The Philippine gaming regulator (PAGCOR) has officially broken ground on its new PHP2.45 billion ($41.74 million) corporate office building in Pasay City.
As previously indicated by the Philippine Amusement and Gaming Corporation (PAGCOR), the financing and construction of the center will be done by the San Miguel Corporation. (SMC).
In December, PAGCOR indicated that it had signed a 25-year lease with SMC for the 15-hectare Bagong Nayong Pilipino property in Pasay City.
As part of the deal, SMC allocated two hectares for PAGCOR’s new corporate office building.
In a Thursday press release detailing the groundbreaking, PAGCOR’s Chairman and CEO Alejandro H. Tengco noted that the watchdog has been renting spaces for over four decades, spreading its workforce across multiple locations.
“The Nayong Pilipino complex, once known for its rich attractions, culture and history, had long lain dormant. Today, it is set to be transformed into a vibrant symbol of progress and opportunity for PAGCOR,” stated Tengco.
Upon completion, the center will have a floor area of 40,000 square meters, with an additional 15,000 square meters for ‘comprehensive fit-out’.
“Since PAGCOR will not occupy all 40,000 square meters, we plan to lease some of the commercial spaces to generate rental income,” indicated Tengco, reiterating a previous pledge to gain rental income from the new space. “These rental earnings should be enough to cover the building’s maintenance costs”.
Also present at the ground breaking ceremony was SMC Chairman Ramon Ang, who assured that the project cements its partnership with the gaming regulator.
“While SMC will construct the Corporate Center, we will also use PAGCOR’s Nayong Pilipino property to build infrastructure that will complement airport requirements,” stated Ang.
SMC is set to pay monthly rental fees for the remaining 13 hectares it occupies on the Nayong Pilipino property – for aviation-related projects.
SMC and the Incheon International Airport Corporation are part of consortium that officially took over management and operation of the Ninoy Aquino International Airport (NAIA) last year, committing to spending PHP170 billion ($2.9 billion) to improve the facility and increase passenger traffic to 62 million annually from the current 43 million.
