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Manila Bulletin devider Business devider Pagcor, San Miguel sign lease agreement for Nayong Pilipino property

Pagcor, San Miguel sign lease agreement for Nayong Pilipino property

Published Dec 16, 2024 12:55 am

The Philippine Amusement and Gaming Corporation (Pagcor) and San Miguel Infrastructure have signed a 25-year lease agreement for the 15-hectare Nayong Pilipino property in Pasay City.

In a statement, the government’s gaming regulator said the agreement, formally signed on Dec. 12, 2024, will allow the unit of San Miguel Corporation (SMC) to develop infrastructure and build a new headquarters for Pagcor.

 

Pagcor SMC.jpg
Pagcor Chairman and CEO Alejandro H. Tengco and SMC Chairman Ramon S. Ang seal the deal for the lease of a 13-hectare area at Nayong Pilipino property in Pasay City.

 

Under the agreement, 13 hectares of the property will be used for SMC's infrastructure projects, primarily to support airport requirements.

In return, SMC will construct a new 40,000-square-meter corporate office building for Pagcor on the remaining two hectares.

In September, SMC assumed the management and operation of Ninoy Aquino International Airport (NAIA), along with the responsibility of modernizing the 76-year-old terminal.

"It will be fully financed and built by SMC at no cost to Pagcor,” said Pagcor Chairman and Chief Executive Officer Alejandro H. Tengco.

The new Pagcor headquarters, valued at P2.45 billion, will consolidate the agency's operations under one roof.

“For many years, Pagcor has operated across various rented locations," Tengco added. "We've long dreamed of a day when we could bring everyone together... a place where we could foster a stronger sense of community, collaboration, and shared purpose."

SMC Chairman and CEO Ramon S. Ang assured that construction would begin promptly upon Pagcor’s approval of the design.

"Our goal is to maximize the potential of this property for the public’s benefit," Ang said. "The new Pagcor headquarters will be a key part of this plan."

During the signing ceremony, Ang also presented Pagcor with checks for nearly P100 million representing advance rentals and security deposits.

Nayong Pilipino, a cultural theme park established in 1974, became embroiled in controversy when Pagcor entered a partnership with Hong Kong-based Landing International Development Limited to develop a casino and resort on the property. 

The proposal faced backlash from cultural advocates and local communities, who expressed concerns about the potential loss of cultural heritage and public spaces. 

In 2020, amid increasing opposition and legal challenges, President Duterte terminated the agreement with Landing International.

Related Tags

San Miguel Corp. (SMC) Philippine Amusement and Gaming Corp. nayong pilipino
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