A unit of business magnate Ed Saavedra-led Megawide Corp. plans to build a new transport terminal near the Paranaque Integrated Terminal Exchange (PITX).
MWM Terminals, which developed the country’s first land port, said the PITX Lot 2 project would comprise four levels which will have a commercial component. There will be a staging area for buses.
Megawide said the PITX Lot 2 project is undergoing design revision and reconceptualization to serve its best use under the new operating environment.
The project will create employment and business opportunities through the construction of office towers and retail establishments inside the facility.
Developments over the last six months in this space have been very fluid and encouraging, Megawide said.
Apart from this, Megawide continues to scout for new areas for future expansion.
“The company expects to make more concrete headway and visibility with other projects in this segment within the next 6-12 months that will require initial funding,” Megawide said.
In 2015, MWM Terminals won the 35-year contract to construct and operate the PITX, a 4.5 hectare development that can accommodate 100,000 passengers daily.
PITX offers seamless connections to and from the southwest portion of Metro Manila, via multiple modes of transportation, from provincial to incity buses, taxis, jeepneys and UV Express shuttles.
Funding for the project will come from proceeds of the company’s P4.3 billion preferred share offering.