PAGCOR’s new corporate office building will be built on the site.
The Philippines.- The Philippine Amusement and Gaming Corporation (PAGCOR) and San Miguel Corporation (SMC) have signed a 25-year lease agreement allowing SMC to use PAGCOR’s 15-hectare Nayong Pilipino property in Pasay City. SMC will also build PAGCOR’s new office, which will cover 40,000 square meters of the site.
The cost of the office development will be PHP2.45bn (US$41.7m), which includes PHP2bn for construction and PHP450m for interior work. It will be financed and built by SMC at no cost to PAGCOR.
The lease agreement allows 13 hectares to be used for SMC’s projects, mainly to support airport infrastructure. PAGCOR anticipates additional income from renting out unused areas in the new office once it’s finished.
PAGCOR Chairman and CEO Alejandro H. Tengco said: “For many years, PAGCOR has operated across various rented locations, with our employees spread out and often working under less-than-ideal conditions. While we have always managed to deliver on our mandates, we’ve long dreamed of a day when we could bring everyone together under one roof—a place where we could foster a stronger sense of community, collaboration and shared purpose.”
SMC chairman and CEO Ramon S. Ang, said: “Our goal is to maximise the potential of this property for the public’s benefit. The new PAGCOR headquarters will be a key part of this plan, providing a modern space to support their crucial role in funding government programs that uplift the lives of many Filipinos,” he added.
