Business magnate Edgar Saavedra’s story is a testament to the power of hard work and determination, and the invaluable support of those who believe in your dreams.
As the man behind Megawide Construction Corp., one of the leading construction firms in the Philippines, Saavedra, will forever be grateful to the Sys, the wealthiest family in the Philippines, for their support over the years.
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Saavedra acknowledged that the Sys were the first major client that gave Megawide its big break, and even invested in his company’s initial public offering in 2011.
In an interview with Ces Oreña-Drilon on Usapang Bilyonaryo, Saavedra recalled how he started with family and friends’ projects, gradually moving up to larger commercial buildings and condominiums.
However, it was SM Development Corporation’s project that brought Megawide to the attention of the Sy family.
Bilyonaryo Henry “Big Boy” Sy Jr., who was leading the project, approached Saavedra to help with the design and expansion of the SM Group’s residential real estate development arm when it was still new in the market.
“Big Boy, si boss, sabi niya Edgar I want to build this, can you help us do design and help me how can I expand. At that time, isang project pa lang si SMDC non,” he noted.
“And at that time, we were already expanding doing prefab in construction but in a smaller scale,” Saavedra said.
Impressed by Megawide’s work, Saavedra said that the Sy family invested 20 percent during Megawide’s IPO, which they divested after five years.
“They invested 20 percent during the IPO. That’s why we are also very thankful to the Sy family, they invested and then they divested after five years,” Saavedra said.
Saavedra also expressed gratitude to the Sy family’s banking arm BDO as well as other local banks such as Yuchengco-led Rizal Commercial Banking Corp., Land Bank of the Philippines, and the Development Bank of the Philippines which have been supportive of Megawide over the years.
He said Megawide’s good track record, sound governance, and well-established system have earned the trust of these banks.
“So, every time I do business, I make sure I also consult them if they’re willing to fund it. This is also important,” he added.