MEGAWIDE Construction Corp. said it has been ordered to pay P368.92 million to HTLand Inc. after a final ruling by the Construction Industry Arbitration Commission over the Mandani Bay Quay project in Cebu.
In a disclosure to the Philippine Stock Exchange on Tuesday, Jan. 27, 2026, Megawide said it received the CIAC’s Notice of Award on Jan. 26. The case involved the construction of Mandani Bay Quay Phase 2, Block 1 in Mandaue City.
Arbitration ruling
The dispute arose from an all-inclusive construction agreement signed in June 2019. HTLand earlier claimed a total of P1.295 billion against Megawide, excluding interest on most claims except amounts already reconciled by both sides.
In its final ruling dated Jan. 22, the CIAC granted a net award of P368,918,211.37 in favor of HTLand. The amount is much lower than the original claim.
Company response
Megawide said it is reviewing the final award and will take appropriate action in line with existing laws and CIAC rules.
The company has not yet disclosed the possible impact of the ruling on its earnings or whether it plans to pursue post-award remedies. / KOC