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.
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.
Some 1,800 new jobs are expected to be generated directly from the construction project.
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.
“We aim to equip these [headquarters] with facilities that will provide convenience to Filipinos,” Ayala said.
The building will house BPI’s headquarters and main branch. It will be a mixed-use property with retail spaces, event venues, landscaped spaces and seven basement parking levels.
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.
Ayala Land Inc. president and chief executive Bernard Vincent Dy said the new BPI building would not only house the bank’s headquarters but woud also attract both local and global institutions.
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.”
“Today, we broke ground and officially launched the redevelopment of our new headquarters, and at the same time, symbolically laid the groundwork for our future plans toward building a better Philippines,” Limcaoco said.
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.
As part of BPI’s sustainability agenda, EDGE, LEED, and WELL certifications by the world’s leading institutions for authenticating sustainable and environmentally friendly buildings will be sought for the new headquarters.
The building itself will have an energy-saving, 100-percent glass facade. Located at the corners of Ayala Ave., Paseo de Roxas and Dela Rosa St., the masterplan maximizes land efficiency while providing a generous civic space that seamlessly connects to Makati’s underground and elevated walkways.
The plan was conceptualized by global design firm Skidmore, Owings & Merrill in collaboration with the architect-of-record, Aidea Philippines Inc. It will have a land area of 5,599 square meters, a gross floor area of around 89,000 square meters and a gross leasable area of around 60,000 square meters.