Megaworld, BCDA team up to create a ‘new’ district in Fort Bonifacio

PROPERTY developer Megaworld Corp. and the Bases Conversion and Development Authority (BCDA) have teamed up to rebrand their respective properties located within the southern part of the former Fort Bonifacio military camp in Taguig, creating what it called a new district.

The companies will call the development the Bonifacio Capital District (BCD), a combined 160 hectares of land of Megaworld and BCDA.

Megaworld currently owns 88.8 hectares of the property consisting of the 54.3-hectare McKinley Hill and the 34.5-hectare McKinley West.

BCDA, meanwhile, owns the rest consisting of the the 26-hectare Philippine Navy Village; the 33.1-hectare Bonifacio South Pointe property in partnership with the SM Group; the 10.1-hectare Consular property beside McKinley West; and a remaining 1-hectare BCDA lot, one of the expensive areas in Fort Bonifacio as it sits closest to Forbes Park.

Both will pursue developments in their respective areas, but Megaworld will manage the new district. It will create the Policy Review Board that will have the exclusive jurisdiction to set policies and restrictions on the development of the BCD, and to ensure the proper execution of the district’s master development plan and vision.

“As a key locator in Fort Bonifacio, Megaworld has made positive impact in the lives of many Filipinos through its ‘live-work-play’ concept. The district will soon house the country’s major institutions such as the Senate of the Philippines, the Supreme Court and the Court of Appeals. These government institutions will be complemented with more office spaces, residential units, parks and commercial establishments—which are all essential to our vision to create vibrant and livable communities for the people,” said Vivencio B. Dizon, president and CEO of BCDA.

Based on the district’s original masterplan by Parsons Brinckerhoff, at least 15 percent of the entire area will be dedicated to recreation, green and open spaces, on top of the mandatory open space easement required to each locator.

“In the next five years, after completing the road developments, utilities network, and the subway project, we will be focused on traffic management, which includes development of bike lanes and pedestrian networks, as well as deployment of traffic marshals. We will also improve landscaping along the district’s major roads and designing the entire district with urban art installations,” said Kevin Andrew L. Tan, Megaworld’s senior vice president.

Tan is also CEO of Alliance Global Group Inc., the mother company of Megaworld.

“On security management, we will also expand the CCTV monitoring to cover all areas of the district, which will then be incorporated into our central command center inside McKinley Hill,” he said.

Currently, development-based gross floor area of existing and operational commercial, residential, office and institutional properties within the district is around 1.26 million square meters (sq m).

Projected GFA of proposed mixed-use developments in undeveloped lots within the district is around 2.1 million sq m. These new developments are expected to be completed in the next 10 years.

The new district will have Lawton Avenue as its main road, with direct access points towards Bonifacio Global City, a more developed mixed-use property by the Ayala group, via Lawton-Fifth Avenue connection, and Makati central business district.

By 2025, the district will be a location of one of the proposed stations of the ongoing Metro Manila Subway Project, initially named as Lawton East Station.


By: Miguel R. Camus
Philippine Daily Inquirer / 03:30 AM October 16, 2019

Metro Manila Subway

The country’s first subway project appears on track to become a reality that will help transform Metro Manila’s image as a congestion case study into a more efficient and functional metropolis.

Transportation Secretary Arthur Tugade said early construction activities of the Japan-backed Metro Manila subway would start later this year with partial operability seen by 2022 and full completion by 2025.

Infrastructure completion targets are as fluid as the policies that shift between administrations. But the country’s economic managers are correct in championing the subway project, one of the defining components of their “Build, Build, Build” infrastructure program.

Socioeconomic Planning Secretary Ernesto Pernia had called the subway “the project of the century for the Philippines and Metro Manila.”

Facing concerns the DOTr will fail to complete the project, Tugade once remarked, “to those doubting us, believe us when we say we will do it.”

The Metro Manila subway won the approval of the National Economic and Development Authority (Neda) Board in September 2017.

In March 2018, the Philippines and the Japan International Cooperation Agency signed the first loan agreement covering 104.53 billion yen (P51 billion). The total project cost is estimated at 800 billion yen (P393 billion).

