The Philippine Economic Zone Authority began construction of a 13-story office building on Roxas Boulevard, Pasay City
Construction is expected to be completed in five years
The balanghai-inspired building, which will rise on the old PEZA headquarters, will be owned by the agency in 15 years
Funding is through a lease-to-own agreement with the Land Bank of the Philippines
The Philippine Economic Zone Authority (PEZA) has started construction of a 13-story office building on Roxas Boulevard, Pasay City as part of its transformation roadmap.
The new building, to be situated in Almeda, Roxas Boulevard corner San Luis Street, Pasay City is being constructed in partnership with LBP Leasing and Finance Corporation, a subsidiary of Land Bank of the Philippines (LBP).
Rhodium 688 Builders, Inc. will construct the steel-based structure which will be funded through a lease-to-own agreement with LBP.
PEZA last year said it had secured P800 million from LBP to put up the structure.
The balanghai-inspired building, which will rise on the site of the old PEZA headquarters, is expected to be completed in five years and will be owned by PEZA in 15 years.
Balanghai, or balangay, is a type of lashed-lug boat built by joining planks edge to edge using pins, dowels and fiber lashings. The balanghai is found throughout the Philippines and up until the colonial era was used largely as a trading ship.
PEZA is temporarily headquartered on the eighth to tenth floors of the Double Dragon Center West Building on Macapagal Avenue, Pasay City. It moved to the Double Dragon office in August 2020 after vacating its Taguig office, which it leased from 2016.