MEGAWIDE CONSTRUCTION CORP. plans to build additional precast facilities to support the government鈥檚 expanded Pambansang Pabahay para sa Pilipino (4PH) Program, aiming to sustain employment and help meet housing targets.
鈥淲e, here in the private sector, in construction, real estate and in the field are happy because this will bring great prosperity to the economy and give jobs to our workers,鈥 Megawide President and Chief Executive Officer Edgar B. Saavedra said in a speech during the Department of Human Settlements and Urban Development鈥檚 (DHSUD) seventh anniversary on Monday.
鈥淚n this [Megawide Precast in Taytay] facility alone, we employ around 5,000 jobs, 1,500 direct and around 3,500 indirect. Because of the 4PH program, our company will be expanding another facility, bigger and more sophisticated to support our commitment in delivering 100,000 units of houses within 5 years,鈥 he added.
In December last year, Megawide and the Home Development Mutual Fund (HDMF or Pag-IBIG Fund) signed an Investment and Partnership Agreement to advance the government鈥檚 4PH housing program.
Under the agreement, HDMF will invest P10 billion in Megawide Dreamrise Residences, Inc., a wholly owned subsidiary, through subscription to perpetual preferred shares in three tranches to fund 4PH housing projects.
The investment is expected to deliver at least 7,000 affordable housing units over the next two to three years.
On the sidelines of the event, Mr. Saavedra told reporters the company is still identifying a site for a second precast plant but is targeting an area in Cavite.
鈥淭hat鈥檚 the one closest to Manila, right? Because we already have one in the east in Taytay, we need one in the South as there are a lot of houses in the South and North now,鈥 he said.
Mr. Saavedra added that construction of the new facility is targeted to begin this year so it can become operational next year, subject to land acquisition.
Megawide earlier expressed interest in participating in the government鈥檚 4PH program and plans to launch 100,000 housing units over the long term.
The company has identified the first 50,000 units for development over the next five years, with launches and groundbreakings planned across five sites in Cavite 鈥 one in Imus and two each in Dasmari帽as and Bacoor.
Also present during the DHSUD鈥檚 seventh anniversary celebration at the Megawide Precast Plant was President Ferdinand R. Marcos, Jr., who visited the facility to inspect the construction systems that will be used in the company鈥檚 nationwide 4PH projects.
He also led the ceremonial turnover and awarding of housing assistance to beneficiaries under different 4PH modalities.
At the local bourse on Monday, Megawide shares rose by 0.63% to close at P3.19 apiece. 鈥 Alexandria Grace C. Magno