The loan will have an interest rate of 0.1 percent a year and a repayment period of 40 years, including a 12-year grace period.

The Metro Manila subway will span 35 kilometers and will run from the ongoing common railway station in Mindanao Avenue, Quezon City, through the Ninoy Aquino International Airport (Naia) in Pasay City. Key areas along its alignment include the Ortigas business district in Pasig and Bonifacio Global City (BGC) in Taguig.

QC to Naia in 40 minutes

Once fully operational, travel time from Quezon City to Naia will be reduced to about 40 minutes from almost two hours—slashing the heavy economic cost from congestion and in the process increasing productivity. The DOTr expects the subway will initially serve some 370,000 riders a day.

According to a joint DOTr-Jica project summary, the planners studied alternative routes, namely, along Metro Manila’s main road Edsa and Greenhills in San Juan.

The final alignment was chosen based on project cost, demand forecasts, connectivity to business districts, earthquake and flood risk as well as noise and vibration.

The subway’s proposed stations will be located in Mindanao Avenue, Tandang Sora, North Avenue, Quezon Avenue, East Avenue, Anonas, Kaptipunan, Ortigas North, Ortigas South, Kalayaan Avenue, Bonifacio Global City, Cayetano Boulevard, the Food Terminal Inc. complex and Naia.

Moreover, the tunnel structure will be a double, single track with a standard diameter of 6.8 meters. The trains will travel at a scheduled speed of 35.6-48.5 km per hour, the DOTr-Jica summary showed.

The vision for a Metro Manila subway dates back to the early 1970s, in the midst of the Japanese Economic Miracle after World War II.

It was during this time the Jica forerunner known as the Overseas Technical Cooperation Agency proposed a series of heavy rail projects, including subways, for Manila.

Instead of subways, succeeding governments focused on elevated trains, starting with the Light Rail Transit Line 1 in the early 1980s.

The main argument against a Manila subway system was its lack of feasibility given the huge cost.

A subway project was again mentioned in a 2014 Neda-Jica “Transport Roadmap” for Metro Manila and nearby areas under President Benigno Aquino III.

During the same administration, it took the form of a 12-km Makati-Pasay-Taguig Mass Transit System Loop. With a project value of P374.5 billion, the subway system eventually stalled on cost concerns and right-of-way for the proposed stations in BGC.


Metro Manila’s worsening traffic jams and unreliable trains paved the way for the Duterte administration to revive the subway project in 2016.

This time, economics favored an underground train. In 2017, Jica estimated that the economic cost of congestion in Metro Manila amounted to a staggering P3.5 billion a day. Left unchecked, the figure would balloon to P5.4 billion by 2035, Jica said.

The Neda board approved the project that same year and financing was secured in 2018.

The DOTr said actual drilling activities for the Metro Manila subway would start by next year. Currently, it is assembling the massive tunnel boring machine, which is arriving in parts.

Last February, the department also announced that the first phase of the subway project will be built by a venture comprised of Shimizu Corp., Fujita Corp., Takenaka Civil Engineering Co. Ltd. and Filipino contractor EEI Corp.

The subway project will dramatically alter how those living or working in Metro Manila use mass transit.

At present, there are more than 1.3 million railway users (Metro Rail Transit Line 3, LRT-1, LRT-2 and Philippine National Railways). From a projected 370,000 users by 2025, the Metro Manila subway could serve 669,000 passengers in 2030 and 973,000 passengers by 2035, the DOTr-Jica report showed.

Apart from better quality of life and improved productivity, the Metro Manila subway project will also spur business activity and increase land values.

Dramatic change

Real estate brokerage and consultancy firm Leechiu Property Consultants said real estate prices within a kilometer of a subway station are set to increase, Quezon City being a prime beneficiary.

“When C-5 opened it dramatically changed people’s lives. When Naia Express opened, it changed people’s lives,” said David Leechiu, CEO of Leechiu Property.

“Look at Edsa Pioneer station 11 years ago. It was about P30,000 per square meter. Today, it’s about P350,000 to P400,000 per square meter,” he said.

The company is tracking a slew of other big-ticket infrastructure projects within Metro Manila as well as those providing links to nearby provinces. Among these, an elevated expressway connecting the northern and southern portions of the capital, the MRT-7 to Bulacan and the Cavite Laguna Expressway.

