MEGAWORLD Corp. is increasing its investment in Lapu-Lapu City, Cebu, by P10 billion to P40 billion over the next 10 years as it expands its 30-hectare Mactan Newtown township.
The property developer on Friday said the additional funding would support new developments in the township, which it seeks to position as a tourism, cultural and investment destination.
The announcement brings Megaworld’s planned investment in The Mactan Newtown to P40 billion. The company did not provide a breakdown of the additional allocation or the specific projects to be funded.
Among the developments scheduled to open next year is the Mactan World Museum, a facility intended to showcase the island’s history and heritage.
The investment announcement coincided with the formal recognition of The Mactan Newtown by the Lapu-Lapu City government as the city’s Tourism, Culture and Investment Capital through Executive Order 2026-072.
Megaworld President and CEO Lourdes Gutierrez-Alfonso said the recognition affirmed the company’s vision for the township, encouraging it to expand its contribution to the city and Cebu province.
The company and the local government also unveiled a commemorative marker and illuminated three historical statues of local hero Lapu-Lapu, Portuguese explorer Ferdinand Magellan and King Philip II of Spain at the Mactan Museum grounds.
Megaworld said The Mactan Newtown had become a tourism and business destination, supported by its hotel, convention, residential and commercial developments.
The township hosts more than 1,000 hotel rooms through Savoy Hotel Mactan and Mercure Mactan Cebu, as well as access to the Mactan Newtown Beach.
Earlier this year, it opened Mactan Expo, which the company described as Cebu’s first stand-alone convention center with access to its own beach. The facility hosted 11 heads of state and thousands of international delegates for the 48th Association of Southeast Asian Nations Summit.
The township also hosts tourism and cultural events, including the Cebu Mangoes Festival and Cebu Lechon Festival, and serves as the venue for Ironman 70.3 Lapu-Lapu.
Megaworld said its developments bring together office spaces, commercial establishments, residential communities and lifestyle facilities, supporting business activity and employment in the city.
The company said the expanded investment would further develop the township’s tourism, cultural and business offerings, and attract more visitors and investors to Lapu-Lapu City.
Megaworld shares on Friday rose P0.02, or 0.9 percent, to close at P2.23 each.
