PAGCOR CEO Alejandro Tengco announced that the regulator would no longer be a casino operator by 2025, focusing instead on its role as the sole Filipino gambling authority while increasing the value of the sites to make them enticing to potential buyers.
According to a report by CNN Philippines, the head CEO of the Philippine Amusement and Gaming Corporation (PAGCOR) is adamant that the regulator sheds holdings in the country's casinos to focus on its role and responsibility as the nation's gambling regulator.
The announcement divided the national assembly as some representatives welcomed the change in focus, and others lamented the potential loss of government funding.
Tengco’s Plans to Clean House
Speak in the House of Representatives during the national budget deliberations, PAGCOR chief executive Alejandro Tengco was challenged by Parañaque's 1st District Representative Edwin Olivarez to clarify his stance on the bodies conflicting roles as regulator and operator.
Tengco responded by saying:
Quote“Definitely, my trust is to privatise the 45 casinos of PAGCOR, and I'm looking at 2025 as my timeline.”
Further adding:
Quote"My goal is to increase the value of what we will privatise. Tuloy-tuloy na po tayo doon, hindi na po mapipigil 'yon (This will keep going, it can't be stopped)."
While the answer may have placated Olivarez, it stirred up further debate about the agency’s role in driving necessary Filipino revenues and reaching the targets set during budgetary sessions such as the national budget deliberations.
Why Sell the Gold Goose?
During the deliberations, PAGCOR vice president Sharon Quintanilla shared the authority’s financial projections for 2024 (₱75.49 billion) and 2025 (₱80.28 billion). While these projections were welcomed, Tengco's plans to shed the agency's casino holdings caused Cagayan de Oro Representative Rufus Rodriguez to voice his concerns.
Referring to the casino holdings, Rodriguez asked:
Quote“It seems that everything will be in order in the coming years, so why are we going to sell the goose that lays the golden egg? If we privatize this, then the regularity of the income will be cut short.”
He stressed that divesting itself of control of the region's forty-five gambling venues could hamper the flow of the projected gambling revenues to government coffers.
Tengco, for his part, is set on PAGCOR having a singular regulatory focus rather than splitting its resources and diminishing its effectiveness. However, with his plans to enhance the value of the properties, the licensing fees, and gross gaming taxes, the Philippines should continue to be well served regardless of who runs the day-to-day casino operations.
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