PAGCOR, SMC break ground on P2.45-B Corporate Center in Nayong Pilipino

The Philippine Amusement and Gaming Corp. (PAGCOR) and San Miguel Corp. (SMC) on Thursday held a groundbreaking ceremony for the P2.45-billion Corporate Center of the gaming regulator at the Nayong Pilipino property in Pasay City.

The Corporate Center, a 40,000-square-meter office building, will be fully financed and constructed by SMC, following the signing of a 25-year lease contract for the 15-hectare Nayong Pilipino property.

“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 opportunities for PAGCOR,” said Alejandro Tengco, PAGCOR chairman and chief executive officer, in an emailed statement.

The Corporate Center was designed by JSLA architectural design firm, and will be built by New Golden City Builders.

Tengco said that since PAGCOR will not occupy all 40,000 square meters, the agency will lease some of the commercial spaces to generate rental income, which he said should be enough to cover the building’s maintenance costs.

Under the lease agreement signed in December, San Miguel is set to lease the remaining 13 hectares of the property for its initiatives, which will mostly include infrastructure to complement airport requirements, as the group operates the Ninoy Aquino International Airport (NAIA), the country’s main gateway.

“While SMC will construct the Corporate Center, we will also use PAGCOR’s Nayong Pilipino property to build infrastructure that will complement airport requirements,” SMC chairman and chief executive officer Ramon Ang said.

During the signing of the lease agreement, Ang turned over nearly P100 million worth of checks representing advance rentals and security deposits.

In November 2016, the National Economic and Development Authority (NEDA) Board, headed by then-President Rodrigo Duterte approved the New Nayong Pilipino at Entertainment City Public-Private Partnership (PPP) Project.

The P1.47-billion project, which never materialized, was envisioned to be a tourism-oriented facility that would be built, run, and maintained by a private partner over the course of 23 years. —VBL, GMA Integrated News