BGC’s Man of Action

By Patria Iane Balilla

TThe COVID-19 pandemic pummeled the country’s financial and real estate sectors. But in the face of a bleak business environment, barely three months after being appointed Chief Operating Officer (COO) of the Fort Bonifacio Development Corp. (FBDC) in January 2020, Mr. Wilfredo Teodoro, Jr. pushed forward to sustain the company’s main development project, the Bonifacio Global City (BGC).

Let us know more about Mr. Teodoro, better known as Jay or JT to his friends and colleagues, and his action plan to lift BGC above the obstacles posed by the pandemic.

How did you start your career in real estate development?

After graduating from college, I joined Landco as a business planning analyst. Back then, it was a relatively new real estate development company that provided consultancy services to other developers through its Business Planning (BP) Department. Coincidentally, my first project as a BP analyst was for BGC. After Landco, we set up a new real estate consultancy company called LandExcel Consulting (LEC). My LEC experience exposed me to different real estate projects such as industrial, residential, and commercial uses. It allowed me to work with top real estate developers. My humble beginnings helped me realize that my passion lies in real estate development. After LEC, I joined Eton for close to 2 years before joining Ayala Land for 11 years. My last three estate projects for Ayala Land before being transferred to FBDC were Vertis North, Cloverleaf Balintawak, and Vermosa.

How has the pandemic affected your personal life?

During the first day of the Enhanced Community Quarantine (ECQ) in Metro Manila, my third daughter was born. It was a big adjustment as I had to juggle my duties with the new baby, as the family’s “tribute” for grocery runs and other errands, and working from home.

To have some semblance of normalcy, I did my usual routines, such as dressing up in work clothes. I also continued my triathlon training at least five times a week, even though all races were halted in 2020.

My day would usually start at 4:30 a.m., so I could be at the office or start working around 8 a.m. I made sure that I kept my body healthy, especially that we are in a health crisis.

But I also got to pick up some new skills while on lockdown, like baking bread. I can make pretty good sourdough bread.

What were the challenges brought by the pandemic to FBDC?

At the onset, the pandemic brought a lot of uncertainty for our different stakeholders. People were worried and very anxious. FBDC’s total revenues fell by 27% compared to the prior year, primarily driven by a 50% decline in mall leasing revenues. The lockdowns and health restrictions resulted in a substantial decrease in mall traffic, adversely affecting merchants’ sales.

What were your immediate steps to keep the company going?

During a crisis such as this, the company needs to maintain a healthy financial position. Fortunately, FBDC’s financial situation is stable, but we still opt to be more prudent in our spending and make sure that we efficiently manage our cash flow. The first thing we did was to ensure everyone that the company had a plan specifically for this pandemic that revolves around a five-point strategy: (1) protecting our people; (2) serving our customers and partners; (3) helping the community; (4) thinking ahead for the recovery; and (5) ensuring financial sustainability.

In line with this strategy, we assured our employees that the company would protect their jobs, which can only be possible if the company remains financially sustainable.

During the enhanced community quarantine, FBDC provided renfftal concessions to enable merchants to continue to operate and avoid mass lease preterminations. We also implemented extensive sanitation and health protocols in all our facilities to ensure the safety of customers. We also started initiatives to drive back traffic to our malls and help our merchants bounce back from the pandemic.

We opened a curbside pick-up in Bonifacio High Street (BHS) to enable contactless transactions. We also partnered with delivery platforms to offer personalized shopping services. We also took advantage of our malls’ outdoor orientation by providing extended dining facilities in our parks and open spaces. We also placed QR codes on these outdoor tables to allow customers to conveniently view the menu, order, and make payments to our various BHS merchants.

To further drive mall traffic, we closed a portion of 5th avenue during weekends and

allowed our merchants to set-up booths and sell their goods.

Can you share BGC’s milestone in 2020 amid the pandemic?

I consider how the entire FBDC organization’s management team, employees, and partners responded during the first few days of the Metro Manila lockdown as one of BGC’s most significant milestones for 2020. Because of FBDC’s quick response to the pandemic, we were able to maintain business continuity throughout our entire businesses, including malls, offices, and utility companies. Further, all estate services such as security, traffic, waste management, and grounds maintenance continued to be in place during the strict community quarantine. BGC was also one of the first developments that implemented regular sanitation of its high-touch public facilities.

We made sure that our actions and our coordination with the LGU were quick, so even before the initial case of COVID-19 was declared in BGC, the estate had already rolled-out information campaigns on COVID-19 and had implemented isolated lockdowns as necessary. At present, BGC and Taguig City have one of the lowest cases of COVID-19 in the metro.

We also did not just focus on our businesses, but we also helped our community. Through Fort Bonifacio Development Foundation, Inc. (FBDFI), the company’s social responsibility arm, the team raised over PHP7 million in cash and kind to assist BGC front liners and lowincome neighboring communities. We also deployed BGC buses to provide free shuttle service to medical frontline workers of St. Luke’s Hospital-BGC.

BGC was also among the first private developments to establish bike lanes and launch its first app-based Personal Mobility

Because of FBDC’s quick response to the pandemic, we were able to maintain business continuity throughout our entire businesses, including malls, offices, and utility companies.

Devices and bike-sharing program, in partnership with Moovr, to support the biking community further.

What is your vision for FBDC for the coming years?

I think FBDC’s success ties up with BGC, so I envision it as the most admired city in the region for its efficiency, excellent city services, lively culture and arts, and overall livability. Achieving these goals will surely open several opportunities for the company.

Moving forward into 2021, what are the plans for BGC?

We are cautiously optimistic that the Philippine economy will start recovering this year; thus, our focus for 2021 is to continue planning projects while anticipating a steep market recovery. We have already identified these key projects, but implementation will depend on the market situation.

There are currently 28 ongoing projects in BGC, and 25 of them have resumed their construction activities this last quarter of 2020. We expect ten of these projects to finish by 2021, including FBDC’s Grade A office building and the BGC Corporate Center 2.

We will also implement initiatives to improve customer experience and overall estate services within BGC.

What is your message to the public, as more people keep visiting BGC for dining and leisure, with Metro Manila’s eased lockdown?

BGC, being an outdoor retail development, allows for better air circulation compared to most enclosed malls. This advantage, coupled with the extra precautions we take in ensuring public health and safety, provides a safer retail environment for our community.