The project is due to be finished by 2028.
The Philippines.- The Philippine Amusement and Gaming Corporation (PAGCOR) has broken ground for its planned corporate office in Bagong Nayong Pilipino, Pasay City, Metro Manila.
The cost of the office development will be PHP2.45bn (US$42.2m). It will be financed and built by San Miguel Corporation (SMC) at no cost to PAGCOR. The project is due to be finished by 2028.
In December, PAGCOR signed a 25-year lease agreement allowing SMC to use PAGCOR’s 15-hectare Nayong Pilipino property in Pasay City. In exchange, SMC committed to build PAGCOR’s new office, which will cover 40,000 square meters of the site.
PAGCOR chairman and CEO Alejandro H. Tengco said that since PAGCOR will not occupy all 40,000 square metres, it is planning to lease some of the commercial spaces to generate rental income. He said, “These rental earnings should be enough to cover the building’s maintenance costs.“
PAGCOR posted record revenue of PHP112bn (US$1.92bn) for 2024, up 41 per cent in year-on-year terms. The regulator posted net operating income of PHP84.97bn (US$1.46bn), up 51 per cent year-on-year. Net income after contributions to nation-building reached PHP16.77bn (US$287m), up 146 per cent year-on-year.
The e-games and e-bingo sectors became the biggest contributors with PHP48.79bn (US$836m) or 50.3 per cent of all gaming revenues. Casinos contributed PHP33.07bn (US$567m) while commercial casinos licensed by PAGCOR brought in PHP12.67bn (US$217m). Offshore gaming operators which were banned in December, contributed PHP2.99bn (US$51m).
Contributions to nation-building increased by 37.61 per cent, reaching PHP68.20bn (US$1.17bn). This includes PHP46.32bn (US$793m) remitted to the National Treasury, PHP4.87bn (US$83m) in franchise taxes and PHP1.09bn (US$19m) in corporate income taxes.
