A successful public transport system is critical in Providing public GOODS, delivering transport efficiency and social inclusiveness, reducing pollution, and benefiting local and national economies.
The Paranaque Integrated Terminal Exchange (PITX), the country's first integrated and multimodal terminal constructed and operated by MWM Terminals, a subsidiary of Megawide Construction Corporation, provides all by ensuring interconnectivity between different transport modes, delivering First-World mobility to the Filipino riding public.
"PITX continues to serve as a key junction for commuters, through additional long-haul trips to various destinations across the country and as a strategic link to the EDSA Bus carousel, resulting in high passenger throughput of more than 106,000 daily as of September," said PITX president Jaime Feliciano.
Indeed, the PITX has become the standard for an organized public transport system in the Philippines that is being replicated in many other areas.
The office towers and sprawling commercial space within the terminal offer a strong value proposition for the more than 100,000 average daily commuters using the PITX.
Megawide designed the terminal as an attractive and everyday choice for commuters, with multimodal connectivity, including train, bus, jeepneys, and TVNS, strengthening its position as a strategic convergence point for workers, students, and travelers.
Meanwhile, Megawide recorded P15.6 billion in revenues in the first nine months of 2023, 47 percent higher than the previous year. As a result, consolidated net income came in at P332.5 million, which reversed the P970.4 million net loss recorded in the same period last year.
Megawide Continues Road to Recovery
The construction segment recorded a 47 percent increase in revenues to P15.2 billion and contributed the bulk of consolidated revenues at 97 percent.
The performance aligns with the Company's pursuit of higher-value and longer-term projects to deliver more stable and higher income streams in the long run.
"Our growth trajectory remains intact, with our pursuit of big-ticket infrastructure projects, like the Malolos Clark Railway Project and soon the Metro Manila Subway, and high-value commercial developments, such as the Westside City Resorts Complex, materializing.
We are confident that this direction will unlock a strong and steady earnings momentum for the EPC segment over the long term," said Edgar Saavedra, Megawide president and CEO.
The PITX delivered 23 percent higher revenues offering a more holistic commuting experience year-on-year at P339.7 million, accounting for two percent of consolidated revenues.
Commercial occupancy remained healthy at 80 percent, with average passenger spending reaching P36.9 in September — 61 percent higher than last year — and surpassing the previous record of P35.5 achieved in June 2023.
The trend is expected to improve as new offerings, such as Tim Hortons and Robinson's Easymart, opened their doors to PITX patrons in the third quarter of the year, offering a more holistic commuting experience.
Office occupancy rates doubled to 65% as of end-September from 33% at the start of the year despite prevailing challenges in the office industry. The Company remains optimistic about long-term prospects amid pressures on the operating environment.
It extensively explores strategic alternatives to attract cycle-resilient businesses and support a more stable tenancy. By next year, the LRT1 Asia World Station will be operational, and direct access to PITX will strengthen the facility's value proposition as an office hub and convergence point for workers and travelers alike.
Real estate
Meanwhile, revenue from newly consolidated real estate operations amounted to P36.5 million for the period — representing the two months' share in the performance of recently acquired PH1 World Developers, Inc. (PH1) last July 2023. The segment is expected to contribute more significantly to consolidated revenues in the next two to three years as new and existing developments steadily reach payment milestones and increase construction progress.