The Philippine casino regulator, the Philippine Amusement and Gaming Corp (Pagcor), broke ground on Thursday for its planned corporate office at the previously “dormant” Bagong Nayong Pilipino land plot in Pasay City, Metro Manila.
The PHP2.45 billion (US$42.2-million) scheme is being wholly-financed and constructed by Philippine conglomerate San Miguel Corp, according to a Pagcor announcement following the groundbreaking ceremony. The project is due to be finished by 2028.
In December, Pagcor had announced signing a contract with San Miguel Corp Infrastructure, giving the latter a 25-year lease for the use of the whole of Pagcor’s 15-hectare (37.1-acre) Nayong Pilipino plot. In return, San Miguel Corp will build the Pagcor Corporate Center at no cost to the regulator.
Alejandro Tengco (pictured, left), Pagcor chairman and chief executive, reiterated on Thursday that the financing and construction would be at no cost to the regulator, according to the release.
He noted that for over four decades, Pagcor had operated from various rented spaces under what the update termed “less-than-ideal” conditions, with its workforce dispersed across multiple locations.
The Pagcor Corporate Center’s footprint will cover 40,000 square metres (430,556 sq. feet), with an additional 15,000 sq. ms “designated for comprehensive fit-out,” according to the release.
Mr Tengco was directly quoted as saying: “Since Pagcor will not occupy all 40,000 square metres, we plan to lease some of the commercial spaces to generate rental income.”
He added: “These rental earnings should be enough to cover the building’s maintenance costs.”
The Pagcor chairman said the agency’s collaboration with San Miguel Corp on the scheme exemplified how private-public partnerships could maximise the potential of government assets to create more economic opportunities.
He stated: “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.”
San Miguel Corp chairman Ramon Ang (pictured, second right) said the construction of the Pagcor Corporate Center represented a mutually-beneficial partnership between the state gaming firm and the conglomerate.
