PAGCOR and SMC Break Ground for New Corporate Center at Bagong Nayong Philippine
The Philippine Amusement and Gaming Corporation (PAGCOR) and San Miguel Corporation (SMC) today celebrated a significant milestone with the groundbreaking ceremony for the construction of the new PAGCOR Corporate Center at the Bagong Nayong Pilipino complex in Pasay City.
This ambitious project, valued at Php2.45 billion, will be fully financed and constructed by SMC at no cost to PAGCOR. Chairman and CEO Alejandro Tengco, along with SMC Chairman Ramon Ang, led the groundbreaking ceremony, marking the beginning of this exciting new chapter for PAGCOR.
For over four decades, PAGCOR has operated from various rented spaces, leading to operational inefficiencies and a less-than-ideal working environment for its employees. Chairman Tengco expressed his gratitude for this momentous occasion: "Today marks the fulfillment of a long-held dream for PAGCOR – to have our own dedicated home. We are truly honored to witness this historic moment as we lay the foundation for a building that will reflect our identity, core values, and aspirations as an organization."
The new PAGCOR Corporate Center will boast a substantial 40,000 square meters of floor space, with an additional 15,000 square meters allocated for comprehensive fit-out. Recognizing the potential for generating additional revenue, Chairman Tengco announced plans to lease out a portion of the commercial spaces within the building. "These rental earnings will be instrumental in covering the building's maintenance costs," he explained.
Chairman Tengco emphasized that this collaboration exemplifies the benefits of public-private partnerships, demonstrating how government assets can be effectively leveraged to create economic opportunities. "The Nayong Pilipino complex, once a vibrant hub of culture and history, had fallen into disrepair," he stated. "Today, we are witnessing its transformation into a symbol of progress and opportunity for PAGCOR."
SMC Chairman Ramon Ang echoed these sentiments, highlighting the mutually beneficial nature of this partnership. "This project represents a win-win situation for both PAGCOR and SMC," he said. "While SMC undertakes the construction of the Corporate Center, we will also utilize PAGCOR's Nayong Pilipino property to develop infrastructure that will complement airport requirements."
The design of the PAGCOR Corporate Center has been entrusted to JSLA architectural design firm, renowned for its expertise in large-scale infrastructure projects. Construction will be undertaken by New Golden City Builders, ensuring the project's timely and efficient completion by 2028.
This groundbreaking ceremony marks a significant milestone in the 25-year lease agreement signed between PAGCOR and SMC last December 12, 2024. In addition to funding the construction of the Corporate Center, SMC will pay monthly rental fees, subject to annual escalation, for the use of PAGCOR's 13-hectare Nayong Pilipino property for aviation-related projects. This partnership exemplifies how government entities and private corporations can effectively collaborate to achieve shared goals and drive economic growth.
