To save on rent, the Philippine Stock Exchange (PSE) plans to merge its Ortigas and Makati offices next year pending the planned completion of a new building in Fort Bonifacio.

PSE President Francis Ed. Lim told reporters the move to Ayala in the first quarter of next year would lead to some savings. He did not say how much.

"We will integrate our offices in Ayala pending the construction of our building in Fort Bonifacio ... That would save costs," he said.

PSE financial statements show that occupancy costs at P18.86 million were its third highest operting expense in the first half next to compensation and professional fees.

Mr. Lim said the Ayala office could accommodate all PSE employees, adding that the bourse plans to reduce the size of the trading floor there.

Aside from the Makati office, the PSE has an office in Ortigas Center, Pasig City.

In a text message yesterday, Mr. Lim said all but a few employees in Ortigas office would move to Ayala, with those staying behind doing so for the purpose of maintain a dealing room.

"No definite decision on what to do with the Tektite offices that will be vacated, but we will either sell or lease them out," he said.

The PSE has long been planning to put up a unified headquarters in Fort Bonifacio, Taguig City but this has been postponed several times.

The latest delay was due to Ayala Land Inc.’s decision to defer construction due to a slowdown in the high-end property market.

The listed real estate firm offered a new proposal in June wherein the PSE would get a bigger lot — 5,700 square meters (sq. m.) against the previous 2,000 sq. m. — but the bourse may have to build the structure itself.

The new headquarters, to be called the Philippine Stock Exchange Square, will be 12-15 stories high and cover almost half the total land area.

It will comprise phase one of the overall project. — Don Gil K. Carreon