Aside from intellectual property, which intangible asset can unlock values at a premium as hefty as what real estate can command?
The airspace above sprawling low-rise developments at former military camp Bonifacio Global City (BGC), that is. There’s a burgeoning market for the trading of this invisible asset.
Every piece of land within BGC has a height allotment based on the master plan. However, there are structures that didn’t maximize the height limit upon construction, such as Ayala Land’s Serendra or International School Manila, that owners don’t intend to tear down or modify vertically in the foreseeable future. Based on existing agreements, that airspace must revert to the Bases Conversion and Development Authority (BCDA), which in turn can sell the right to developers intending to build taller restructures but are restricted by designated floor area ratio (FAR) at their current locations.
READ: Japan firms, ALI eye Market! Market! project
Conglomerate GT Capital, which owns Federal Land, is one example. The Ty family-led group wants to tear down the existing Lexus showroom to build a new high-rise residential complex in the same row as Grand Hyatt Hotel, currently the tallest structure in BGC.
“The problem is there’s scarcity in designated FAR there. Now that they want to change it, they need to apply … and they need to buy (airspace),” BCDA president Joshua Bingcang told Biz Buzz.
At current values, Bingcang estimated that BGC airspace could be monetized for around P60,000 to P70,000 per square meter (sq m). The GT Capital/Federal Land group sent feelers that they need around 60,000 sq m, which means that for that space above Lexus alone, BCDA can raise at least P3.6 billion. “Para na din akong nagbenta ng lupa (It’s almost like I’ve sold a parcel of land),” said Bingcang.
Counting all the underutilized airspace in this bustling central business district, we gather than BCDA is sitting on an invisible gold mine worth about P100 billion! After all, only Grand Hyatt and Shangri-La BGC have maximized the 250-meter height limit.
Of course, release to the market of additional BGC airspace will have to be staggered to avoid a glut, and allow the state to unlock even better valuations in the future. — Doris Dumlao-Abadilla
What’s next for Tiu Laurel?
Agriculture Secretary Francisco Tiu Laurel Jr. hopes that the Philippine agriculture sector will turn a corner in 2025, following a challenging year marked by persistent issues and natural calamities.
Reflecting on his role, Tiu Laurel acknowledged the daunting responsibility of leading the Department of Agriculture (DA), admitting that he had initially regretted accepting his childhood friend’s call to service.
“Well, honestly, nung first four months sa opisina na ito, medyo nagsisisi talaga ako, na kinuha ko yung portfolio (During the first four months in the office, I regretted taking the agriculture portfolio),” Tiu Laurel said during a recent flag ceremony at the DA head office.
Tiu Laurel declined the offer to assume the top DA post twice, saying he wanted to focus on running their family’s business, the Frabelle Group of Companies.
READ: Marcos OKs program to boost agriculture with local machinery
Eventually, he could not say no to President Ferdinand Marcos Jr., who personally approached him to lead the agency, considering it a calling to serve the government.
The sector grappled with relentless challenges this year— rising input costs and food prices, worsened by weather disturbances and animal diseases, to name a few. Even so, Tiu Laurel confessed he isn’t fully satisfied with his performance, even with years of experience in managing the family business.
Tiu Laurel said he was “quite optimistic” about the performance of the farm sector next year and appealed to the entire DA family to make this a reality.
As he approaches the second year of leading the department, Tiu Laurel said various initiatives are underway to lift up the farm sector.
These include constructing rice processing centers and purchasing farm machinery to modernize farming, along with revising relevant policies to improve efficiency and effectiveness.
All eyes will be on Tiu Laurel as steers the DA toward another year of challenges, including the cyclical impact of El Niño and La Niña. — Jordeene B. Lagare
“Kuya Kim” is new anti-piracy envoy
Television giant GMA Network Inc, with the support of the Intellectual Property Office of the Philippines (IPOPHL), has selected television personality and YouTube vlogger Alejandro Atienza — more popularly known as “Kuya Kim”– as its official anti-piracy ambassador.
The intellectual property regulator said that Atienza’s reputation for promoting education and civic responsibility made him a natural and compelling choice for their critical anti-piracy advocacy.
“With Kuya Kim on board, GMA is sending a powerful, relatable message that resonates across ages and social groups,” IPOPHL director general Rowel Barba said in a statement.
Based on the latest consumer survey on piracy conducted by international internet-based market research firm YouGov (commissioned by the Asia Video Industry Association’s Coalition Against Piracy), 70 percent of Filipinos have consumed pirated content via online streaming this year, up from 58 percent in 2023. This made the Philippines the second highest user of illegal streaming in the Asia Pacific.
As Atienza’s popular tagline goes, “maging mapanuri, mapag-matiyag at mapangahas (Be more discerning, alert and aggressive)!”–Alden M. Monzon
Nuclear energy alliance
The Philippines may have gotten another boost in its broader goal of including nuclear energy in its energy mix.
US-based EōS Organization is offering a P192-million grant to the Philippine Nuclear Science Foundation to advance nuclear energy.
This initiative aims to elevate nuclear energy education to global standards, which can be attained by collaborative efforts of participants in the public and private sectors in developing the Generation IV Research Reactor by 2027.
Generation IV Research Reactor is an advanced nuclear reactor design that aims to generate more energy while reducing waste and minimizing environmental impact.
“This collaboration is expected to significantly impact the future of safe, sustainable and reliable nuclear energy in the Philippines and positions the country to be a leader in nuclear energy in the Southeast Asian region and be a global player in the industry,” EōS Organization said.
The California-based integrated renewables company and the Philippine Nuclear Science Foundation are in discussions with the Philippine Nuclear Research Institute, two leading Philippine national universities, and EōS’ technology partner Valar Atomics.
“The education program will assure a continuous supply of Philippine nuclear professionals well versed and experts in the design, development and use of current cutting-edge nuclear technology,” it added. — Jordeene B. Lagare