State-run pension fund Government Service Insurance System (GSIS) invested ₱441.26 million to acquire shares of Megawide Construction Corp. from company Chairman Edgar Saavedra’s Megacore Holdings Inc., increasing its stake to 9.5 percent.

Based on data from the Philippine Stock Exchange (PSE), GSIS acquired a total of 111.94 million Megawide shares in a series of block transactions, raising its total holdings in Megawide to 191.71 million common shares.

Last June 24, 2026, GSIS bought 20.14 million Megawide shares from Megacore for ₱74.06 million, or ₱3.6768 per share. This was followed by the purchase of 91.8 million more Megawide shares at ₱4 per share, or a total of ₱367.2 million.

Before the two tranches of acquisitions from Megacore, GSIS held 79.77 million Megawide shares, equivalent to 3.95 percent of the company’s 2.02 billion outstanding common shares.

With the acquisitions, GSIS is now one of the major local institutional investors in Megawide—a move that indicates the pension fund’s support for the company’s nation-building initiatives as well as its growth prospects.

“The investment of GSIS reflects another vote of confidence in our vision of engineering a First-World Philippines, particularly through our participation in various government-initiated campaigns and public-private partnerships (PPPs) that aim to address critical social and transport infrastructure in the country,” said Saavedra.

He noted that, “Specifically, this includes our participation in the construction of socialized housing units under the expanded Pambansang Pabahay Para Sa Pilipino (4PH) program using mechanized and modernized techniques anchored on the precast system.”

Megawide is also rolling out several transport-centric developments (TCDs) that aim to modernize and organize public transportation systems in the country, with the objective of enhancing safe and efficient travel and commuting.

Earlier this month, GSIS also increased its investment in Saavedra-controlled Citicore Renewable Energy Corp. (CREC) to ₱4.5 billion after completing the acquisition of Megawide’s nine-percent stake in the solar energy company.

GSIS acquired 170.14 million more CREC shares from Megawide last June 26, increasing its total holdings to one billion shares. Before that, CREC said GSIS had acquired a total of 7.48 percent of the company from Megawide, equivalent to 834.33 million CREC shares, through three transactions starting last May.