PAGCOR, SMC launch construction of new corporate centre

February 6, 2025

PAGCOR, SMC launch construction of new corporate centre

The Philippine Amusement and Gaming Corporation (PAGCOR) and San Miguel Corporation (SMC) broke ground the gaming regulator’s new corporate office at the Bagong Nayong Pilipino complex in Pasay City. The project, valued at PHP2.45 billion (€40.6 million), will be fully financed and built by SMC at no cost to PAGCOR.

PAGCOR Chairman and CEO Alejandro Tengco and SMC Chairman Ramon Ang led the groundbreaking ceremony. Tengco highlighted that the agency has operated from rented spaces under difficult conditions for over four decades.

“This day is the fulfilment of a dream for PAGCOR to have its own home,” Tengco said in Filipino. “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 organisation.”

Plans for the corporate centre

The PAGCOR Corporate Centre will have a total floor area of 40,000 square metres, with an additional 15,000 square metres for comprehensive fit-out. According to PAGCOR, not all of the space will be used by the agency, as the gaming regulator plans to lease commercial areas to generate rental income.

“Since PAGCOR will not occupy all 40,000 square metres, we plan to lease some of the commercial spaces to generate rental income,” Tengco stated. “These rental earnings should be enough to cover the building’s maintenance costs.”

He added that the collaboration with SMC demonstrates how private-public partnerships can maximise government assets to create economic opportunities. “The Nayong Pilipino complex, once known for its rich attractions, culture, and history, had long lain dormant,” he said. “Today, it is set to be transformed into a vibrant symbol of progress and opportunity for PAGCOR.”

Partnership with SMC

SMC Chairman Ramon Ang described the project as a partnership that benefits both parties. “This is a mutually beneficial partnership between PAGCOR and SMC,” Ang said. “While SMC will construct the Corporate Centre, we will also use PAGCOR’s Nayong Pilipino property to build infrastructure that will complement airport requirements.”

The corporate centre, designed by JSLA architectural firm and constructed by New Golden City Builders, is expected to be completed by 2028.

“SMC only commissioned the best architects and construction firms to ensure the project’s completion by 2028,” he added.

Lease agreement and future development

The construction is part of a 25-year lease agreement signed by PAGCOR and SMC on 12 December 2024. In addition to funding the building, 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.