By Ted P. Torres (The Philippine Star) | Updated October 14, 2013 - 12:00am
MANILA, Philippines - The Philippine American Life and General Insurance Co. (Philam Life) is putting up a P1-billion, 20-floor tower at the Cebu Business Park.
Philam Life president and chief executive officer Rex A. Mendoza said the structure would be one of the tallest buildings in Cebu City, with an almost twin tower concept.
Mendoza said that groundbreaking ceremonies will be held soon, and the plan is to retain 40 percent of the floors and lease out the remaining 60 percent.
“It should be completed in 36 months,” he added.
Meanwhile, Philam Life Iloilo now occupies a new building in Smallville Center, considered the new shopping and commercial hub in Iloilo City.
It will be the new albeit temporary home for the subsidiary of AIA Co., one of the financial giants in Asia.
“We are already moving in but we are also looking for a new place to build our new headquarters building in this part of the Visayas,” Mendoza said.
However, the challenge is finding a temporary and permanent home for its Mindanao-wide operations. It already has sites in places like Davao City and Cagayan de Oro.
Mendoza admitted that they have an expert from AIA tapped to look for the most appropriate and safest building, and at the same time, identify a permanent site its Mindanao-wide corporate center.
He explained that AIA standards are extremely high in terms of fire, water, electronic, and information technology.
Philam Life has a land bank of over 30 large properties nationwide, which at present is being rationalized.
“We will keep some, sell others, but we can also buy in other growth or major areas,” he added.
Philam Life has the financial muscle to join funding consortiums for major infrastructure projects.