MANILA, Philippines - In a move aimed at streamlining costs and further boosting productivity, the Philippine Stock Exchange (PSE) is integrating all its offices at the Ayala Tower in Makati as it vacates its headquarters in Tektite, Ortigas.
The move is also seen as a prelude to the relocation of the PSE’s corporate headquarters to the Bonifacio Global City that will serve as a unified trading floor for brokers holding office in Ortigas and Makati.
PSE president Francis Lim said beginning next year, the PSE’s corporate offices will be housed at Ayala Tower. “We’re targeting the first quarter this year for the integration of our offices. This would allow us to save costs,” he said.
The local bourse had initially entered into a joint venture with Ayala Land Inc. for the development of a 5,000-square meter area along 28th street and 5th avenue in Bonifacio Global City but construction was delayed due to market conditions.
The proposed project is expected to be developed in two phases with the first one involving the construction of the PSE’s 15-story headquarters on a 2,000-square meter lot.
Phase 2, on the other hand, involves the development of a high-rise commercial office building.
Funding for the development of the unified PSE building will partly come from the sale of the Tektite and Ayala offices, which have a combined value of between P600 million to P800 million.
The Tektite office occupies 4,340 square meters of lot which was donated by Philippine Realty & Holdings Corp .while the Ayala office occupies 3,190 square meters.
PSE’s relocation to Fort Bonifacio is expected to offer more employment opportunities to the residents of Taguig and encourage other corporate players to eventually move their businesses in the city.
The construction of the new PSE building was delayed due to few changes in the design and floor area. The new building is expected to be up by 2014.