16-story Philamlife tower to rise in Biz Park
Philam Life Chief Executive Officer Bobby Madrid (4th from left) leds other company officials in the ceremonial pouring of concrete at the construction site of the New Philam Life Center Cebu alongCardinal Rosales Avenue at the Cebu Business Park.
(CDN PHOTO/JUNJIE MENDOZA)
AN INSURANCE company is investing P2 billion to build a second building in Cebu.
Executives of the insurance company poured concrete at the construction site last Friday to signal the start of the laying of the foundation of the building which is called the Philam Life Center Cebu.
The 16 story building, which is along Cardinal Rosales Avenue in the Cebu Business Park, will become the firm’s headquarters in Cebu. It is also set to be completed by yearend and operational by first quarter of next year.
It will also offer office space for corporate and business process outsourcing locators.
“Only 10 percent of the gross leasable area of 24,000 square meters will be used by Philam Life while the rest can be leased to locators,” said Eric Lustre, Philam Life head for properties.
With this investment, they hope to provide their customers a modern office environment conducive to efficency and productivity and also create spaces to help local business flourish, said Bobby Madrid, Philam Life chief executive officer.
Philam Life Center Cebu is the second building of Philam Life in Cebu with their first building built 60 years ago located along Jones Avenue in Cebu City.
The building is also the second biggest building of the company in terms of space with the biggest being the Philam Towers in Makati, which has 44 storeys.
The new building will be the base of over 600 licensed insurance agents in Cebu and their fast growing client base, said Rolan Enriquez, Philam Life VisMin director of agencies.
Philam Life’s market share is about 20 percent, ranking second in 2013.
Madrid said education level of the Filipinos in terms of insurance has grown with many now seeing insurance as a necessity rather than an expense.
David Banks, Philam Life chief finance officer, said most Filipinos are now investing on the non traditional type of insurance that’s linked to investments.
Philam Life has been founded in 1947.
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