Developer backed by billionaire Lucio Tan plans to build Philippines’ 2nd tallest tower

The company intends to develop a 280-meter tower on an 8,000-square-meter parking lot in the Makati central business district, according to Forbes.

In terms of height, it will be second only to the 318-meter Metrobank Center. It will surpass The Estate Makati, which is 276.8 meters. All three buildings are in Metro Manila.

PNB’s 54-story mixed-use building will house offices, residences, a shopping mall and an upscale hotel.

Analysts estimate development costs could reach 12.8 billion pesos ($205 million), though the total investment could rise once the design is finalized, PNB Holdings chief financial officer Ponciano Carreon Jr. said.

"We have waited a long time to develop the property," Carreon said. Construction could begin as early as the fourth quarter of 2027, depending on market conditions, and take five to seven years to complete, he added.

"It’s the most ready for development among our prime assets. We have done preliminary studies on what to do. Our priority is to unlock the value of our prime properties."

The plan comes as the country’s largest lenders race to develop modern skyscrapers to meet strong demand for new office space.

Bank of Philippines Islands, controlled by tycoon Jaime Zobel de Ayala’s Ayala Corp., is constructing a 45-story skyscraper measuring about 224 meters at its former headquarters in the Makati CBD, according to The Inquirer.

Nearby, BDO Unibank, controlled by the Sy family’s SM Investments, is redeveloping its headquarters with a 55-story tower measuring about 272 meters and a 48-story tower.

Buildings in Makati City, Metro Manila, Philippines. Photo by Unsplash/JC Gellidon

The developments come amid limited office supply in Makati and Bonifacio Global City, according to Joey Bondoc, head of research at property consultancy Colliers Philippines.

"It’s ripe to build new offices for both Makati and Bonifacio Global City," he said, noting that office vacancy rates in both financial districts are about 10%.

PNB Holdings, spun off last month as a separately listed company with a market capitalization of about 56 billion pesos, owns three prime properties in Metro Manila that it intends to redevelop gradually over the next 25 years, Carreon said.

Its property portfolio was valued at 86.5 billion pesos at the end of 2025. The assets include an old office building on Ayala Avenue, the Makati CBD’s main thoroughfare, and the PNB financial center, which occupies a 10-hectare site near Manila Bay.

With a real-time net worth of $3.1 billion, Tan ranks among the country’s wealthiest people. Alongside banking and real estate, he holds a controlling stake in Philippine Airlines and has interests in tobacco and spirits.