“We have never built this many projects and [expect to] complete them in more or less the same time,” Leechiu said.

The Metro Manila subway is the biggest in the more than P1-trillion railway pipeline.

The DOTr said it wanted to build about 322 km of new railway lines by 2022 from the current 77 km. When counting projects under construction, that footprint will increase to 1,900 km. These will include the LRT-1 extension to Cavite, the 147-km North-South railway, which will link Calamba in Laguna to Clark in Pampanga via Manila, and the first phase of a massive Mindanao railway project.


Rental rates of office spaces in Makati City and other central business districts in Metro Manila continue to rise. — FILE PHOTO

OFFICE rental rates in Metro Manila grew by an average of 12.5% year-on-year during the third quarter of 2019, driven by the completion of more prime office spaces in the period, according to real estate consultancy services firm Cushman & Wakefield (CWK).

CWK said average asking rent prices in Metro Manila climbed to P994 per square meter (sq.m.) per month, which also marks a 3.6% increase on a quarterly basis, based on a property report penned by CWK Director for Research, Consulting, & Advisory Services Claro Cordero, Jr.

Mandaluyong City delivered the fastest growth at 19.5% year-on-year to P908 per sq.m. per month, given the completion of Podium West Tower and consequent rental adjustments in other buildings.

Taguig City commands the highest rate at P1,249 per sq.m., followed by Makati at P1,235 per sq.m. Meanwhile, Parañaque and Pasay’s rents have also surpassed the P1,000 per sq.m mark at P1,050 and P1,025, respectively.

“Over-all rental yields are estimated to further compress due to further cuts in the Bangko Sentral ng Pilipinas’ policy rate and the continued growth of investors’ confidence in the market,” according to the report.

Overall vacancy rate stood at 4.2%, against a total inventory of 7.639 million sq.m. Mandaluyong has the highest vacancy rate at 31.2%, while Pasay City has the most compressed at 0.1%.

CWK counted more than 1.779 million sq.m of office spaces currently being planned and constructed in Metro Manila.

“By end-2019, an additional 520,000 sq.m. of office space is expected to be completed, albeit completion of some developments is likely to spill into early 2020,” CWK said.

Among the significant projects that will add more space in the market is the Ayala Triangle Garden Tower 2 in Makati City with about 65,000 sq.m., and the SM City North Edsa Towers 1 and 2 in Quezon City with 39,000 sq.m.

Meanwhile, CWK also noted that demand growth from Philippine Offshore Gaming Operators (POGOs) are expected to slow down due to the government’s decision to suspend the issuance of operating licenses to new players.

POGOs were seen as one of the growth drivers for office space demand in the first three quarter of this year, with operations concentrated mostly in the Bay Area in Pasay City.

“On the other hand, the real estate expansion and flight to quality of other local industries (such as financial services and pharmaceuticals), as well as expansion of information technology-business process management companies, will buoy office space demand,” the company said. — Arra B. Francia


News and Updates in the Bonifacio Global City!


Icone Tower: the Light of Manila

The Light of Manila

This a new upcoming project in Bonifacio Global City beside UPTOWN MALL by BCDA and Henning Larsen HongKong. This would give the neighborhood community in Uptown Bonifacio a sense of prime location to WORK-LIVE PLAY & SHOP. This will serve as a new benchmark to the skyscrapers in Metro Manila and would revolutionize the way we picture the skies.

Below are all the words of the Partner and Design Director of The ICONE Tower and I also added the Video below which I used as a reference.

Claude Bojer Godefroy (Partner and Design Director) – Bonifacio Global City will soon work on a very special building it will transform its image and become a new focal point of Manila. I think its a good idea to add more character in the business district that have few distinctive buildings, I think its a good idea to make a statement about building in Manila today, a statement about being generous with public space, about giving back to the city and of course to its people, a statement about filipino architecture is about, but first we have to understand what makes the ICONE successful.

What is an Icon? – An icon needs to capture popular imagination and it needs to be instantly recognizable, it needs to be a symbol of the nation it represents and finally it needs to be eternal. Therefor designing an icon is not just about creating a beautiful form, it is the meaning of the form, the use of the form, and how this form can be timeless. For me the right form depends on we response to the context, the site, local culture, climate and the people.




