The Philippine Amusement and Gaming Corporation (PAGCOR) signed a 25-year lease agreement with San Miguel Corp. Infrastructure (SMC) to construct a new headquarters for the gaming regulator at no cost to PAGCOR.
Under the agreement, PAGCOR leased the 15-hectare Nayong Pilipino property to SMC, allocating two hectares for the construction of PAGCOR’s new corporate office. SMC will fully fund and build the PHP2.45 billion ($41.74 million) project, according to PAGCOR Chairman Alejandro H. Tengco.
Tengco expressed excitement about the project, saying, “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.”
During the signing ceremony, SMC Chairman Ramon S. Ang highlighted the company’s commitment to using the property for the public good. He underscored that the new PAGCOR headquarters will play a key role in supporting PAGCOR’s mission to fund government programs that improve the lives of Filipinos.
Construction of the new headquarters will commence once PAGCOR approves the final design. The building will cover40,000 square meters, with an additional 15,000 square meters allocated for fit-out space. PAGCOR also plans to generate extra revenue by renting out the unused areas of the new office once completed.
As part of the lease agreement, SMC will develop the remaining 13 hectares of the Nayong Pilipino property for infrastructure that supports airport operations. SMC, along with the Incheon International Airport Corporation, formed a consortium that took over the management of Ninoy Aquino International Airport (NAIA) earlier this year. The group plans to invest PHP170 billion ($2.9 billion) to upgrade the airport and expand its passenger capacity.
