MANILA, Philippines - The Securities and Exchange Commission (SEC) is moving ahead with a plan to relocate its headquarters to a government-owned property in the Fort Bonifacio business district in Taguig City, SEC chairman Teresita Herbosa said.
The property, which is adjacent to the upscale residential Dasmariñas Village and Forbes Park in Makati City, will also house other government agencies which are part of the so-called financial cluster.
Herbosa told reporters last week that the SEC is drawing up plans for its new headquarters, where she hopes the SEC will be able to relocated in three years. She said the SEC is not expected to pay for the land and the construction budget has been initially set at P1 billion.
Its current headquarters located on Edsa and near the corner of Ortigas Avenue occupies a “strategic location,” Herbosa said. “I think there are other government agencies that would have a need for this [building],” she said.
SEC’s management, meanwhile, has yet to decide on what to do with its current headquarters once plans to transfer have been finalized.
Fort Bonifacio, which used to be a military camp before large portions were privatized, continues to draw more institutions such government agencies and large corporations. The Philippine Stock Exchange is also planning to move its Makati City headquarters to Fort Bonifacio.
Fort Bonifacio is envisioned to one day rival nearby Makati, where the country’s main financial district is situated.