EXCERPT

The Ayala group is investing about P13.6 billion to build the new head office of Bank of the Philippine Islands (BPI) along Ayala Avenue in Makati—designed to be a 45-story “iconic, elegant and green” skyscraper that will symbolize the storied conglomerate’s solid commitment to the country.

“This investment will help spur growth in the Philippine economy, spur many business activity and provide much needed employment opportunities for Filipinos,” Jaime Augusto Zobel de Ayala, chair of BPI and Ayala Corp., said during the ground-breaking ceremony for the “grade-AAA” building on Tuesday.

This real estate redevelopment project is a partnership between BPI and Ayala Land Inc. (ALI), with a respective economic interest of 51 percent and 49 percent, respectively.

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