Property giant Megaworld is optimistic that it can recover quickly from the pandemic next year following reports of coronavirus vaccines to be released before the year ends.
In his message at the company’s Annual Stockholders’ Meeting through a live webcast, Andrew Tan, Megaworld chairman and chief executive officer, said the company is ready to bounce back as it adjusts to the new demands of the diverse market.
“Our strong financial standing puts us in an exceptionally good position to weather the crisis and take advantage of the opportunities that will arise once recovery begins. The crisis also served to highlight the value of our offerings,” Tan said.
To jumpstart the company’s recovery plans, Megaworld is rolling out a four-point guide to ensure a strategic path towards accelerated growth by next year, which was laid out by Kevin Tan, Megaworld chief strategy officer.
This is the RISE plan, or Resilience, Innovation, Stability, and Empathy.
Under Resilience, the strategy has allowed the company to weather five major crises since it was incorporated 31 years ago. Under this plan, the company puts financial prudence as its top priority through adjustments in capital spending, temporary deferment of projects, streamlining of operations, and other programs to preserve cash.
Under the Innovation strategy, the company will further accelerate its digitalization programs and technology investments across all its businesses to align with the changes in the behaviors and lifestyles of different types of customers even post-pandemic.
For Stability, the company will focus in ensuring a consistently strong balance sheet, strengthening of land banking initiatives through strategic acquisitions and partnerships, completing and delivering committed projects on-time, reinforcing a stable recurring income stream, and expanding the township concept by adding sustainable and crisis-resilient features.
Under Empathy, the health, safety, well-being, and general welfare of employees will remain as the company’s priority during this time, and it has been closely monitoring their health status and provided support, such as the distribution of customized personal protective equipment and vitamin supplements, all throughout the quarantine period.
For the community, Megaworld remains committed to continue its support to government programs in the fight against coronavirus, and in the efforts of both the public and private sectors to help the country move towards economic recovery.
“Today, more than ever, we remain grateful to the trust and confidence of all of our customers, including our stockholders. Despite the impact of the pandemic that hit most businesses, our first half was not as bad as we expected it to be,” Tan pointed out, as he highlighted the contributions of employees and personnel frontliners assigned in the company’s malls, offices, and various townships across the country.*
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