Listed property developer Megaworld Corp is looking to build additional convention centers in strategic tourism hubs across the country in the next decade, following its recent foray into the meetings, incentives, conventions and exhibitions (MICE) sector, a company official said on Thursday.
Last Tuesday, the developer unveiled the Mactan Expo, a P1.5 billion standalone convention center, marking its initial foray into the MICE sector. The facility is located within the 30-hectare The Mactan Newtown township in Lapu-Lapu City, Cebu.
The Mactan Expo will serve as the inaugural venue for the ASEAN Travel Exchange (TRAVEX) from January 28 to 30, one of the key events of the Philippines’ chairmanship of the ASEAN Summit.
“We are also looking at expanding our MICE business in the next five to 10 years. We are studying opportunities for convention centers in major tourist areas across the country, especially in places where we already have townships,” Megaworld Corp. First Vice President Harold Brian C. Geronimo told reporters during the media preview of the Mactan Expo.
“Palawan could be one of the destinations we are considering, but these are still internal discussions,” Mr. Geronimo said, noting that the province is a top tourist destination.
“But let’s see how this convention center business will perform and whether opportunities will open up in destinations like Palawan and Ilocos,” he said.
Megaworld currently has 37 townships nationwide, the largest of which is the 1,200-hectare Twin Lakes Estate located near Tagaytay City.
Mr Geronimo said it may not be possible to build new convention centers every year, citing factors such as demand, available space and size requirements of specific areas.
However, he said each township is being evaluated for possible development of convention centers.
Meanwhile, Louella Caridad, Megaworld's head of Events & Conventions and recently appointed head of Mactan Expo, said the outlook for developing additional convention centers is positive and projects should be built in areas where they are needed.
Mr Geronimo said there is no allocated capital expenditure (capex) yet for the initiative as plans are still being finalised.
However, he said Megaworld is likely to maintain its P50-billion capital expenditure budget for 2026 to support future projects and developments.
According to the company's 2025 CAPEX report, real estate budget tycoon Andrew L. Tan-led parent company Alliance Global Group, Inc. Part of the P63 billion capital expenditures (CAPEX). — Age Adrian A Eva