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Manila Bulletin devider Business devider BPI to build P13.6-B complex

BPI to build P13.6-B complex

Published Mar 15, 2022 02:21 pm

Ayala-led Bank of the Philippine Islands (BPI) will spend P13.6 billion to construct and develop a new 45-storey headquarters inside a 5,599-square meter area in Makati City where the old BPI Main building used to sit.

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BPI President and CEO Jose Teodoro “TG” Limcaoco said in a press chat on Tuesday, March 15, that BPI, with the construction of an inclusive and sustainable complex, is signalling its intention to become a banking leader for sustainable finance.

“(The new complex) will serve as a beacon for everything that BPI stood for (and) it will bring us closer to become an inclusive and sustainable banking leader,” said Limcaoco. The bank’s immediate priority is innovation, sustainable banking, among others.

The excavation of the headquarters complex will start this quarter and the actual construction will commence in the third quarter 2023. The six-year construction will be completed by end-2029.

During the groundbreaking ceremony on Tuesday, Limcaoco said the redevelopment of BPI’s headquarters is also symbolic of a “better Philippines”.

“We are transforming our headquarters into a bigger, better, more sustainable, and inclusive building as we pursue bold moves to become the undisputed banking leader that is responsible and sustainable at the same time,” he said.

The 45-storey headquarters, which will be constructed by 1,800 workers, will have an “iconic and timeless design” with sustainable features. It will be a mixed-use property with retail spaces, event venues, landscaped spaces, and seven basement parking levels. It can house about 6,500 occupants when completed.

The project is a co-development undertaking between BPI and sister company, Ayala Land Inc. with a respective 51 percent and 49 percent share.

In a statement, BPI said that BPI’s sustainable complec has been certified by IFC-EDGE, LEED, and WELL for both its sustainable and environmentally friendly buildings.

Located at the heart of the Makati Central Business District at the corners of Ayala Avenue, Paseo de Roxas, and Dela Rosa, the plan was conceptualized by global design firm Skidmore, Owings & Merrill (SOM), in collaboration with the architect-of-record, Aidea Philippines Inc.

With a land area of 5,599 square meters, it will have a gross floor area of 89,000 square meters, and a gross leasable area of 60,000 square meters. It will also have seven basements.

As of end-2021, BPI is the country’s fourth biggest bank. Its sustainable loans is estimated to be around P250 billion to P300 billion, mostly for energy efficiency, renewable energy and climate change-related projects.

Last year, the bank reported a net income gain of 11.5 percent to P23.88 billion.

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