Megawide bags P1.2-B Baguio terminal deal
Edgar Saavedra-led Megawide Construction Corp. has bagged the P1.2-billion contract to build what would be Baguio City’s version of the Parañaque Integrated Terminal Exchange (PITX) in hopes of decongesting traffic in one of Luzon’s busiest tourist destinations.
In a regulatory filing on Monday, Megawide said it had received the Notice of Award from the local government, confirming that the company had been selected as the private sector proponent for the Baguio City Integrated Terminal (BCIT) project.
The award is still subject to Megawide’s compliance “with all the conditions of the award,” it noted.
The Baguio city council first confirmed Megawide’s unsolicited proposal for the project in June.
Megawide first proposed building BCIT, which would stand along Marcos Highway, in 2019.
The intermodal transport hub is set to house all vehicles that pass through the major thoroughfare linking Baguio to other parts of Luzon.
Planned as the city’s version of PITX, once operational in 2027, BCIT is seen to accommodate up to 400 buses and 25,000 passengers daily via seven southbound routes, including La Union, Pangasinan, Tarlac, Pampanga, Bulacan, Metro Manila and Cavite.
Megawide was also the private sector proponent for PITX, a major transport hub in Metro Manila that began operations in 2018.
In the first semester, PITX chipped in P217 million to the Megawide Group’s total revenues, up by 6 percent because of the steady influx of passengers in the terminal.
Occupancy
Foot traffic averaged 164,800 by end-June, while commercial occupancy remained at 98 percent.
Apart from BCIT, Megawide is also set to develop the South Luzon Integrated Terminal Exchange (SLITX) through its subsidiary, Megawide One Mobility Corp.
Under its 30-year joint venture agreement with the city government of Carmona in Cavite province, Megawide will also connect the P800-million SLITX to PITX and other in-city public terminals.
SLITX will have a capacity of 30,000 passengers daily and direct access to the South Luzon Expressway via a new toll entry and exit that will be built, Megawide said in a statement.
Megawide earlier noted the government’s continued focus on infrastructure development would be its likely profit booster this year. Most of the company’s major projects are public-private partnerships, including the Metro Manila Subway System and the Malolos-Clark Railway project.
Megawide’s net income in the January to June period was flat at P436 million, mostly because of less activity at its construction segment. Still, the company said they were on track to outpace their 2024 income growth, with the real estate business under PH1 World Developers Inc. gaining momentum.
