Pasay City: The Philippine Amusement and Gaming Corporation (PAGCOR) and San Miguel Corporation (SMC) have officially commenced the construction of a new corporate office building at the Bagong Nayong Pilipino complex in Pasay City. The groundbreaking ceremony was led by PAGCOR chair and chief executive officer Alejandro Tengco and SMC chair Ramon Ang.

According to Philippines News Agency, the PHP2.45 billion Corporate Center will be fully financed and constructed by SMC and is slated for completion in 2028. The building will feature a total floor area of 40,000 square meters, with an additional 15,000 square meters allocated for comprehensive fit-out.

Tengco expressed the significance of this development, stating that the new structure embodies the organization's identity, core values, and aspirations. He also mentioned that PAGCOR plans to lease some of the commercial spaces within the building to generate rental income, which is expected to cover maintenance costs.

The construction is part of a 25-year lease agreement between PAGCOR and SMC, signed on December 12, 2024. Under this agreement, aside from funding the building's construction, SMC will pay monthly rental fees with an annual escalation for the use of PAGCOR's 13-hectare Nayong Pilipino property for aviation-related projects.

Ramon Ang highlighted the mutually beneficial nature of the partnership, noting that while SMC will build the Corporate Center, the conglomerate will also utilize PAGCOR's property to develop infrastructure that supports airport requirements.