Ayala-led Bank of the Philippine Islands (BPI) has tapped Illinois-based Skidmore, Owings & Merrill LLP (SOM) to do the plan for its new headquarters at the corner of Ayala and Paseo de Roxas avenues in Makati City.
BPI president and chief executive officer Cezar Consing said the redevelopment of the bank’s 40-year old headquarters would kick off in February with the tearing down of the old structure.
SOM is one of the largest and most influential architecture, interior design, engineering, and urban planning firms in the world. Founded in 1936, it has completed more than 10,000 projects in over 50 countries. It is renowned for iconic buildings and its commitment to design excellence, innovation, and sustainability.
The Ayala Group has worked with SOM including the Ayala Triangle Gardens – North. Other projects of SOM in the Philippines include The Curve Tower, the
Arthaland Century Pacific Tower in Bonifacio Global City, and the NEX Tower.
Consing said the 20-story building would be vacated in the next two months as remaining employees are being transferred to the Insular Life Building in Makati, Vertris North and South in Quezon City, the City Gate towers along Ayala Ave., Buendia Center, and Alabang in Muntinlupa City.
He pointed out the new headquarters would have 30 to 40 floors compared to the current 20-story structure.
“You know when we built this building it was the tallest building in its time. Now it is the shortest. I don’t necessarily want us to be the tallest, nor do I want us to be the fanciest. I just want us to be solid,” Consing said.
According to Consing, the cost of the new headquarters that would take four to five years to complete is still being determined.
“The new building will take several years to build and so we will be paying for it over a stretch of time,” he said.
The head office building of the 167-year old bank located at the nexus of Ayala Ave. and Paseo de Roxas was designed by Engracio L. Mariano and was inaugurated in 1982.
BPI chief finance officer Maria Theresa Marcial Javier had said the planned redevelopment of its headquarters over the next few years would have minimal impact on the bank’s bottomline.
“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.
https://www.philstar.com/business/2018/12/03/1873618/bpi-taps-illinois-based-firm-new-headquarters
Monday, December 3, 2018
Senate approves extension of legislative franchise of two broadcast companies
THE Senate passed on third and final reading the bills extending the franchise granted to two radio station operators by another 25 years.
The franchises of Raven Media Broadcasting Corporation under House Bill No. 6707 and Advanced Media Broadcasting System, Inc. under House Bill No. 6708 were approved with 17 affirmative votes, zero negative votes, and no abstention.
Raven Media operates the FM radio station Jam 88.3, which airs alternative and independent music. Meanwhile, Advanced Media operates the FM radio station 103.5 K-Lite, which airs popular songs from the 1990s and 2000s.
Both firms form part of the media management company Tiger 22 Media Corporation, which was founded by Rufia Dorothy Vera. It also handles FM radio stations Magic 89.9, Wave 89.1 and Play 99.5.
The franchises allowed Raven Media and Advanced Media, to operate “radio and/or television broadcasting stations, including digital television system, through microwave, satellite or whatever means, as well as the use of any new technology in television and radio systems.”
Their franchises may also be revoked upon failure to operate continuously for two years, under the proposed measures.
The broadcast firms are also required to provide “public service time” for Filipinos to be informed of important public issues. The bills also allow for the companies’ self regulation of its broadcast content.
They are also required to inform Congress of any sale, lease, transfer, grant of usufruct or transfer of controlling interests within 60 days of the completion of the transaction. Failure to report to Congress will result to a franchise revocation.
An annual report of their compliance to the terms and conditions of the franchise must also be submitted to Congress. Failure to do so will subject the company to a fine of P500 per working day of noncompliance.
The Senate provided amendments in the House Bills which directs the broadcast firms to create employment opportunities and to hold on-the-job trainings in their franchise operations. — Camille A. Aguinaldo
https://www.bworldonline.com/senate-approves-extension-of-legislative-franchise-of-two-broadcast-companies/
The franchises of Raven Media Broadcasting Corporation under House Bill No. 6707 and Advanced Media Broadcasting System, Inc. under House Bill No. 6708 were approved with 17 affirmative votes, zero negative votes, and no abstention.
Raven Media operates the FM radio station Jam 88.3, which airs alternative and independent music. Meanwhile, Advanced Media operates the FM radio station 103.5 K-Lite, which airs popular songs from the 1990s and 2000s.
Both firms form part of the media management company Tiger 22 Media Corporation, which was founded by Rufia Dorothy Vera. It also handles FM radio stations Magic 89.9, Wave 89.1 and Play 99.5.
The franchises allowed Raven Media and Advanced Media, to operate “radio and/or television broadcasting stations, including digital television system, through microwave, satellite or whatever means, as well as the use of any new technology in television and radio systems.”
Their franchises may also be revoked upon failure to operate continuously for two years, under the proposed measures.
The broadcast firms are also required to provide “public service time” for Filipinos to be informed of important public issues. The bills also allow for the companies’ self regulation of its broadcast content.
They are also required to inform Congress of any sale, lease, transfer, grant of usufruct or transfer of controlling interests within 60 days of the completion of the transaction. Failure to report to Congress will result to a franchise revocation.
An annual report of their compliance to the terms and conditions of the franchise must also be submitted to Congress. Failure to do so will subject the company to a fine of P500 per working day of noncompliance.
The Senate provided amendments in the House Bills which directs the broadcast firms to create employment opportunities and to hold on-the-job trainings in their franchise operations. — Camille A. Aguinaldo
https://www.bworldonline.com/senate-approves-extension-of-legislative-franchise-of-two-broadcast-companies/
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