Regulator Philippine Amusement and Gaming Corporation (Pagcor) and Asian giant San Miguel Corp. (SMC) broke ground for the state gaming firm’s new corporate office building at the Bagong Nayong Pilipino complex in Pasay City.

The Pagcor Corporate Center, valued at P2.45 billion, will be fully financed and constructed by SMC at no cost to Pagcor, said chairperson and CEO Alejandro Tengco who led the project’s groundbreaking with SMC chairperson Ramon Ang.

During the simple ceremony, Tengco noted that for over four decades, Pagcor has operated from various rented spaces under less-than-ideal conditions, with its workforce dispersed across multiple locations.

“Ang araw na ito ay katuparan ng isang pangarap para sa PAGCOR na magkaroon ng sariling tahanan (This day is the fulfillment of a dream for Pagcor to have its own home),” he said.

“We are truly blessed to witness this historic moment as we lay the groundwork for a vision that reflects our identity, core values and aspirations as an organization.”

The corporate center will have a floor area of 40,000 square meters, with an additional 15,000 square meters designated for comprehensive fit-out.

“Since PAGCOR will not occupy all 40,000 square meters, we plan to lease some of the commercial spaces to generate rental income,” Tengco said. “These rental earnings should be enough to cover the building’s maintenance costs.”

‘We are truly blessed to witness this historic moment as we lay the groundwork for a vision that reflects our identity, core values and aspirations as an organization.’

Tengco said the agency’s collaboration with SMC exemplifies how private-public partnerships can maximize the potential of government assets to create more economic opportunities.

“The Nayong Pilipino complex, once known for its rich attractions, culture and history, had long lain dormant,” Tengco said. “Today, it is set to be transformed into a vibrant symbol of progress and opportunity for Pagcor.”