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)


New BGC Condo across JP Morgan Office in 2022
JP Morgan New Office in BGC to Benefit condominiums in Uptown Bonifacio

MEGAWORLD Corp. is building an office tower for JPMorgan Chase Bank, N.A. in Fort Bonifacio, as the global banking and financial services provider consolidates its presence in the country.

In a statement issued Tuesday, the listed property firm said the 25-storey building will serve as JPMorgan’s Philippine Global Service Center. The building will cover a gross leasable area of around 70,000 square meters, making it the largest single office lease transaction in the country in terms of transaction value as well as total space leased to one company.

Located along 38th Street corner 9th Avenue in Uptown Bonifacio, the building will stand near the future Uptown Transport Hub of the proposed Skytrain monorail project being developed by Megaworld’s sister firm, INFRACORP Development, Inc.

Megaworld expects to complete the tower by 2021, with full operations to start by 2022.

The Andrew L. Tan-led firm will lease the building to JPMorgan for a period of 10 years, with a multiple renewal option.

“Megaworld is proud to build the new home of JPMorgan Chase in Fort Bonifacio as it consolidates its existing Metro Manila operations under one roof — all in a state-of-the-art, prime and green office tower right at the heart of the booming Uptown Bonifacio,” Megaworld Senior Vice President Jericho P. Go said in a statement.

Megaworld did not disclose the total cost for the tower, but noted that it is a multibillion peso project.

For his part, JPMorgan Philippine Global Service Center Chief Executive Officer Raoul R. Teh said the building will allow the company to bring its Manila-based employees in one place.

“Manila continues to be a major strategic hub for JPMorgan Chase. Through this landmark development, we are able to consolidate our presence to one location, so enabling us to bring our Manila-based employees together, facilitating increased collaboration while also demonstrating our commitment to providing them with various career opportunities within the firm,” Megaworld quoted Mr. Teh as saying in a statement.

The building will be designed by United Kingdom-based architectural firm Broadway Malyan, and is applying for LEED (Leadership in Energy and Environmental Design) Gold certification. This indicates that the project will be a green building with energy-efficient and environmentally-friendly components.

“We are excited to be part of this new development that sets new benchmarks for sustainability and reaffirms our global efforts to maintaining exceptional working environments with only the best-in-class infrastructure and facilities for our employees,” Asia Pacific head of JPMorgan’s Global Real Estate team Jun L. Nepomuceno said in a statement.

Megaworld generated a net income attributable to the parent of P7.25 billion in the first half of 2018, 13% higher year-on-year, following a 10% jump in revenues to P26.8 billion.

Shares in Megaworld gained 0.6% or 1.31% to close at P4.65 each at the stock exchange on Tuesday. — Arra B. Francia


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Megaworld Corporation: Fort Bonifacio, Aseana and Cebu



Megaworld Premier Offices sells premium grade spaces in key regional hubs



Economic growth has increasingly been spilling over to regions outside Metro Manila over the past several years, owing partly to the government’s aggressive P8- trillion infrastructure initiative and decentralization thrust.

Today, the so-called “emerging provinces” are taking the spotlight as investors recognize the prospective opportunities that can be tapped here, given the improved infrastructure and connectivity, a skilled labor force, as well as a conducive business environment.

Provinces like Cavite and Iloilo, in particular, have seen a healthy influx of companies, from manufacturing, outsourcing, real estate to even tech start-ups and finance, all drawn to their vibrant investment climate.

Cavite, for one, remains in the radar of investors who find the province an attractive location given expected completion of key infrastructure projects that will improve accessibility to Metro Manila. Among them are the Light Rail Transit 1 Cavite extension, Cavite-Laguna Expressway (Calaex), and North Luzon Expressway and South Luzon Expressway connector road—all of which are poised to unlock land values and make it a key regional hub for Southern Luzon.

Add the fact that Cavite has been a staple in the Top 10 Most Competitive Provinces in the country since 2015. This is based on the Department of Trade and Industry’s Cities and Municipalities Competitiveness Index, which assesses provinces, cities and municipalities according to their economic dynamism, government efficiency, infrastructure and resiliency.



The province of Iloilo, meanwhile, made a mark on the local and global business community when it hosted high level and ministerial meetings for the Asia Pacific Economic Cooperation (Apec) in 2015. Set at the Iloilo Convention Center inside the Iloilo Business Park, the Apec meetings helped showcase the modern side of the province and the prospects it can offer to companies wanting to set up a regional hub in the Visayas.

Iloilo City, the capital city of the province, has seen in recent years the continued influx of outsourcing companies and expansion of sectors such as insurance and finance, according to an earlier report by Colliers International Philippines.

The office property market here in particular is seen to hold much promise and is expected to thrive over the next several years due to this steadily growing demand from investors.

Rising business district

One Corporate Place

The 17-storey One Corporate Place in Cavite

In Cavite, a rising business district is offering companies modern office spaces within a green, sustainable community where everything is integrated.

The 17-storey One Corporate Place, which is under Megaworld Premier Offices, is selling 93 premium offices within the 140-hectare Maple Grove township in General Trias, Cavite.

The township is accessible via the the Coastal Road and Cavitex, with an estimated travel time of only 30 to 45 minutes from Makati central business district and Fort Bonifacio. It will become even more accessible once Calaex is completed.

“Maple Grove’s rising business district in this side of Cavite allows companies to thrive and grow their businesses in a green and sustainable community where everything is integrated and within reach. The entire development itself, as in any other townships that we’ve already built, will be walkable from one office tower to another, or to the mall, residential towers and parks that we will build around the community,” said Rachelle Peñaflorida, vice president for sales and marketing of property giant Megaworld Corp.