THE SITE – Sydney Opera or Bilbao Museum are amazing icons because of the spectacular surroundings that let them breath and shine. In Paris the Pyramid of the Louvre and the Great Arch were design specifically before their sides, to resolve their size perfectly and they can only fit there.

Our site is in the heart of Manila’s most vibrant center. We have a unique opportunity to give it a world class skyscraper and a world class space at its foot . The difficulty is the challenge to exist in such a dense site, with other tall buildings so close to us, how can we stand out here? I believe it is crucial to be taller that the neighbors are. Our skyscraper needs to reach up to find some space to shine, it needs to be a significant part of the skyline Bonifacio Global City and of Manila.

To achieve the hight we position our public program at the base and at the top of the tower, where offices would not be efficient or offer enough daylight. By slanting the facade to merge the program into one form, we get a stiff pyramid. In the master plan as well we need to differentiate our selves from the surroundings, therefor we propose a pedestrian level, the ellipse freeze up the ground floor and binds together the entire neighborhood, the ellipse ensures the urban ventilation which helps to cool and cleans out the air. It also insures minimal obstruction of the views and daylight from the surrounding residential buildings, keeping neighbors happy. The elliptic plan combine with the pyramid creates an elliptic cone, we call it the ICONE tower.

Icone Tower: Light of Manila

Icone Tower: Light of Manila Icone Tower: Light of Manila






Local Culture – The ICONE Tower stands out in its context and it is efficient and logical, but it also has to relate to the filipino culture. I think one way to relate to people is by connecting and by continuing existing parts of their culture. We encountered the cone well before the site demanded it from us in filipino nature. An existing icon of the Philippines is the perfect cone of Mount Mayon, a majestic volcano rising in the outskirts of Manila, a pure and a strong form reaching for the sky. We want to reproduce this qualities in ICONE Tower. Another major existing icon in the Philippines is the “Bahay Kubo” the archetype of philippine architecture. The famous filipino architect Bobby Mañosa showed in his work that we can the wisdom found in traditions to contemporary designs.



The Bahay Kubo is a pyramidal form divided into three layers. The ICONE Tower adapts this idea to another scale. We have reinterpreted the silong for the base of the ICONE Tower to offer a grand covered public space, it is a generous gift to the local community and to the users of the tower, it will act as a new city center, a meeting point for people in the northern part of Bonifacio Global City. For the Middle Part, ICONE Tower should become an exemplary workspace, with comfortable daylight, generous social spaces, access to green terraces and atriums for larger tenants. As for the top in our project we make it accessible to the public as well. As an observatory located in a unique spectacular and spiritual space compared to cathedrals. Manila needs a vantage point that is truly accessible to public to layman. The mini sky lounges and restaurants are already located in the top of the 5-star hotels in Manila are not destined for the broad public, ICONE Tower will offer this space to citizens and to the tourists. Emerging above the skyline of Bonifacio Global City is a cone inspire that is distinct in form and materiality form all other buildings of manila. At day it will shine by its own transparency, at night a large lense will project a beacon of light over Manila and its bay, it will act as a light house for Manila giving a sense of orientation and security in the sproutling city. It will remind everyone that a vast ocean re-surrounds the islands of the Philippines perhaps the most defining part of filipino identity.

We call the top of the tower The Light of Manila, besides being an observatory with spectacular views, the light of manila is a grand space meant to inspire and bring filipinos together, I hope it can gather filipinos of all religions in a shared peaceful spiritual emotion, an emotion created by space designed to elevate the mind and celebrate the light it self.

The ICONE Plaza around the tower is yet another generous gift to the city and once more it relates to something that I think that lies deep in the filipino soul, the forrest. We propose it to be a dense canopy of tall large trees recreating beneath of the shade and the ambiance of a filipino tropical forest, the dense canopy of trees also filters the views to the surrounding buildings.

We do not forget the public culture or the need to be useful for people on the daily basis. Filipinos has a function for gatherings, for celebration, and they traditionally enjoy doing those on public space. The ICONE Plaza is meant to offer protected and useful space for these popular activities, some pavilions were cater for food and drinks animating the plaza 24/7 and creating life at the heart of the city.

