For many years, the Philippine Amusement and Gaming Corporation (PAGCOR) has operated its own casinos as well as regulated private commercial gaming establishments.
Philippine officials are pondering whether it is in the national interest for a state-owned gaming company to both operate and regulate casinos. PAGCOR dictates more annual taxes to the Philippine government than any other agency except the Internal Revenue Service.
Shortly after taking office on June 6, Philippine President Ferdinand “Bonbon” Marcos Jr. made a major overhaul of PAGCOR's governance and leadership, as is customary for incoming presidents.
Benjamin Dionco, who was appointed by President Marcos Jr. and took over as Treasury Secretary last month, said this week that PAGCOR should consider selling the Casino Philippines venue and providing the government with immediate and much-needed funding. said.The move also resolves the company's conflict of interest in overseeing and operating casino gambling.
needs to be reviewed
Alejandro Tengco, who became PAGCOR's new boss from this month, responded yesterday that first a careful review of the entire institution is needed.
Speaking to The Philippine Star, Tengco said he agreed with Dionko and several Manila legislators that PAGCOR should consider a review.But before that, we need to do some research.
私たちは、これを研究する時間を与えられることを望んでいる」とTengcoは言った。「これは、私たちが規制当局なのか事業者なのかを明確にするための、私たちの現在の推論と課題の一部なのです。Today, PAGCOR, whether the top authorities know it or not, is both a regulator and an operator.Philippines House Vice Speaker Rufus Rodriguez says conflicting interests are reason enough to split the agency.
“I am strongly against privatization,” Rodriguez told Philippine News Agency in response to Dionco's stance that PAGCOR should sell its 44 casino Philippines branches and satellites. "Why kill or, more appropriately, sell the goose that lays the golden eggs?"
Rodriguez favors shifting PAGCOR to an operator-only function.He is proposing that the Philippine Congress pass legislation to establish a casino regulator.
Mr. Rodriguez points out that PAGCOR's current situation is "unfair for companies investing in casinos." "This situation of PAGCOR as a regulator and a player is not conducive to attracting investment."
Former president broke with PAGCOR sale
After Philippine President Rodrigo Duterte took office in June 2018, he also considered selling PAGCOR's physical assets.However, the president has come to the conclusion that the Casino Philippines property is too valuable to liquidate.
Unlike commercial casinos across the Philippines, all gaming revenue from PAGCOR properties goes to the central government.State-run casinos paid Philippine dollars 2019 billion (US$371 million) to the Duterte government in 4000, before the pandemic hit.
Gaming tax profits from government-owned casinos plummeted to about $2020 million in 1, down to $9700 million last year.This year saw a slight recovery, with PAGCOR casinos taking in about $1 million by the first half of the year.
At Manila's integrated casino resorts, PAGCOR collects a 19.5% tax on each property's gross gaming income.The four big casinos in Manila are Resorts World, Solaire, City of Dreams and Okada.
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