San Miguel Corporation to Build New PAGCOR Headquarters Free of Charge
The Philippine Amusement and Gaming Corporation (PAGCOR) has finalized a 25-year lease agreement with San Miguel Corporation (SMC) Infrastructure.
San Miguel Corporation sign. PAGCOR secures new headquarters as part of SMC deal.
LISTEN TO THIS ARTICLE:This deal paves the way for a new state-of-the-art headquarters for PAGCOR, which will be financed entirely by SMC at no expense to the newly transitioning regulator.
Two Hectares Assigned to Headquarters
The lease involves the 15-hectare Nayong Pilipino property, with two hectares designated for PAGCOR’s corporate office. According to Chairman Alejandro H. Tengco, the PHP2.45 billion ($41.74 million) facility “will be fully financed and built by SMC at no cost to PAGCOR.”
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.
At the signing event, SMC Chairman Ramon S. Ang spoke of the broader goals of the project. He said that the aim is to use the building for the public’s benefit and that the new PAGCOR headquarters will be a part of that by giving them a modern space to support their work.
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Unused Space to be Leased
Construction of the new office will begin once PAGCOR approves the final design. The headquarters will feature 40,000 square meters of office space, along with an additional 15,000 square meters set aside for future fit-out purposes.
Chairman Tengco also mentioned potential revenue opportunities, noting that PAGCOR plans to lease out unused portions of the corporate office once it is operational.
Under the agreement, 13 hectares of the Nayong Pilipino property will remain under SMC’s management. This area will primarily be used for infrastructure projects to support airport operations.
This lease fits with SMC’s wider involvement in enhancing the Ninoy Aquino International Airport (NAIA). Alongside the Incheon International Airport Corporation, SMC assumed management of NAIA earlier this year. The consortium has committed PHP170 billion ($2.9 billion) to expand and upgrade the airport and is targeting an annual passenger capacity increase from 43 million to 62 million.
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