Icone Tower: the Light of Manila

Icone Tower: the Light of Manila

Icone Tower: the Light of Manila

Local Climate – Our project aims to provide an archtectual respond to the climate as bahay kubo did but also the arcades introduced by spanish, it is all about creating shade and shelter around the building and the facade needs protection too.

A perfect structure – The Philippines are prone to earthquakes and typhoons. The cone is the optimum form to reduce the structural cost to resist those forces. The ICONE Tower is designed to be a perfect structure, the floor span between the stepping core and an exoskeleton.

The exoskeleton becomes the most expressive part of the design. it is an almost gothic structure with arches distributing the loads. It has a very vertical expression that intensifies the celestial effect of the skyscraper just as in cathedrals.

Then there a questions of the durability of the design. The pipelines of tall buildings in Manila is full of eye catching designs, however two icons have to be both eye catching and timeless. The integration to the site, the cultural relevance, and the purity of the form of ICONE Tower is likely to make it last as an internal achievement in Manila.

The Icone Tower: Light of Manila The Icone Tower: Light of Manila The Icone Tower: Light of Manila The Icone Tower: Light of Manila

The Icone Tower: Light of Manila



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There has been a massive increase in prime office development in the Philippines. Numerous local developers establish such projects and target more foreign buyers in an aggressive manner. Truth be told, developers frequently hire in-house salespeople to bypass real estate agents.  This is because they have effective connections with property lawyers and banks, and they may provide help through financing.

With this in mind, it is essential to obtain good knowledge regarding local office developers before purchasing a property off-plan. It is also best to conduct enough research regarding the country’s top developers. Thus, here are the five largest office developers in the Philippines, ranked in terms of total gross leasable area.

1. Megaworld Corporation

Gross leasable area: 1.3 million square meters

Megaworld Corporation, with its head office located in Taguig City, is the largest residential and office developer in the Philippines, with an estimated 1.3 million square meters of gross leasable space by the end of 2019. It was founded in 1994 and it also owns Global-Estate Resorts Inc., one of its subsidiaries that concentrates more on the development of resorts and hotels.

Megaworld was the recipient of the Best Developer Award for three years from 2015 to 2017, and was one of the nominees in 25 categories for the Annual PropertyGuru Philippines Property Awards. World Commerce Plaza in Uptown Bonifacio was also hailed as Best Office Development by the same awarding body in 2018. The company has completed over 250 residential and commercial projects such as condominiums, offices, and houses. Among its completed projects are Eastwood City in Quezon City, Davao Finance Center in Davao City, McKinley Hill in Fort Bonifacio, Petron Megaplaza and World Trade Center in Makati, and the Alliance Global Tower in Uptown Bonifacio.

Even before these successful ventures, Megaworld is considered as the pioneer of mixed-use development of real estate through community townships that combine the demands of BPO companies with the live-work-play concept. Megaworld has been expected to spend about PHP 60 billion on new projects in the next few years, which may include some office towers and townships.

2. Ayala Land, Inc.

Gross leasable area: 1.11 million square meters

Ayala Land, Inc. is considered to be one of the largest real estate developers in the country with 1.11 million sqm of gross leasable area for office leasing. Its main office is located in one of the most popular business districts in NCR—Makati. Ayala Land Inc. has been a real estate department of Ayala Corporation since 1988 and has also been involved in the establishment and management of resorts, hotels, shopping centers, and land bank management.

As compared to other property divisions, Ayala Land Businesscapes, which is the company’s office development branch, has kept a low profile despite the fact that it possessed a 19% increase in revenue in 2012 from the office leasing operations of the company. It has about 12 completed projects since 2013, and it is gradually but surely establishing office buildings catering to the current demands of BPO and IT companies. A few of these projects include UP-Ayala Land Technohub (Commonwealth Avenue, Quezon City), Solaris One (Makati), One EvotechNuvali (Laguna), and VertexOne (Manila).