“Owning an office space in Maple Grove would be a wise move especially that General Trias is now fast becoming a key growth area of Cavite. In five years, we expect rental prices to go up as more developments rise within the township,” she added.

One Corporate Place Retail Space

The ground floor of One Corporate Place features retail spaces

These office spaces, which will have layout sizes ranging from 63 sqm to 281 sqm, are seen highly suitable for a wide range of industries and businesses including corporate offices, tech startups, banking and finance, small and medium sized enterprises, advertising and media agencies, as well as IT-business process management firms, among others.

How so? One Corporate Place offers a well-balanced, holistic working environment that can perfectly complement the business. Companies will benefit from the office tower’s topnotch facilities such as the 24-hour Security and Fire Command Center, Building Management System, Seismic Detection and Monitoring System, stand-by generators for 100 percent back-up power, fire security system, water reservoir with separate fire reserve water tanks, and a 24-hour CCTV monitoring system.

Future employees meanwhile will be near the Central Park, dubbed as the green jewel of the township, which could help ease one’s stresses. Green spaces also abound throughout the township—a clear benefit for workers there because communing with nature, as several studies have stated, helps boost productivity and efficiency.

Accessibility will not be a concern for office workers because public transportation is readily at hand, whether you’re working the night shift or you have an early morning schedule.


New Visayan CBD

International Corporate Plaza

The International Corporate Plaza in Iloilo Business Park

Down further south in the West Visayas Region meanwhile is another premium office tower being managed by Megaworld Premier Offices.

The 19-storey International Corporate Plaza—envisioned to be Western Visayas’ most stateof- the-art, facility-packed green office development—is also selling 301 prime office units conducive to a wide range of industries including professional services (law and architectural firms, clinics), start-ups, as well as established enterprises. It is be located within the bustling 74-ha Iloilo Business Park in Mandurriao, Iloilo City, where the province’s newest central business district is set to rise.

“So far, this will be the most modern and state-of-the-art office tower in Western Visayas where companies including entrepreneurs can own their office spaces and enjoy its generous facilities never been seen before in any office building in the region,” said Jennifer Palmares-Fong, vice president for sales and marketing of Iloilo Business Park. “One of the main highlights is its enhanced security and safety features, another first in Western Visayas.”

ICP coworking area

Co-working and breakout areas at International Corporate Plaza

The International Corporate Plaza will have a four-level parking podium, retail spaces and arcade area at the ground floor. Keycard-enabled turnstiles will provide enhanced security for the main lobby, while RFID cards will be used to secure parking areas. The office tower will be fiber optic-ready, and equipped with its own seismic detection and monitoring system, building management system, 24-hour Security and Fire Command Center, fire security system, and a 100 percent back-up power facility.

The tower will likewise house “managed facilities” including boardrooms, meeting rooms, co-working and breakout areas, executive lounge, and a skygarden that will offer office workers a slice of tranquility with the stunning views of the sea and Guimaras Island.

Indeed, companies will need to level up their game given the increasingly cutthroat business environment, in order to tap the lucrative opportunities at hand.

And one way to do so is to be strategic in selecting your home base—to be right where the next wave of growth will be and set up shop in an office tower that provides a conducive investment climate, given cutting-edge, sustainable amenities that will help ease the way you manage and conduct your business.

Written by: Amy R. Remo | Philippine Daily Inquirer


Tycoon Andrew Tan-led Megaworld is making great strides in building sustainable communities with residential, commercial, and recreational components.

Megaworld and its leisure estate unit Global Estate Resorts Inc. are investing P18 billion over the next 15 years to develop the Arden Botanical Estate in Cavite.

Half of the entire township, located on a 251-hectare property at the boundary of Trece Martires City and Tanza, Cavite, will be allocated for residential developments while the rest will be for commercial, institutional, recreational, and open spaces.

The project will feature natural rivers and organic gardens, as well as tree-lined roads and avenues, and lotus ponds.

It will also include other sustainability features such as the use of solar street lights, electric shuttles for transport, storm water recycling, permeable pavements for driveways and parking, and organic fertilizers and pesticides for gardens.

“Our concept for this expansive development is to allow everyone living, working and even visiting the township to appreciate a beautiful and purposeful life. This is another unique township concept that will certainly stand out from any other developments in and around Cavite,” said Kevin L. Tan, chief strategy officer at Megaworld.



by Renalyn Añasco

Megaworld Lifestyle Malls does not only partner with the best names in retail and lifestyle. It also works hand in hand with groups that aim to do good.

For a while now, you’ve probably noticed the water bottles that have been co-branded with the Megaworld Lifestyle Malls name, available for sale in our various retail establishments. This is an effort borne from joining forces with Generation Hope, Inc. through its HOPE IN A BOTTLE initiative. Founded by Nanette Medved-Po, Generation Hope is the first company in the Philippines to donate 100 percent of its profits to building public school classrooms.

Through HOPE IN A BOTTLE, Megaworld Lifestyle Malls efforts have been aligned with Megaworld’s brand-new vision of uplifting lives, impacting society and helping shape the nation.


Generation Hope helps the government address the classroom shortage in the Philippines. The organization is a firm believer that every Filipino has the power to vote with their peso for the things that they value most.

Through its partnership with Generation Hope, Megaworld Lifestyle Malls has been part of building numerous classrooms across the country  It has helped over 14,000 students to date.