MANILA, Philippines — The skyline of the central business district in Makati City is set to change with the redevelopment of the 40-year old headquarters of Ayala-led Bank of the Philippine Islands (BPI) at the corner of Ayala and Paseo de Roxas avenues.
Cezar Consing, president and chief executive officer of BPI, said the country’s second largest bank intends to redevelop the property from the ground up toward the end of the year.
“Our plan is toward the end of this year, and we have started vacating little by little, and then next year we will start tearing it down and will build on this site again. It is a site that we think is a very, very good site for us. It is very accessible,” Consing said in a press conference.
The head office building of the 166-year old bank located at the nexus of Ayala Ave. and Paseo de Roxas designed by Engracio L. Mariano was inaugurated in 1982.
Consing said some employees of the bank have been transferred to the adjacent Insular Life Building, Makati Stock Exchange building, and other BPI or Ayala-owned buildings such as the Buendia Center, Vertis North and South as well as Alabang in Muntinlupa City.
“In the interim we have transferred people all over the place and we will also hold office in different locations for a few years while this new office building is being constructed,” he said.
BPI is still finalizing the budget and design for the planned redevelopment.
“We don’t have the architectural plans yet, but we obviously want to maximize the property,” Consing said.
He added the listed bank is initially looking at leasing out commercial spaces in the new building.
BPI chief finance officer Maria Theresa Marcial Javier said the planned redevelopment of its headquarters over the next few years would have minimal impact on the bank’s bottom line.
“It is going to be investment property construction in progress so the impact on operating expense over time is going to be very minimal,” she said.