3. SM Prime Holdings, Inc.

Gross leasable area: 793,000 square meters by 2020

With an annual income of PHP 20 billion, SM Prime Holdings Inc. is also one of the largest property developers in the country in terms of yearly revenue. Founded in 1958, they place greater emphasis on the management and development of shopping malls located internationally and locally, including areas in the Pacific Islands and China. It also has its respective subsidiary for residential development, SMDC, which has been ranked as one of the best condominium developers.

For the strengthening of its large commercial division, the Commercial Properties Group of SM Land has been establishing office buildings in major cities in NCR. Within its Mall of Asia complex, it has also completed two of the four E-com buildings, having a capacity of about 70,000 square meters. One of the completed premier office buildings, Two E-com, was awarded in 2013 as Best Office Development in the Philippines during the 2012 Asia Pacific Property Awards. SM Prime Holdings, Inc. aims to reach 793,000 square meters gross floor area by 2020.

4. Robinsons Land Corporation

Gross leasable area: 523,000 square meters

Robinsons Land Corp. has been recognized as one of the most effective real estate companies in Asia according to a 2012 real estate survey involving 130 leading equity analysts from leading investment houses in the Asia-Pacific region. As for transparency in strategy, management accessibility, and investor relations, it has been one of the top 207 companies nominated for this survey. This is because of its excellent performance in the 2013 Philippine Stock Exchange index, property portfolio, and Php 10.56 billion in revenue during the first quarter of 2012.

In terms of office development, the buildings of Robinsons Land Corporation have constantly dominated the Ortigas Business District. Aside from the Galleria Corporate Center and Robinsons Equitable Tower, the company has expanded its available office areas given the completion of the Cyberspace Alpha and Cyberspace Beta. The two-office complex consists of a blended gross floor area of approximately 80,000 square meters and column-free spaces most appropriate for BPO companies. Robinsons Land’s Offices division has a total leasable space of around 523,000 sqm.

5. Eton Properties Philippines Inc.

Gross leasable area: 300,000 square meters by 2020

Eton Properties Philippines Inc. is considered to be the youngest among the list of top office developer awardees of the Hong Kong-based Business Continuity Institute (BCI) Asia Inc. Despite the fact that it is one of the amateurs in the real estate development industry, the company itself has existed since 1971.

Same as other office property developers, the office and commercial portfolio of Eton has essentially focused on BPO and IT companies. One of the major differences is its location. Given the launch of Eton Centris, a 12-hectare commercial area that utilized mixed-use development, Eton Properties has become a leader in the establishment of the budding business district in the Quezon City area. Eton Centris–which is made up of seven buildings such as Centris Walk, Centris Station, Cyberpod Centris, a businessman’s hotel, elegant residential condominiums, and a specialty retail block–has long been considered as a “city within a city.” Located in Ortigas Avenue, the Eton Cyberpod Corinthian is described as a low-rise campus-style office area accommodating commercial establishments, technical support companies, and BPO firms. Eton Properties aims to reach 300,000 sqm gross leasable area by 2020.


Makati subway project extension to Naia eyed

By: Doris Dumlao-Abadilla – Reporter

Businessman Antonio Tiu-led Philippine Infradev Holdings Inc., lead private sector proponent of the Makati subway project, is keen on extending this mass transportation system through the city of Pasay to connect to the Ninoy Aquino International Airport (Naia).

The project cost for the 10-kilometer subway system has also gone down to $2.5 billion, from the earlier estimate of $3.5-$3.7 billion, due to the favorable results of the final soil test and cost savings from the slight tweaking of the subway alignment.

In a recent interview with the Inquirer, Tiu said instead of building the first Makati station along Ayala Avenue, the first Makati station would be built in the Mile Long property, which is now being redeveloped by the government.

Giving up the Ayala Avenue station will easily shave $500 million off the project cost, as it would have been more expensive to bore tunnels and build a station in this higher-density area, Tiu said.

At the same time, the final soil tests showed that the project might cost much less than originally estimated, Tiu said.

Furthermore, as Mile Long is only three km away from the Naia on a straight line underground, Tiu said Infradev would propose to extend the subway system to Naia, the main international gateway to the metropolis.

Tiu said he had preliminary discussions on the prospective extension of the subway system with the Calixto siblings of Pasay City. The city is ruled by Mayor Imelda Calixto-Rubiano while her brother, Antonio Calixto, is a House representative.

