San Miguel and PAGCOR Sign 25-Year Lease for Nayong Pilipino Property

San Miguel Infrastructure and the Philippine Amusement and Gaming Corporation (PAGCOR) have formalized a 25-year lease agreement for the 15-hectare Nayong Pilipino property in Pasay City, with plans for significant development, including a new PAGCOR corporate headquarters.

Key Developments Under the Lease Agreement

• PAGCOR Headquarters: San Miguel will construct a 40,000-square-meter office building on a two-hectare portion of the property, valued at ₱2.45 billion. This includes ₱2 billion for building construction and ₱450 million for 15,000 square meters of fit-out space.
• San Miguel’s Plans: The company will lease the remaining 13 hectares for infrastructure projects to support Ninoy Aquino International Airport (NAIA), aligning with San Miguel’s operation of the country’s primary airport.

Vision for the Headquarters

PAGCOR chairman and CEO Alejandro Tengco highlighted the importance of the new headquarters in improving operations.

“For many years, PAGCOR has operated across various rented locations… We’ve long dreamed of a day when we could bring everyone together under one roof,” Tengco said, emphasizing the new space’s potential to enhance collaboration and efficiency.

San Miguel’s Commitment

San Miguel Corporation chairman Ramon Ang underscored the project’s value to the public.

“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, providing a modern space to support their crucial role in funding government programs.”

San Miguel has already turned over nearly ₱100 million in advance rentals and security deposits.

Background on the Project

The property development is part of the New Nayong Pilipino at Entertainment City Public-Private Partnership (PPP) Project, approved by the National Economic and Development Authority (NEDA) Board in November 2016.

The 15-hectare site was initially envisioned as a tourism-oriented facility, with private sector involvement to build, operate, and maintain the property.

San Miguel’s Role in Airport Operations

San Miguel’s New NAIA Infra Corp., in partnership with Incheon International Airport Corp. and other stakeholders, took over operations of NAIA on September 14, 2024. The new infrastructure on the Nayong Pilipino property is expected to complement airport requirements.