Pagcor leases Nayong Pilipino property to San Miguel for 25 years
MANILA, Philippines – The Philippine Amusement and Gaming Corporation (Pagcor) is leasing the 15-hectare Nayong PIlipino property to San Miguel Infrastructure, which in turn will finance the construction of Pagcor’s new office building.
The deal was signed last week, December 12, by Pagcor Chairman Alejandro Tengco and San Miguel Corporation Chairman and Chief Executive Officer Ramon Ang. SMC already turned over advanced payments worth almost P100 million, covering rental fees and security deposits.
According to Pagcor’s statement on Monday, December 16, the construction of its new office building was a “major consideration” for the agreement.
“For many years, PAGCOR has operated across various rented locations, with our employees spread out and often working under less-than-ideal conditions,” Tengco said.
“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,” he added.
Pagcor’s office is currently along Macapagal Boulevard in Pasay City. Its new 40,000 square-meter office will be constructed within a 2-hectare portion of the Nayong Pilipino property.
According to Tengco, the construction will be “fully financed and built by SMC at no cost to Pagcor.”
The project is estimated to total P2.45 billion — with P2 billion covering the development of the building itself, while P450 million will be allocated to its fit-out space of 15,000 square meters. Ang said they will await for Pagcor’s go-signal before construction work begins.
The office will not only be home to Pagcor, but the government-owned and -controlled corporation plans to lease off unused corporate offices once completed.
Aside from the new Pagcor office, SMC plans to use the rest of the property to augment airport operations. The lease agreement comes three months after San Miguel-led New NAIA Infrastructure Corporation (NNIC) took over the management and operations of the Ninoy Aquino International Airport (NAIA).
This is in line with the government’s plan to improve the country’s “city airport,” which, in 2023, Tengco told lawmakers they were already waiting proposals for.
SMC is currently in the process of renovating and modernizing the country’s largest international gateway.
“Our goal is to maximize the potential of this property for the public’s benefit,” Ang said. – Rappler.com