The Philippine Infradev president and chief executive officer has high hopes that the local government unit (LGU) of Pasay would be receptive to the proposal, adding that the City of Makati—Infradev’s joint venture partner—had an alliance with the neighboring city of Pasay.

“I was so happy when they announced the awarding of the Naia airport project,” Tiu said, referring to the recent approval of the $2-billion airport modernization project by the National Economic and Development Authority-Investment Coordination Committee. “This means I can now talk to the private sector consortium [regarding the extension].”

Members of the Naia superconsortium are Aboitiz InfraCapital Inc., the Ayalas’ AC Infrastructure Holdings Corp., tycoon Andrew Tan-led Alliance Global Group Inc., Lucio Tan-led Asia’s Emerging Dragon Corp., Gotianun-led Filinvest Development Corp., Gokongwei-led JG Summit Holdings Inc. and Metro Pacific Investments Corp. The group has teamed up with Changi Airport Consultants Pte. Ltd., a subsidiary of Changi Airports International Pte. Ltd., for this project.

By October, Tiu expects the financial closing of the funding for the $2.5-billion subway project. Hong Kong-based investment bank Redstar was mandated to raise the debt financing component of the project.

“If they can raise more, it’s okay but with the commitments from other private proponents, who agreed to top up [contribution], we have more than sufficient funding for phase one,” Tiu said.

Philippine Infradev and the Makati LGU will have majority control of the project.

Targeted for completion by 2024 or 2025, nine stations have so far been finalized. While the plan was to have 10 stations in Makati, Tiu said the proponents did not necessarily have to stick to 10.

After Mile Long, the next station will be at the current Makati fire station, which will be relocated elsewhere. The next station will be at a property owned by the Lucio Tan group near Circuit Makati, followed by another station near the Makati City Hall.  The other stations will be close to Century City, Rockwell Center, Makati Bliss Housing near Pasig River, University of Makati, Cembo and the final station will be along the Ospital ng Makati.

Under Philippine Infradev’s business model, fare revenue will cover the operating expenses of the project while interest payments and depreciation will be covered by nonfare revenues that are projected to be much higher than the fare revenues.


8 PH firms land on Forbes list of Asia-Pacific’s top listed companies

By: Doris Dumlao-Abadilla – Reporter

MANILA, Philippines – Eight major Philippine companies landed on Forbes Asia magazine’s inaugural “Best Over a Billion List” which spotlights 200 best-performing publicly-listed companies with revenues of at least $1 billion across the Asia-Pacific region.

The local companies that made it to the roster are: Ayala Corp., Cosco Capital, GT Capital Holdings, JG Summit, Jollibee Foods, Megaworld Corp., San Miguel Food and Beverage and SM Investments Corp., Forbes Asia said in a press statement on Wednesday.

From a universe of 3,200 listed companies in the Asia-Pacific region, Forbes said candidates for the “Best Over A Billion” list had been evaluated based on more than a dozen metrics including their average five-year sales, operating income growth, return on capital, and projected growth over the next one to two years.

“Those having the highest composite score earned a place in the final list of 200. The goal is to find the region’s best-run companies that are doing well on not just one metric but across many of them. The result is a list that represents the best of Asia-Pacific’s big companies,” the magazine said.

The biggest companies on the list by market value hailed from the technology sector and the region’s largest markets, including internet giants Alibaba and Tencent, as well as semiconductor giants Taiwan Semiconductor Manufacturing Co. and SK Hynix.

Fast Retailing, the operator of the Uniqlo apparel chain founded by Japanese billionaire Tadashi Yanai, is among the 10 largest companies on the list by market value.

The full list is available at and in the September issue of Forbes Asia. /gsg


It doesn’t seem like it was very long ago when Andrew Tan was stepping aside from his position as CEO of the Alliance Global Group, Inc. (AGI). That is because it wasn’t, as the former CEO left in June when his son, Kevin, took over the company. Now it looks like he is back, as the elder Tan is leading a group working to buy back additional shares in AGI over the next 12 months.

