The Market Monitor Minding the Nation's Business
THE Philippine Amusement and Gaming Corporation (PAGCOR) has entered into a 25-year lease agreement with SMC Infrastructure, a subsidiary of Ramon S. Ang-led San Miguel Corp., for the 15-hectare Nayong Pilipino property.
The agreement, finalized last December 12, marks a significant step toward enhancing infrastructure and government operations.
As part of the deal, 13 hectares of the property will be used for infrastructure projects supporting the ongoing rehabilitation of the Ninoy Aquino International Airport (NAIA), which is being spearheaded by SMC through the New NAIA Infra Corp. (NNIC).
This development aligns with improving the country’s transportation facilities.
In addition to this, SMC Infrastructure will build a new corporate office building for PAGCOR on a two-hectare plot of land. The project, valued at P2.45 billion, will be fully financed and constructed by SMC at no cost to PAGCOR.
According to PAGCOR chairman and CEO Alejandro Tengco, the new headquarters will provide a world-class working environment for its employees and embody the agency’s identity, core values, and aspirations.
Tengco also highlighted the financial benefits for the government, noting that the lease agreement will generate rental income from the 13-hectare portion of the property leased to SMC.
Additionally, the unused portions of the new office building will be available for rental, further contributing to government revenues.
At the signing ceremony, Ang, chairman of SMC, handed over P100 million to PAGCOR, covering advance rental payments and security deposits for the lease.
Tengco emphasized the broader vision behind the project, saying: “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.”