This is part of the new airport operator’s projects for the country’s main gateway.
In a statement released on Monday, the Philippine Amusements and Gaming Corporation (PAGCOR) announced that it has reached a deal with SMC Infrastracture, owned by conglomerate San Miguel Corporation, to lease the site of the former Nayong Pilipino.
The majority of the 15-hectare complex in Parañaque will be utilized by SMC for “infrastructure to complement airport requirements.”
While a 2-ha plot will be set aside for the construction of PAGCOR’s new headquarters, which will span 40,000 square meters, with an additional 15,000 square meters for fit-out space.
The new HQ is valued at Php2.45 billion, with Php 2 billion for the building construction and Php450 million for the fit-out.
“It will be fully financed and built by SMC at no cost to PAGCOR,” PAGCOR’s Chairman and CEO Alejandro H. Tengco said.
The headquarters was also a major consideration for PAGCOR before it greenlit the deal with San Miguel Corporation.
Meanwhile, for SMC Chairman and CEO Ramon Ang, said that their 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,” Ang added.
The entire cost of the deal was not revealed, though PAGCOR shared that SMC had turned over checks amounting to Php 100 million for advance rentals and security deposits.
The deal happens more than three months after the official takeover of the SMC-led consortium New NAIA Infrastructure Corp. (NNIC) to operate and develop the Ninoy Aquino International Airport (NAIA) in September 2024.