Megaworld—controlled by real estate and liquor billionaire Andrew Tan—is investing 350 billion pesos ($6.3 billion) over the next five years to build townships across the Philippines, betting the country’s economic recovery will continue amid a revival in tourism and consumer spending.
The townships—which will be located across Metro Manila and nearby provinces as well as parts of the central Philippine island of Visayas and the southern island of Mindanao—will have residential, office, shopping mall and hotel components, the company said in a statement.
To tap on the recovery in tourism as well as increasing MICE (meetings, incentives, conventions and exhibitions) activities in the country, Megaworld and its parent company Alliance Global Group are aggressively expanding their hotel footprint as part of the group’s township investment plan.
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