DOE, PNOC pitch to build ‘Tower of Power’ in BGC

Published January 16, 2017, 10:00 PM By Myrna M. Velasco
http://business.mb.com.ph/2017/01/16/doe-pnoc-pitch-to-build-tower-of-power-in-bgc/

A high-rise “Tower of Power” building, which is an emblem of Malaysia’s Petronas Tower but certainly of different design, is being pitched as the next skyscraper at the business-flourishing Fort Bonifacio Global City.

According to Philippine National Oil Company (PNOC) President and Chief Executive Officer Reuben S. Lista, this will be an ‘Energy Center’ that will be concretized within the reign of President Duterte.

“We envision this to be an iconic building that will house all government instrumentalities that have something to do with power and energy… we will also lease the rest of the office spaces to interested private entities,” he said.

The ‘energy tower’ will be constructed in a 5.2-hectare property jointly owned by PNOC and the Department of Energy (DOE) – also the current quarter of their offices.

The property’s value has been appraised at P27 billion, but Lista noted it will be more viable for the government to re-develop it into an ‘energy center’ that shall integrate commercial centers and make it as a tourism hub at the same time – very much like what its Malaysian state-owned energy counterpart had done.

The building’s initial name “Tower of Power” (TOP) was coined by Energy Secretary Alfonso G. Cusi, the PNOC chief executive has disclosed.

“We view this as a better option for us because we are not just government, we are a company and we are running PNOC now as a business company that can compete with the private sector. And the best way to make money is to use your resources properly and prudently,” he stressed.

The PNOC president said they already received advance offers from three parties – two foreign companies and one local. Nevertheless, he requested not to disclose the initial blueprint yet as well as project cost estimates, pending discussions with prospective contractors and investors.

“This is a dream that will come true before the end of the term of President Duterte…and we believe this is one venture where PNOC will make money,” he said. And instead of the various energy offices getting scattered in corporate buildings in diverse parts of Metro Manila, they can now take shelter in just one domain – primarily for the attached agencies and government-owned and controlled corporations (GOCCs) under the charge of the DOE.