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Henry Sy Sr. through First Asia Realty loaned ₱1 billion from the Philippine National Bank and Citibank, an unprecedented amount at the time, in April 1989 to fund the development of SM Megamall. [5] The mall began construction in 1989 and opened its doors on June 28, 1991. It was the third SM Supermall built after SM City Sta. Mesa and SM North EDSA. .
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