Andrew Tan leading group to repurchase shares in AllianceThe plan comes following AGI’s initial repurchasing program. This began in September 2017, where the company repurchased Php5 billion ($96 million) worth of shares. The company was able to purchase 309 million shares, about 3% of the issued share capital.

In a statement, Kevin Tan explained about the first round of repurchasing, “We believe in our stock’s underlying value, which is backed by our strong franchises across all our business segments, years of profitable operations and continued expansion.”

The new round will occur over the next 12 months and is expected to cost Php2.5 billion ($48 million). Tan explained about the new program, “We continue to pursue a share buyback because we believe in our stock’s underlying value, which is backed by our strong franchises across all our business segments, years of profitable operations, and continued expansion thrust.”

AGI has interests in vast areas of the business world, including residential developments, hotels, office space, and moles. Recently, they announced that they had allocated Php410 billion ($7.85 billion) that was to be used for capital expenditures over the next five years, starting in 2020.

The company is also continuing the development of the Westside City, a Php121 billion ($2.32 billion), a 31-hectare township located in Manila’s Entertainment City precinct. This will be the location of the new Westside City Resorts World, an integrated project that will include both a resort and casino. The Westside City Resorts World is the property of the Travellers International Hotel Group.

The interesting part of the transaction is that a conglomerate led by Andrew Tan is behind the second round of repurchasing. It is expected that this will not only increase the revenue of the company but dramatically the value of their shares.

AGI recently announced that they had recorded an attributable net income of Php8.1 billion $169 million) in the first half of this year. That’s an increase of over 4% from the previous period in 2018. This gave them a consolidated revenue of Php82.8 billion ($1.59 billion).



by Zandra Estallo

Here at Megaworld, women play a huge role in helping bring the organization to new heights. This fact has become evident now more than ever, particularly with women representing nearly half of the company leadership—a clear proof that a more progressive and inclusive society is already at hand within the company.

The presence of women leaders in the company highlights how much Megaworld puts a premium on closing the gender gap. This was further recognized recently as Megaworld received the Women at Work Leadership Award during the recently concluded 10th Asia’s Best Employer Brand Awards held at the Pan Pacific in Singapore.

The prestigious award puts the spotlight on women who exemplify the ideals and visions of an empowered leader in major business entities. Led by Megaworld Chief Operating Officer Lourdes T. Gutierrez-Alfonso, Megaworld women leaders constantly pursue excellence and innovation in a bid to continue uplifting lives, impacting the society, and helping shape a progressive nation.

MEG women leaders serve as the light of the company by providing inspiration and guidance towards achieving future milestones.

Organized by the Employer Branding Institute, World HRD Congress, and the Stars of the Industry Group, the Asia’s Best Employer Brand Awards recognizes top organizations in the region that have been exemplary in human resources management and effectively used marketing communications for HR development. The annual ceremony takes place in several geographic regions as a build-up to the Global Employer Brands, a part of the World HRD Congress, which is entering its 28th Edition in 2020.


By Leslie Gatpolintan

Uptown Bonifacio skytrain

MANILA — Infracorp Development Inc., the infrastructure subsidiary of tycoon Andrew Tan’s Alliance Global Group Inc (AGI), targets to begin construction of its proposed Makati-Taguig skytrain monorail by fourth quarter of 2019.

Infracorp President Kevin Tan said the company is now finalizing the concession agreement for the two-kilometer monorail project, along with the proposed rehabilitation of the Ninoy Aquino International Airport (NAIA).

“If that happens, we will be able to start with NAIA (project) by third quarter and the skytrain by fourth quarter next year,” he told reporters Monday night.

Infracorp is also part of the consortium of seven largest conglomerates which offered to rehabilitate the country’s main gateway.

The first proposed PHP3.5-billion monorail project aims to reduce travel time from Fort Bonifacio to Metro Rapid Transit (MRT) Guadalupe, Makati and vice versa to only five minutes –at no cost to the government. It aims to service some 100,000 passengers daily.

The Department of Transportation (DOTr) last May granted the original proponent status for the skytrain monorail project.

Tan further bared that the infrastructure firm is also looking into possibility of constructing another monorail project linking Santolan MRT-3 to Eastwood City.

“That is still being studied right now. We have just been talking, but have not submitted anything at all formally,” he added. (PNA)