Megawide Construction Corp. will expand its precast construction facilities to support new affordable housing projects under a partnership with the Home Development Mutual Fund (Pag-IBIG Fund).
Megawide chairman and CEO Edgar Saavedra said the deal will increase the company’s order book to about P70 billion or P80 billion, its highest level so far, as it joins the government’s Pambansang Pabahay Para sa Pilipino (4PH) housing program. The company can build up to 10,000 housing units a year for the next five years but will prioritize projects for Pag-IBIG.
Under the agreement, Megawide will deliver 7,000 affordable housing units over the next two to three years. Pag-IBIG will also invest P10 billion in Megawide Dreamrise Residences Inc., a wholly owned Megawide unit, through the purchase of perpetual preferred shares, to be paid in three tranches.
Megawide said it plans to develop up to 100,000 housing units in the long term under the 4PH program. The first 50,000 units are already in its five-year pipeline, with projects planned in Cavite, including Imus, Dasmariñas, and Bacoor.
Pag-IBIG, the country’s largest home financing agency, provides affordable housing loans to Filipino workers and had financed more than 57,000 homes as of September last year.
