The Philippine Amusement and Gaming Corporation (PAGCOR) and San Miguel Corporation (SMC) today broke ground for the state gaming firm’s new corporate office building at the Bagong Nayong Pilipino complex in Pasay City.
The PAGCOR Corporate Center – valued at Php2.45 billion – will be fully financed and constructed by SMC at no cost to PAGCOR, said Chairman and CEO Alejandro Tengco who led the project’s groundbreaking with SMC Chairman Ramon Ang.
During the simple ceremony, Mr. Tengco noted that for over four decades, PAGCOR has operated from various rented spaces under less-than-ideal conditions, with its workforce dispersed across multiple locations.
“Ang araw na ito ay katuparan ng isang pangarap para sa PAGCOR na magkaroon ng sariling tahanan,” he said. “We are truly blessed to witness this historic moment as we lay the groundwork for a vision that reflects our identity, core values and aspirations as an organization.”
The corporate center will have a floor area of 40,000 square meters, with an additional 15,000 square meters designated for comprehensive fit-out.
“Since PAGCOR will not occupy all 40,000 square meters, we plan to lease some of the commercial spaces to generate rental income,” Chairman Tengco said. “These rental earnings should be enough to cover the building’s maintenance costs.”
Mr. Tengco said the agency’s collaboration with SMC exemplifies how private-public partnerships can maximize the potential of government assets to create more economic opportunities.
“The Nayong Pilipino complex, once known for its rich attractions, culture and history, had long lain dormant,” Mr. Tengco said. “Today, it is set to be transformed into a vibrant symbol of progress and opportunity for PAGCOR.”
For his part, SMC Chairman Ramon Ang said the construction of the PAGCOR Corporate Center represents a mutually beneficial partnership between the state gaming firm and the conglomerate.
“This is a mutually beneficial partnership between PAGCOR and SMC,” he said. “While SMC will construct the Corporate Center, we will also use PAGCOR’s Nayong Pilipino property to build infrastructure that will complement airport requirements.”
The PAGCOR Corporate Center was designed by JSLA architectural design firm and will be built by New Golden City Builders. Both companies are known for big-ticket infrastructure projects in the country.
“SMC only commissioned the best architects and construction firms to ensure the project’s completion by 2028,” Mr. Ang added.
The construction of PAGCOR’s Corporate Center is part of the 25-year lease agreement entered into by the state gaming agency with SMC last December 12, 2024.
Aside from funding the building construction, SMC will pay monthly rental fees – with an annual escalation – for the use of PAGCOR’s 13-hectare Nayong Pilipino property for aviation-related projects.
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