The Philippine Amusement and Gaming Corporation (PAGCOR) unveiled a 25-year lease agreement with SMC Infrastructure, a division of San Miguel Corp. Under the deal, the Philippine regulator will lease the Nayong Pilipino Property in Pasay City to SMC. In turn, the latter company will build a new officer for the PAGCOR.

PAGCOR to Lend 13 Hectares to SMC

The agreement was inked on December 12. According to the announcement, 13 hectares of the 15-hectate Nayong Pilipino Property will be allocated for the infrastructure development program for SMC’s Ninoy Aquino International Airport (NAIA) project.

The remaining 2 hectares will be used for the construction of PAGCOR’s new corporate office building, which will span some 40,000 square meters.

According to the announcement, the estimated cost of the new office stands at PHP 2.45 billion (approximately $41.7 billion). This will include PHP 2 billion for the building itself, as well as PHP 450 million for furnishing.

As agreed with SMC, the company will fully finance the property at no cost to PAGCOR. In addition to the money from the lease of the 13 hectares of land, the PAGCOR also plans to rent out unused portions of the new corporate office.

The Project Fulfils One of PAGCOR’s Dreams

PAGCOR chair & CEO Alejandro H. Tengco commented on the agreement, saying that the new office is more than just a structure. According to him, it will reflect the regulator’s commitment to “creating a world-class work environment for its employees,” which is in line with the PAGCOR’s ethos.

Tengco added that the project is both practical and needed since the regulator has so far operated across multiple rented locations. As a result, it had to spread its employees out, resulting in suboptimal work conditions.

Instead, the new office will allow the corporation to bring all of its workers under the same roof – something that Tengco has long dreamed of.

SMC chair & CEO Ramon Ang also weighed in on the matter during the signing ceremony. In addition to promising that the construction of the new PAGCOR office will being shortly after the final approval of the design, he said that his team would maximize the potential of the property.

Ang noted that the new PAGCOR office will benefit the public as it will provide the regulator with a modern space from which to fund important government programs.