Bank of the Philippine Islands, the country’s third-largest lender in terms of assets, on Tuesday broke ground on the construction of its 45-story, P13.6-billion new headquarters in the Makati City central business district. Read more👇
Ayala Corp. chairman Jaime Augusto Zobel de Ayala said in a virtual ceremony the project would further stimulate business activity and provide more employment in the area.Ayala said the project pushed through despite the challenging times, highlighted by the continuing COVID-19 pandemic and the war in between Russia and Ukraine that many feared might impact the domestic economy.
The start of the excavation for the project is scheduled in the first quarter this year, and construction will commence in the third quarter of 2023. It is expected to be completed by the fourth quarter of 2029, with the opening of the complex targetted in 2030. The building can house around 6,500 occupants.
BPI president and chief executive Jose Teodoro Limcaoco said the bank would transform its 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.” With an estimated investment of P13.6 billion, the project will be a co-development between BPI and Ayala Land Inc. where each party will have a respective share of 51 percent and 49 percent of the entire development.
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