Pag-IBIG taps Megawide for P10-B 4PH program

Megawide Construction Corp. has entered into an investment and partnership agreement with the Home Development Mutual Fund (HDMF), more popularly known as Pag-IBIG, to accelerate the government's expanded Pambansang Pabahay para sa Pilipino (4PH) program.

- By RICHMOND MERCURIO

The agreement involves HDMF's participation as an investor in the 4PH housing projects through subscription to perpetual preferred shares issued by Megawide Dreamrise Residences Inc. amounting to P10 billion, payable in three tranches.

The funds will in turn be used to deliver at least 7,000 housing units, at affordable packages, over the next two to three years.

"The partnership with Pag-IBIG is strategic in the sense that it addresses the imbalance between demand and supply in the housing sector," Megawide chairman and CEO Edgar Saavedra said.

"We believe that we are uniquely positioned and technically proficient to deliver high-quality and cost-efficient housing products that meet the requirements of the 4PH program, with speed and consistency," he said.