The Philippine Amusement and Gaming Corp. and San Miguel Corp. has recently signed a 25-year lease agreement for the utilization of PAGCOR’s 15-hectare Nayong Pilipino property in Pasay City. The partnership aims to enhance PAGCOR’s operational efficiency and support the development of vital public infrastructure.
A key aspect of the agreement is the construction of PAGCOR’s new corporate office building, which will rise on a two-hectare portion of the property. The state-of-the-art office will span 40,000 square meters, with an additional 15,000 square meters allocated for fit-out space.
Valued at P2.45 billion, the project will be fully financed and built by San Miguel at no cost to PAGCOR.
“This project will be more than just a structure,” said PAGCOR Chairman and CEO Alejandro H. Tengco. “It reflects our commitment to creating a world-class work environment for our employees and to embody our core values and aspirations.” He highlighted the significance of consolidating the agency’s scattered operations into one building, which has long been a goal for the organization.
San Miguel Chairman and Chief Executive Officer Ramon S. Ang said the broader impact of the development, noting that the new headquarters would not only modernize PAGCOR’s operations but also complement public infrastructure needs. San Miguel plans to utilize the remaining 13 hectares of the Nayong Pilipino property for various infrastructure projects related to airport operations.
During the signing ceremony, SMC also turned over nearly P100 million in advance rentals and security deposits to PAGCOR. This agreement is expected to generate additional revenues for the government, particularly from PAGCOR’s future leasing of unused office space once the building is complete.
