Megawide: Our credit position is good enough for Carbon Market dev’t

Megawide Construction Corporation shows how they will develop and modernize the Carbon market. | Contributed photo

CEBU CITY, Philippines — Megawide Construction Corp., the conglomerate wooing Cebu City for the development of the Carbon Market, claims they have good credit to engage in a massive development such as the modernization of the said public market.

This was the response of Louie Ferrer, managing director for transport at Megawide, to the statement of Lawyer Winston Garcia, chairperson of the CFI Community Cooperative, which seeks to counter the conglomerate’s proposal through a Swiss Challenge.

Read: Megawide proposes multi-use, mid-rise complex for Carbon Market

“They are in debt. Why would you want to let a conglomerate, which is in debt, to develop the Carbon Market?” said Lawyer Garcia on Wednesday, October 21, 2020, during the presentation of their counter-proposal.

He claimed that Megawide had been borrowing money to raise funds for their projects.

Ferrer said that they were a company worth over P17.7 billion and they were in a good enough credit position to develop large projects such as the Carbon Market.

Megawide built, designed, and now operates the Mactan International Airport Terminal 2, which has been considered as the best airport in the country.

“We are in a good credit position. I don’t think that’s a matter of question. We have undertaken various projects in partnership with the government as big as Carbon Market,” said Ferrer.

Ferrer said that there had been rumors spreading about their proposal for the Carbon Market casting doubts on their intentions in the development, but he said there was no truth to these rumors.

Read: Joint venture committee called to face Cebu City Council over Carbon Market development

CFI claimed that Megawide was planning to build a high rise condominium complex at the Freedom Park hereby destroying the heritage value of the place.

Ferrer said that they had no plans whatsoever to build a residential building in the Carbon Market because the land was owned by the city government and they could not sell homes on land they did not own.

In fact, in Megawide’s proposal, they would be transforming Freedom Park as the main public market to house all vendors.

Mayor Edgardo Labella, who had been presented with the unsolicited proposal back in 2019, gave two conditions to Megawide: to give all current stall and ambulant vendors space in the market, and to make sure that the rate for the occupancy would remain low.

Ferrer said that the space for the main public market and the wholesale hub could comfortably house all 2,000 market vendors of the current Carbon Market and more.

These will also be managed by the Markets Authority to ensure a fair and economic rate for all vendors who will be selling there.

Although he did not reveal the budget they would be pouring into the Carbon Market development, Megawide has revealed that for the first phase alone, it may take five years to complete the main market hub.

The conglomerate is proposing at least six major areas such as the main public market, the wholesaler’s hub, a Boqueria, a lifestyle village, a 24/7 caravan, and a seaside park.

Megawide also assured that the local government unit (LGU) promised to relocate the families who would be affected by their development and they would be willing to provide aid to the city government in finding better homes for them.

The proposal of the conglomerate for the Carbon Market is now up for a Swiss Challenge by CFI, and the Joint Venture Selection Committee (JSVC) will recommend a chosen JVA to Labella and to the City Council.

In an earlier pronouncement, the City Council said they would scrutinize the JVA should it come to them for approval./dbs