Megawide chairperson and chief-executive-officer Edgar Saavedra. (Photo courtesy Bilyonaryo)
THE private sector is fully supporting the new administration under President Ferdinand ‘Bongbong’ Marcos Jr. in its initiative for continuity with plans to further enhance infrastructure development in the country to fast track efforts for speedy recovery.
In a statement, Megawide Construction Corporation has expressed optimism in this sector while expecting to book more big-ticket government projects as the Marcos administration shapes up to prioritize infrastructure development as a key economic growth driver.
“We believe that infrastructure development is sustainable amid different cycles and will remain a priority under the new administration,” Megawide chairperson and chief-executive-officer Edgar Saavedra pointed out during the company’s annual stockholders’ meeting recently. Saavedra had noted that the infrastructure share in Megawide’s order book grew to about 17 percent in 2021 from only 5 percent in the previous year.
“We intend to increase this share further as we book more big-ticket items, such as the Metro Manila Subway Project and, hopefully, other government rail packages. We are also shifting our efforts towards enhancing public transport infrastructure in the Philippines, which we believe is critical to our economic recovery,” he announced.
In early May, Megawide signed the contract for Contract Package 104 (CP-104) of the Metro Manila Subway Project with Japanese joint venture partners Tokyu Construction Co. Ltd. And Tobishima Corporation.
This includes the construction of underground stations in Ortigas North and South as well as the tunnels connecting these two locations.
“Our share in the joint venture facilitates its diversification into rail systems that include underground technology,” Saavedra cited.
He added that Megawide will also actively explore strategic locations to enhance inter- and intra-island connectivity in the country by creating a hub-and-spoke model with the Parañaque Integrated Terminal Exchange (PITX) at the center. Meanwhile, in the airport segment, the company expects a boost in international numbers at Mactan-Cebu International Airport (MCIA), particularly with the opening of the thrice-weekly Cebu-Istanbul route via Turkish Airlines and the return of the daily Cebu-Dubai route via Emirates.
“We will also be proceeding with the Phase 1 modernization of Cebu’s 100-year-old Carbon District under a 50-year joint venture with the Cebu City Government,” he said.
In 2021, Megawide reported consolidated revenues reached PhP15.4 billion, 21 percent higher year-on-year amid a persistent coronavirus pandemic and during the said year, the construction segment recorded revenues of P14.3 billion or 32 percent more than the previous year.
