MANILA – Property giant Megaworld is accelerating its digitalization programs and technology investments across all its businesses, optimistic it can recover quickly from the coronavirus disease 2019 (Covid-19) pandemic next year.
During the company’s annual stockholders’ meeting via live webcast Monday, Megaworld chief strategy officer Kevin Tan said these programs allow the firm to immediately adapt to the new realities in doing business amid remarkable changes in consumer behaviors and lifestyles even during post-pandemic.
Tan said through its technology investment arm, AGILE Digital Ventures, Megaworld will further expand its digital footprint to support its various key businesses.
“AGILE will spearhead Megaworld’s investments and ventures into digital innovation and technology particularly those that will support the country’s food, retail and hospitality industries,” he added.
He said the new company last week rolled out its first start-up investment, a delivery app intended to help Filipino retailers to smoothly migrate to the digital platform and to allow them to sell and deliver their products online and on-demand.
For residential customers, Tan said more options for contactless payments of reservations and monthly amortizations, including the use of digital platforms for after-sales services, have been also launched.
He said First Oceanic Property Management, which manages its residential and office properties, also introduced to the market its own internet-based automated solutions portal that allows faster, more convenient contactless billing and collection, procurement and disbursement, and financial reporting.
He added innovation initiatives are included in the four-point R.I.S.E. plan that the company rolled out to ensure a strategic path towards accelerated growth by next year.
R.I.S.E. plan stands for resilience, innovation, stability, and empathy.
Under the resilience plan, Tan said 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.
He said it will strengthen 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 the stability plan.
“Despite the impact of the pandemic that hit most businesses, our first half (income) was not as bad as we expected it to be,” Tan said. “Our office rental business, which grew 10 percent in the first semester, helped cushion the impact of this crisis to our bottomline. We thank our BPO (business process outsourcing) and company partners who entrusted us with their workspaces throughout these years up to this time.”
Meanwhile, empathy plan pertains to ensuring the health, safety, well-being, and general welfare of its employees during this time of pandemic, he added.
Megaworld chairman and chief executive officer Dr. Andrew 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,” he said. (PNA)
