IPOPHL buys office space for P1.6 B

The Intellectual Property Office of the Philippines (IPOPHL) has acquired two floors of the Savya Financial Center in Arca South, Taguig, for P1.6 billion, estimated to save the government agency P4.7 billion if it leases the property for 25 years.

In a statement, IPOPHL said the purchase agreement with the developer was signed last May 24, 2023. IPOPHL plans to move into the new building by next year from its current office along Mckinley Road in Taguig.

“With rent escalations of five percent per year, it is to the best interest of IPOPHL and the government to invest its retained earnings in real estate which will result in lease savings amounting to P4.7 billion over the next 25 years. These savings may very well be diverted to service upgrades and expansion, helping improve our online services, pursuing our Digital Transformation program, and helping more businesses, innovators and creators in the country protect their IP assets,” said IPOPHL Director General Rowel S. Barba.