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Manila Bulletin devider Business devider The Stock Market devider Megawide raises ₱1.1 billion in note sale to refinance debt

Megawide raises ₱1.1 billion in note sale to refinance debt

Published Jan 23, 2026 09:54 am
Megawide Construction Corp. raised ₱1.1 billion from the issuance of peso-denominated fixed-rate corporate notes, tapping the debt market to refinance existing obligations and bolster its balance sheet as it pivots toward government-backed housing projects.
In a disclosure to the Philippine Stock Exchange on Friday, Jan. 23, the firm said the notes carry a fixed interest rate of 7.0 percent per annum and mature in three years.
The securities have been enrolled with the Philippine Dealing & Exchange Corp. and are exempt from registration with the Securities and Exchange Commission. The issuance follows the December 2024 board approval that authorized the company to raise up to ₱1.5 billion in the local debt market.
The fundraising is a centerpiece of a broader financial management strategy aimed at reducing short-term liabilities. Megawide Group Chief Financial Officer Jez dela Cruz said the company is focused on de-levering to improve liquidity and stretching out its maturity profile to “relax debt towers” and optimize cash flow during a period of expansion.
The engineering firm, led by Chairman and Chief Executive Officer Edgar Saavedra, is repositioning itself to benefit from the government’s flagship Pambansang Pabahay para sa Pilipino (4PH) program.
Saavedra said the company is preparing for "stronger years ahead" by leveraging its engineering, procurement, and construction expertise to boost revenues through the socialized housing initiative.
The company earlier projected that its net income would exceed ₱1.2 billion in 2026, a significant recovery from previous periods.
Part of this growth strategy includes a deepening portfolio of infrastructure projects outside of the capital.
Megawide disclosed Thursday that it signed a lease agreement with the Baguio City government for the ₱1.19 billion Baguio City Integrated Terminal project. The project, which includes a transport hub and commercial spaces, will be operated by Megawide for up to 40 years.
By restructuring its debt now, Megawide is seeking to lower its interest expenses and shield its margins from market volatility.
The firm’s focus on 4PH and regional transport hubs signals a shift toward projects with high utilization of its pre-cast concrete facilities, which the management believes will enhance long-term profitability and create a more sustainable “value creation story.”

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Megawide Construction Corporation Edgar Saavedra Jez G. de la Cruz
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