The Philippine International Convention Center (PICC) lost money in 2025, the year it closed for about six months for a major restoration.
The PICC, wholly owned by the Bangko Sentral ng Pilipinas (BSP), posted a net loss of P163.4 million in 2025, a reversal from a P170.4 million profit in 2024, according to its audited financial statements as reported by Bilyonaryo and banking news site Bankero.
The Numbers
According to Bilyonaryo and Bankero:
- Rental income fell about 81 percent, to P93.5 million from P486.3 million (Bilyonaryo)
- Overall operating income fell 83 percent to P175.4 million from P1.01 billion (Bilyonaryo)
- Capital spending rose almost six times, to P1.14 billion from P192.6 million (both)
- Operations used P398.1 million in cash, compared with P139.6 million generated in 2024 (Bankero)
- Cash on hand still rose to P1.69 billion from P1.53 billion (both)
- The amount owed to the BSP grew 60 percent to P1.44 billion, or about 83 percent of total liabilities (Bankero)
The PICC cut operating expenses sharply, but not enough to offset the lost income, Bilyonaryo reported.
Part of the bigger balance owed to the BSP reflects how the PICC is funded. The BSP’s own 2025 audited financial statements say the central bank provides the PICC’s yearly budget for both capital spending and operations. Bankero said the amount due to the BSP includes these budget advances and capital-spending funds, not just conventional borrowing. The BSP’s statements also show the PICC booked an income tax benefit of P76.2 million in 2025, after a tax expense of P43.5 million in 2024. That shift is consistent with the swing to a loss.
Why the PICC Closed
The PICC closed in March 2025 and reopened on Sept. 30, 2025, at a ceremony led by President Marcos, according to the Presidential Communications Office. The project was timed for two milestones: the venue’s 50th anniversary (it opened on Sept. 5, 1976) and the Philippines’ role as ASEAN chair in 2026.
The restoration aimed to preserve National Artist Leandro Locsin’s Brutalist design while bringing the complex up to modern standards. According to Bilyonaryo, Manila Bulletin and the PICC, the work included:
- Restoring the concrete walls, marble floors and the lobby’s signature droplights
- Refurbishing the Plenary Hall, including new seating and better acoustics and lighting
- New audiovisual systems and LED screens in meeting rooms
- High-speed Wi-Fi throughout the complex, upgraded security and energy-efficient lighting
“The renovation of the PICC was meant to preserve a landmark of Filipino ingenuity,” BSP Governor Eli Remolona Jr., who also chairs the PICC board, said at the reopening, according to Manila Bulletin.
What It Means for Events
The PICC began taking bookings again in October 2025 for conferences, conventions, graduations and private events, Manila Bulletin reported.
Its biggest test is next month. The PICC is the main venue for the 49th ASEAN Summit and Related Summits on Nov. 16 to 18, Inquirer reported. Other events will be held at the Coconut Palace and Conrad Manila, and the media center will be at the World Trade Center. President Marcos inspected the PICC on Friday, Oct. 2. Malacañang has declared Nov. 16 to 18 special non-working days in Metro Manila under Proclamation 1447, Philstar reported.
The 2025 loss reflects a year when the venue was closed for about half the year by design. The 2026 financial statements, covering the PICC’s first full year after the renovation, will show whether rental income recovers. Neither the PICC nor the BSP had publicly commented on the 2025 results in the reports we reviewed.
