Rockwell to build P1.3-B BPO complex in Meralco compound

Lopez-owned Rockwell Land Corp. will be investing over P1 billion to put up three business process outsourcing buildings within the 1.3-hectare compound of the Manila Electric Co. in Pasig City. Meralco, the country's biggest privately-owned power distributor, owns 51 percent of the property company and the remaining 49 percent is equally split between two Lopez holding companies- First Philippine Holdings Corp. and Benpres Holdings Corp. "Our share will be the property. The development of the project including marketing and funding will be handled by Rockwell Land," Manuel Lopez, Meralco chairman, told reporters on Tuesday during the company's annual stockholders meeting. Lopez said revenues from the BPO buildings will be shared by Rockwell, which will get 70 percent, and Meralco, which will get the remaining 30 percent. He said construction of the first two buildings will commence in July. Locators are expected to move in by the end of next year. The construction of the third building, meanwhile, will start after the completion of the first two towers. Rockwell Land is also eyeing to construct a residential/ commercial complex in the area. In July, "The Strip", a moderately-sized commercial area to be located beside the new Medical City along Ortigas Avenue, will be opened to retailers. - GMANews.TV