Ayala Group allots P13.6 billion for new BPI head office

MANILA, Philippines — The Ayala Group is spending P13.6 billion for the construction of a world-class and sustainable headquarters of Bank of the Philippine Islands (BPI) at the heart of Makati’s central business district.

Jaime Augusto Zobel de Ayala, chairman of Ayala Corp. and BPI, said during the groundbreaking ceremony that the 45-story building would be ready to open in the first quarter of 2030 after its completion in the fourth quarter of 2029.

“This investment will help spur growth in the Philippine economy, stimulate business activity and provide much needed employment opportunities for Filipinos,” Zobel said.

The construction of the tower conceptualized by global design firm Skidmore, Owings & Merrill (SOM), in collaboration with the architect-of-record Aidea Philippines Inc., is expected to generate 1,800 jobs.

The Triple Grade A Tower with a 100 percent glass façade that reduces thermal loan and maximizes natural light will house thousands of BPI employees. It has 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.

Aside from the sprawling main branch, the state-of-the-art building will feature a civic space, and amphitheater, a forum and events space, as well as areas for food and beverage outlets.

“The building is envisioned to welcome people from Makati and beyond and be a hub for social, economic, and cultural activities. Ultimately, our new headquarters will reflect BPI’s commitment to innovation, sustainability, inclusivity, and excellence in customer service,” Zobel said.

Zobel said BPI has stood the test of time since it was founded in 1851 when it ushered the start of the Philippine banking and finance industry.

“On this land, we are demonstrating our conviction that despite the challenging times, moving beyond two years of the global pandemic while grappling with armed conflict in Europe, the Philippines will see brighter times ahead,” Zobel said.

BPI president and CEO Jose Teodoro “TG” Limcaoco said the redeveloped headquarters highlights an iconic and timeless design as well as sustainable features, reflective of the bank’s vision 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,” Limcaoco said.

Aside from BPI’s headquarters and main branch, the new tower would be a mixed-use property with retail spaces, event venues, landscaped spaces, and seven basement parking levels.

Ayala Land Inc. president and CEO Bernard Vincent Dy said the massive project is a co-development between the property giant and BPI.

Dy said BPI would have a share of 51 percent of the entire development, while Ayala Land would have 49 percent.