December 17, 2024 | 12:00am
MANILA, Philippines — The Philippine Amusement and Gaming Corp. (PAGCOR) has signed a 25-year contract with San Miguel Infrastructure, the infrastructure unit of San Miguel Corp. (SMC), for the lease of the gaming regulator’s 15-hectare Nayong Pilipino property in Pasay City.
The lease agreement allocates 13 hectares of PAGCOR’s 15-hectare Nayong Pilipino property for SMC’s initiatives, which will mainly include infrastructure to complement airport requirements, PAGCOR said.
PAGCOR said that a significant consideration of the agreement, signed on Dec. 12, is the construction of the state-run firm’s new corporate office building, which will soon rise on a two-hectare portion of the property.
According to PAGCOR, the office building, which will span 40,000 square meters, with an additional 15,000 square meters for fit-out space, is valued at P2.45 billion: P2 billion for the building construction and P450 million for fit-out.
“It will be fully financed and built by SMC at no cost to PAGCOR,” said PAGCOR chairman and CEO Alejandro Tengco.
“This project will be more than just a structure. It reflects PAGCOR’s commitment to creating a world-class work environment for its employees, a reflection of our identity, core values and aspirations,” he added.
Tengco described the development as a practical and visionary solution to the agency’s need for office space.
“For many years, PAGCOR has operated across various rented locations, with our employees spread out and often working under less-than-ideal conditions,” he 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,” the PAGCOR chief added.
For his part, SMC chairman and CEO Ramon Ang assured the public that the construction of the PAGCOR building would commence promptly upon PAGCOR’s formal approval of the design.
“Our goal is to maximize 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,” Ang said.
During the contract signing, Ang also turned over to PAGCOR checks for nearly P100 million representing advance rentals and security deposits.
Aside from the rental for the 13-hectare property, Tencgo said PAGCOR also expects additional revenues from renting out unused portions of the new corporate office once it is completed. — Rainier Allan Ronda
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