Ficus macrophylla - Moreton Bay Fig - Trunks

The bark looks quite pale.
Does the tree shed its bark?
I can see some bits peeling off.

No, Ficus do not shed their bark like Eucalyptus. Many species of Ficus have very light colored bark which contrast very well against the dark green, two-tone or heavily veined leaves. Also, many Ficus when very old have a cracking of the bark...I'm not sure why this is.