Insular Life sets up Cebu corporate center
By Bernadette Parco
Cebu Daily News
First Posted 09:58:00 08/09/2008
WITH its sights set beyond the present economic crisis, the largest Filipino insurance company broke ground and strengthened its presence in Cebu with a planned 12-storey building insidethe Ayala Business Center.
In his speech, Insular Life Assurance Co. Ltd. board chairman and chief executive officer (CEO) Vicente R. Ayllon said their new corporate center represents the company’s “vote of confidence in the progress of the Philippine economy.”
“More importantly, (this building represents) our faith in the Filipino's wealth of talents,” Ayllon said.
Ayllon likened the soon- to-be-built Insular Life building to the Beijing National Aquatics Center, or the Water Cube built in time for the Olympics.
“Though this edifice may not equal the engineering marvels of the new Beijing National Aquatics Center, (nonetheless) the Insular Life Cebu Business Centre shares with it its ideal of interpreting, in concrete forms, the breadth and magnificence of the human spirit,” he added.
Last year, the company and its subsidiaries posted a consolidated net income of P2.2 billion, 38 percent higher than earnings in 2006 that reached P1.6 billion.
Insular Life, the parent company, accounted for 50 percent of the income with P1.8 billion.
The blessing rite held yesterday morning was administered by Msgr. Achilles Dakay, Cebu Archdiocese media liaison officer and witnessed by Cebu City Vice Mayor Michael Rama, Rep. Raul del Mar of Cebu City’s North District and company officials led by Ayllon and President and Chief Operating Officer Mario Ongsingko.
Jess Hofileña said that since the company's first district office was established in Cebu City in 1938, it has been “blessed with strong patronage.”
“This is a sign of unmistakable growth. We are meant to usher in major initiatives and not just constructing a building here,” he added.
Hofileña said the standing order for the sales division is to increase revenue within two years.
“Just in time when we open the building in 2010, which is also the time we will celebrate our centennial – another reason that we are working on this project,” he said.
The Center, dubbed as a corporate hub, has a gross area of 19,500 sq. m.
It was designed by prominent architectural firm J.T. Manosa and Associates with an eye for promoting green architecture.
“It will be equipped to handle the rigors of a technologically driven business environment and will also promote green architecture with its optimum use of natural light, terraced greenery, gardens and water features,” Ayllon said.
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