PAGCOR, SMC Infrastructure Ink Landmark Lease Deal For Nayong Pilipino Property

The Philippine Amusement and Gaming Corporation (PAGCOR) and San Miguel Infrastructure formally signed a 25-year lease agreement on December 12, 2024, for the utilization of PAGCOR’s 15-hectare Nayong Pilipino property in Pasay City.

PAGCOR Chairman and CEO Alejandro H. Tengco (left) and SMC Chairman Ramon S. Ang present the artist’s perspective of the new PAGCOR corporate office that will be constructed on a two-hectare area at the Nayong Pilipino Complex in Pasay City. I Photo: PAGCOR

A key component of the agreement is the construction of PAGCOR’s new corporate office building, which will occupy a two-hectare portion of the property.

The building, spanning 40,000 square meters with an additional 15,000 square meters for fit-out space, is valued at ₱2.45 billion—₱2 billion for the building’s construction and ₱450 million for the fit-out.

“It will be fully financed and built by SMC at no cost to PAGCOR,” said PAGCOR Chairman and CEO Alejandro H. Tengco.

“This project will be more than just a structure,” Tengco added. “It reflects PAGCOR’s commitment to creating a world-class work environment for its employees—a reflection of our identity, core values, and aspirations.”

Tengco described the development as both a practical and visionary solution to PAGCOR’s longstanding need for its own office space.

“For many years, PAGCOR has operated across various rented locations, with our employees spread out and often working under less-than-ideal conditions,” he noted.

“While we have always managed to deliver on our mandates, 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.”

SMC Chairman and CEO Ramon S. Ang, who joined Tengco at the signing ceremony, assured that construction of the PAGCOR building would commence promptly upon PAGCOR’s formal approval of the design.

“Our goal is to maximize the potential of this property for the public’s benefit. The new PAGCOR headquarters will be a key part of this plan, providing a modern space to support their crucial role in funding government programs that uplift the lives of many Filipinos,” Ang said.

During the ceremony, Ang also handed over checks totaling nearly ₱100 million to PAGCOR, representing advance rentals and security deposits.

The lease agreement allocates 13 hectares of PAGCOR’s 15-hectare property for SMC’s infrastructure initiatives, primarily to complement airport requirements.

In addition to rental income from the 13-hectare property, PAGCOR anticipates generating further revenues by leasing out unused portions of the new corporate office building upon its completion.