MANILA – Megawide secured new contracts valued at 1.24 billion pesos in the first quarter, the company announced on Tuesday, increasing its book record to 66.1 billion pesos in late March.
The construction company and infrastructure operator said they have received contracts to build residential units in Cebu and Batangas, as well as a shopping center in Paranaque City.
The company said it was also keen to get involved in the government’s railroad projects as private sector construction demand is expected to remain weak due to the economic slowdown.
“The Metro Manila Subway Project funded by the Japan International Cooperation Agency (JICA) and the North-South Commuter Railway (NSCR) South Line projects funded by the Asian Development Bank (ADB) are being monitored by Megawide for its infrastructure boost,” the company said.
Edgar Saavedra, chairman and CEO of Megawide, said he saw the company strengthen its technical know-how by participating in the rail projects.
“Our current involvement in the Malolos-Clark railway project enables us to gain experience in building highways. If we can secure packages for both the NSCR South Line and the Subway projects, these will be building blocks for us to develop our competencies in the area of level and subway.
Megawide suffered a setback last year after the government revoked its original support for the redevelopment of Ninoy Aquino International Airport.
The company has announced that it will reapply for NAIA rehab but will likely wait for a new government to arrive before doing so.