Insurance company breaks ground on P2B Cebu center

CEBU, Philippines- Philippine American Life and General Insurance (PhiLam Life) officially kicked off with the construction of its P2 billion medium rise commercial building at the Cebu Business Park.

The 16-storey PhilAm Life Center Cebu is the company’s second major investment in Cebu within 60 years. The completion of the building is set by the first quarter of next year.

"This investment signifies our commitment for Cebu and a symbol of the company's financial stability," said PhilAm Life chief executive officer Bobby Madrid.

Madrid said the Cebu PhilAm Life Center is the company’s second largest building in the Philippines next to the 44-storey PhilAm center in Makati City.

The Cebu facility will house the growing operations of the PhilAm Life network in the southern Philippines, both financial consultants and clients.

About 10 percent of the 24,000 square-meter leasable area will be utilized by the PhilAm Group, while the rest will be made available for tenants, such as outsourcing, and other corporate offices.

PhilAm Life corners 20 percent of the entire life insurance industry in the Philippines, making them one of the largest players in the insurance sector in the country.

Designed to be the very first prime building in Cebu, the architectural landmark will be a tower with an ambitious goal of achieving the highly-coveted LEED (Leadership in Energy and Environmental Design) gold certification.

Prime building is the highest rating given by top real estate consultants to buildings. When construction is finished, the corporate center will be comparable to ultra-modern facilities not just locally but in all metro cities in the Philippines. (FREEMAN)