucio Tan is keeping a bullish outlook despite expecting some macroeconomic headwinds this year.

LTG president Lucio Tan III said the group’s outlook for 2024 is more optimistic, with inflation expected at 3.8 percent in 2024 and interest rates expected to go down.

He said this would help reign in the continued rise in manufacturing costs and should positively impact LTG’s different businesses, helping stabilize and even increase volumes.

“We are excited about the future. Our fundamentals are solid,” Tan III said.

“While we are cautiously optimistic about the macroeconomic trends as interest rates are likely to stay higher for longer while the inflationary environment may stay longer than expected, we believe that your portfolio companies’ solid business models, brand franchises, and strong balance sheets will allow your company to withstand the macroeconomic headwinds during the year,” he said.

LTG posted a slight improvement in its earnings last year as higher contributions from its banking, liquor and property units offset slowdown in the tobacco business.