COURTESY: The Philippine Amusement and Gaming Corporation (PAGCOR)
Hey there, fellow dreamers and doers! Have you heard the exciting news? The Philippine Amusement and Gaming Corporation (PAGCOR) and San Miguel Corporation's Infrastructure arm have just inked a groundbreaking 25-year lease deal for the Nayong Pilipino property in Pasay City. This isn't just another run-of-the-mill business transaction; it's a landmark agreement that's set to reshape the future of this iconic location. With its rich history and cultural significance, Nayong Pilipino is poised to become a hub of innovation and collaboration.
The big day was December 12, 2024, when PAGCOR Chairman and CEO Alejandro H. Tengco shook hands with SMC's Ramon S. Ang. Together, they signed the deal that would see PAGCOR's new corporate office building rise majestically on a two-hectare slice of this 15-hectare property. But this isn't just about bricks and mortar; it's about creating a world-class work environment that embodies the identity, core values, and aspirations of PAGCOR. More on that in a bit!
Now, let's dive into what this landmark lease deal means for PAGCOR's new headquarters. Picture this: a sprawling 40,000-square-meter office building with an additional 15,000 square meters for fit-out space. All of this is valued at a whopping Php2.45 billion, with Php2 billion earmarked for the building construction and Php450 million for the fit-out. And guess what? SMC Infrastructure is footing the bill, with no cost to PAGCOR. Talk about a win-win situation!
PAGCOR's Chairman, Alejandro H. Tengco, couldn't be more thrilled. He envisions this project as more than just a structure; it's a reflection of PAGCOR's commitment to providing a top-notch work environment for its employees. For years, PAGCOR has operated from various rented locations, with employees scattered and working under less-than-ideal conditions. But those days are numbered. Soon, everyone will be under one roof, fostering a stronger sense of community, collaboration, and shared purpose.
But wait, there's more! This landmark deal isn't just about PAGCOR's new headquarters. It's about unlocking the full potential of the Nayong Pilipino property. SMC Chairman Ramon S. Ang is on a mission to maximize the benefits of this property for the public. The new PAGCOR headquarters is just the beginning. SMC's initiatives will transform the remaining 13 hectares into infrastructure that complements airport requirements, making this a key part of the area's future development.
And let's not forget the nearly Php100 million in advance rentals and security deposits that SMC handed over to PAGCOR during the contract signing. This financial boon will help fund government programs that uplift the lives of many Filipinos. It's a win for everyone involved, from the stakeholders to the community and beyond.
As we look to the future, it's clear that this landmark lease deal is a game-changer. It brings with it a wealth of opportunities, from increased revenue for PAGCOR through renting out unused portions of the new corporate office to the potential for further development of the Nayong Pilipino property. The possibilities are endless, and the excitement is palpable.
Of course, with great opportunities come challenges. The construction of the new headquarters will require careful planning and execution. But with SMC Infrastructure at the helm and the unwavering support of PAGCOR's leadership, there's no doubt they will rise to the occasion.
In conclusion, this landmark lease deal between PAGCOR and SMC Infrastructure is more than just a business transaction. It's a bold step toward a brighter future for Nayong Pilipino, a testament to the power of partnership and collaboration. So here's to the dreamers and doers who are making it all happen. The best is yet to come!
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