To the reported dismay of its members, the prestigious Tower Club atop the Philamlife IT Tower at Salcedo Village in Makati City is closing shop after 19 years of hosting power lunches and dinners.
In a stockholders’ meeting over the weekend, management led by the Philam Group sought and received the approval of its plan to shutter the exclusive club due to losses in the past years aggravated by the coronavirus pandemic.
The club’s impending closure raised howls of protest among its members composed of the country’s elite and business captains, sources said.
Tower Club, Inc. will end its corporate life within 16 months, based on reports from the stockholders’ meeting where management revealed the club “has been consistently accumulating net losses.”
“Measures implemented to address its financial problems have failed to keep the Club operationally and financially viable,” management added.
Restrictions on social gatherings had taken its toll on the core service of the club which is to provide a venue for fine dining meetings and to host a gym.
The company will be dissolved by 31 January 2022, by which time it would have completed the retrenchment of its employees, liquidating its assets and paying off its debts.
The club was founded by the late SGV founder Washington Sycip and former central bank governor and Philam owner Joey Cuisia.