Property giant Megaworld is optimistic that it can recover quickly from the pandemic next year following reports of coronavirus vaccines to be released before year-end.
In his message at the company’s Annual Stockholders’ Meeting via live webcast, Megaworld chairman and CEO Dr. Andrew L. Tan 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,” Dr. Tan said.
To jumpstart the company’s recovery plans, Megaworld is rolling out a 4-point guide to ensure a strategic path towards accelerated growth by next year.
During his presentation, Megaworld chief strategy officer Kevin L. Tan laid down the R.I.S.E plan:
This tried and tested strategy has allowed Megaworld to weather five (5) major crises since it was incorporated 31 years ago, namely: Coup attempts in the early 90s, the July 1990 Luzon earthquake, the 1991 Mt. Pinatubo eruption, the 1997 Asian Financial Crisis, and the 2007 global financial crisis. 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.
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. Through its technology investment arm, Agile Digital Ventures, Megaworld will further expand its digital footprint to support its various key businesses, and to start up digital innovation products to support the country’s economic segments such as retailers, and small and micro enterprises. Internally, the company will continue to fast track the shift to full digitalization of its business processes, particularly in sales and marketing, customer services, property and building management, and finance.
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.
The health, safety, well-being, and general welfare of its employees will remain to be Megaworld’s priority during this time. The company has been closely monitoring the health status of its employees, and provided the necessary support such as distribution of customized personal protective equipment and vitamin supplements, all throughout the quarantine period. It also initiated professional training programs for skill enhancement and personality development, including emotional and wellness workshops, available for free on virtual formats to its employees. The company also continuously provides full salaries to its employees, and during the strict lockdown period, it has deferred the payments of employees’ loans and other deductions to help everyone cope with the crisis.
On the community and society at large, 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 points out as he also highlighted the contribution of employee and personnel frontliners assigned in the company’s malls, offices, and various townships across the country during the pandemic.
During his presentation to stockholders, Tan illustrated how Megaworld experienced remarkable growth momentum across all its businesses from 2010-2019, following the five simultaneous (5) major crises that the company faced prior to this decade.
“As we start another new decade for Megaworld, we will always look back to the times when we have outgrown and surpassed the challenges that we have faced because these are the things that have been motivating us to become stronger as a company,” says Tan.