MANILA, Philippines — Megawide Construction Corp. has secured P12.8 billion worth of new contracts for two housing developments under the government’s Expanded Pambansang Pabahay Para sa Pilipino (4PH) Program, bringing the company’s housing pipeline under the initiative to nearly 20,000 units.
The new contracts cover the P6.9-billion Nocal Residences in North Caloocan, which will have about 3,800 housing units, and the P5.9-billion Sumi Residences in Imus, Cavite, which is planned to provide another 4,500 units.
Megawide said construction of both developments is expected to begin before the end of 2026, with completion targeted for December 2028.
The latest awards strengthen Megawide’s position as one of the major private-sector construction partners supporting the government’s effort to expand the supply of affordable housing.
Two projects add 8,300 units to Megawide’s pipeline
The Nocal Residences project in North Caloocan carries a contract value of P6.9 billion and is expected to deliver 3,800 units.
The Sumi Residences development in Imus, meanwhile, has a contract value of P5.9 billion and will comprise 4,500 units.
Together, the two projects represent 8,300 additional housing units and P12.8 billion in newly awarded contracts.
Megawide said the projects are part of its broader strategy to expand its participation in the government’s 4PH housing program while building a larger construction order book.
The company expects construction activity on both projects to start before year-end, with completion scheduled for December 2028.
Megawide targets 100,000 4PH homes
The latest awards form part of an ambitious long-term plan by Megawide to develop 100,000 housing units under the 4PH program over the next five to seven years.
Megawide Chairman and Chief Executive Officer Edgar Saavedra said the company is tracking its progress through three major milestones: winning contracts, completing the structural phase of projects and eventually turning over homes to beneficiaries.
The company has already reached the first two milestones on its initial projects, Avesta Residences and JAB Residences, according to Saavedra.
“We have already achieved the first two milestones for our initial projects, Avesta and JAB Residences,” Saavedra said, while reiterating the company’s commitment to its government housing projects.
The 100,000-unit target represents a major expansion from Megawide’s existing housing portfolio and could make its 4PH business an increasingly important contributor to its construction operations.
Earlier projects reach structural milestones
Megawide’s newest contracts come as some of its earlier 4PH developments move into more advanced stages of construction.
On Oct. 1, Megawide and Pag-IBIG Fund marked the topping-off of two residential buildings at JAB Residences in Dasmariñas City, Cavite.
The development is expected to provide nearly 4,000 condominium-style housing units for Filipino workers and their families. The project consists of 17 five-storey buildings, with units measuring 27 square meters and priced at about P1.5 million each.
Qualified beneficiaries under the Expanded 4PH program can use Pag-IBIG Housing Loans, including subsidized financing designed to make the units more affordable for eligible families.
Megawide also topped off the first tower of its Avesta Residences project in August, about 10 months after construction began, according to reports.
The company has said these developments demonstrate how modern construction methods can help accelerate the delivery of mass housing.
Contracts help support P60-billion order-book target
The P12.8-billion awards also strengthen Megawide’s efforts to grow its overall construction order book.
The company had an order book of about P47.5 billion as of the end of June 2026 and is targeting P60 billion by year-end.
The latest housing contracts are expected to help keep the company on track toward that target.
Megawide’s investor-relations materials describe its construction portfolio as a mix of residential developments, large private-sector commercial and industrial projects, infrastructure contracts and socialized housing under the government’s Expanded 4PH program.
The company has also been working to strengthen its balance sheet. Its investor materials show that short-term debt had been reduced to P12 billion, while its net bank debt-to-equity ratio stood at 0.8 times as of the first half of 2026.
Pag-IBIG partnership provides financing support
Megawide’s expansion in 4PH is closely linked to its partnership with Pag-IBIG Fund, which has provided financing support for the development of affordable housing.
Pag-IBIG Fund invested P10 billion in Megawide preferred shares in 2025, with the investment supporting the development of thousands of housing units across multiple locations.
The partnership reflects the government’s broader strategy of combining public financing with private-sector construction capacity to address the country’s housing shortage.
For qualified 4PH beneficiaries, Pag-IBIG financing is intended to make homeownership more accessible by pairing affordable housing units with subsidized loan terms.
4PH becomes an increasingly important growth area
The expansion comes as the government seeks to accelerate housing construction under the Expanded 4PH program, which aims to increase access to decent and affordable homes for Filipino families.
For Megawide, the program provides a growing pipeline of large-scale projects while allowing the company to use its construction capabilities in the mass-housing market.
The company has also emphasized the importance of reaching key project milestones, from contract awards to structural completion and eventually the turnover of homes to beneficiaries.
The latest P12.8-billion contracts therefore represent more than additional construction work. They also bring Megawide closer to its long-term goal of delivering 100,000 4PH housing units while supporting the government’s effort to expand affordable housing nationwide.
With Nocal Residences and Sumi Residences expected to begin construction before the end of the year, the company’s 4PH pipeline is set to expand further as it works toward its 2028 completion targets.
