Bank Institutions Secured Lots in IBP's CBD

Perspective Map of IBP's Boutique Hotel and Commercial District

The present image of the Boutique Hotel and Commercial District as of October 2015 photo update. Photo by Marx de Silva

As Iloilo Business Park (IBP) continue to transform as the future Central Business District (CBD) in Western Visayas as an investment epicenter with its very own Boutique Hotel and Commercial District, multinational companies and investors keep coming in, giving interest in purchasing commercial lots in the township to secure promising business ventures in the near future.

Megaworld, IBP’s leading developer allocated nine hectares for the entire commercial district. There has been a strong demand from the financial and banking sector to secure a commercial lot in IBP due to its steadfast developments and value. In 2013, Megaworld started selling the lots at P47,000 per square meter. Presently, the commercial lots, which ranges from 611 sqm to 1,735 sqm, are now sold at P70,000 or a 49 percent increase from its old price a few years ago. This 2015, almost eighty percent of the commercial lots have already been sold to financial institutions, multinational companies and local enterprises. Financial institutions and banks are eyeing to establish regional headquarters in Iloilo Business Park to ensure their presence in the fast-growing economy of Iloilo City. 

In the coming years, IBP’s Boutique Hotel and Commercial District will be the busiest and bustling area of the township due to massive investments coming in. Hotels, local enterprises, car and furniture companies are looking ahead to put up their own showrooms, regional headquarters and offices in IBP.

Presently, the two most prominent bank and financial institutions that successfully acquired lots in the Boutique Hotel and Commercial District are Union Bank and Metrobank. Here’s a close-up look on two of these two prominent companies:

Union Bank

Union Bank is a universal bank in the Philippines which provides a wide range of commercial, retail and corporate banking products and services. These products and services include loan and deposit products, cash management services, trust banking services, consumer finance, treasury activities and electronic banking. Major shareholders are Aboitiz Equity Ventures, Incorporated, Insular Life Assurance Company and the Social Security System.

It was recognized in 2002 & 2003 as among Asia's best companies by Euromoney and Finance Asia. It is also the first to make it to the list of the world's 25 soundest banks for four consecutive years by the Banker of London. It also won the Excellence in Credit Card Management Award in 2004.The bank is also listed in the Philippine Stock Exchange. As of December 20, 2010, Union Bank has a total market capitalization of P37.8 billion and share price is P59.00.

Union Bank initially stared out as Union Savings and Mortgage Bank. It changed its name to Union Bank of the Philippines 1981 and among its incorporators were the Aboitiz Equity Ventures, Inc., the Social Security System and the Insular Life Assurance Company. The bank acquired its commercial license in 1982. Ten years later, it was granted universal banking license by the Bangko Sentral ng Pilipinas. Also in 1992, Union Bank was listed in the Philippine Stock Exchange under the stock symbol UBP.

In 1994, Union Bank acquired the International Corporate Bank (Interbank). On June 5, 2006, Union Bank purchased 98.84% of The International Exchange Bank (iBank), then the 12th largest private commercial bank, through a special block sale coursed at the Philippines Stock Exchange. With the acquisition, Union Bank became the 7th largest private domestic commercial bank.

Metrobank

Metropolitan Bank and Trust Company or commonly known as Metrobank is the second largest bank in the Philippines. As of November 29, 2010, Metrobank has a total market capitalization of P140.4 billion and its share price is P73.50.

In September 1962 by George Ty, together with businessmen Don Emilio Abello, Don Pio Pedroso and Placido Mapa, Sr. founded the Metrobank primarily to offer financial services to the Chinese-Filipino community. In 1963, the bank’s first branch opened in Divisoria, Manila. Four years later, the bank expanded outside Manila and opened their first provincial branch in Davao.

In 1970, Metrobank started expanding outside the Philippines. Its first international branch was in Taipei, Taiwan. In 1973, the bank established a banking office in Hong Kong and in 1975, another Metrobank branch opened in Guam, the first Philippine bank to open in American territory. Branches in Los Angeles and New York followed after. In 1977, the Central Bank authorized Metrobank Foreign Currency Deposit Unit (FCDU) operations.

On February 26, 1981, Metrobank decided to go public and list its common shares in the Makati Stock Exchange and Manila Stock Exchange under the stock symbol MBT. On August of the same year, the Philippine Central Bank granted Metrobank universal banking license. This allowed the bank to venture into non-banking related businesses.

In 1986, Metrobank established its own credit card company, Unibankard Corporation (now known as Metrobank Card Corporation. In 1988, it partnered with Japanese automotive manufacturer, Mitsui Corporation to establish the Toyota Motor Philippines.

In 1995, Metrobank achieved the milestone of being the first billion dollar bank with total capital of P22 billion. In 2001, Metrobank opened its first branch in Shanghai, China. Nine years later, Metropolitan Bank (China) was established with branches in Najing and Shanghai.

The Metrobank Group has a combined network of over 800 local and international branches/offices, remittance offices and subsidiaries worldwide. It has 557 domestic branches and 32 offices in New York, Hong Kong, Tokyo, Osaka, Seoul, Pusan, Guam, Taipei, Kaohsiung, Madrid, Barcelona, Vienna, Rome, Bologna, Milan, Singapore, Chicago, Hawaii, and Shanghai.

Fulfill your dreams at Iloilo Business Park. For more information on how to invest, call us at (033) 3303465 or visit our website at http://www.iloilobusinesspark.ph.