Bank of the Philippine Islands breaks ground on the new AAA-grade headquarters to be built at a cost of P13.6 billion at the corner of Ayala Avenue and Paseo de Roxas in Makati City, the site of the previous BPI building. Leading the ceremony are (from left) BPI executive vice president and chief operating officer Ramon Jocson, executive vice president and head of corporate banking Juan Carlos Syquia, Ayala Corp. director Cezar Consing, BPI president and chief executive Jose Teodoro Limcaoco, Ayala Corp. and BPI chairman Jaime Augusto Zobel de Ayala, Makati City Mayor Abigail Binay-Campos, Ayala Corp. president and chief executive and Ayala Land Inc. chairman Fernando Zobel de Ayala, ALI president and chief executive Bernard Vincent Dy, ALI vice president and AyalaLand Offices head Carol Mills and Makati Development Corp. president Dante Abando.