MEGAWORLD Corp. is ramping up its support to the fight against coronavirus disease 2019 (COVID-19) through a P60-million donation to the Philippine Red Cross.
In a statement on Tuesday, the Andrew L. Tan-led property development firm said it gave funds to the humanitarian organization to be used in putting up COVID-19 testing laboratories across Metro Manila.
Specifically, the allocation was used to buy four sets of COVID-19 test laboratories, with each test laboratory comprising of two RT-PCR (reverse transcription-polymerase chain reaction) machines, one RNA (ribonucleic acid) machine, a lab freezer and a bio-safety cabinet.
RT-PCR machines are widely used globally in “detecting, tracking, and studying the coronavirus,” Austria-based International Atomic Energy Agency said. Through this laboratory method, the RNA of the coronavirus may be extracted from a person’s own genetic material.
The testing laboratories put up through Megaworld’s donation are supposedly able to process 10,000 COVID-19 tests every day, with the results of each test available as fast as three hours.
“This will further strengthen our government’s efforts in detecting COVID-19 cases so we can really get to focus on them and prevent more people from being infected,” Megaworld Chief Strategy Officer Kevin Andrew L. Tan said in the statement.
“The Philippine Red Cross has the experience and capability to operate these testing laboratories, and we are confident that this project can greatly help in having more people tested fast,” he added.
Before the recent donation, Megaworld distributed food and grocery bags to frontliners in hospitals and city borders. It has also fielded buses as free transportation to medical personnel.
Its foundation arm likewise gave face masks to elderly and orphan beneficiaries, while its hotel arm gave toiletries and personal protective equipment to hospitals and local government units.
Megaworld booked a net income of P12.8 billion in the first nine months of 2019, higher by 14% from the earlier year. Its shares at the stock exchange stood at P2.78 on Tuesday, down four centavos or 1.42% from the previous session. — Denise A. Valdez
