PAGCOR hoping to operate as pure regulator by this year – BusinessWorld Online
THE Philippine Amusement and Gaming Corp. (PAGCOR) said it hopes to reorganize as a purely regulatory body by this year.
It said it is still waiting for the outcome of a review of its proposal to separate its regulatory and operational functions.
Briefing the House Committee on Appropriations on Wednesday, PAGCOR Chairman and Chief Executive Officer Alejandro H. Tengco said he hopes to hear from the Governance Commission for Government-owned or -controlled corporations (GCG) on its restructuring proposal by the fourth quarter.
PAGCOR has long been asking to shed its role as an operator of casinos while also serving as the industry’s regulator.
“The results of the study will be presented/submitted to the GCG En Banc within the year. Once approved by the GCG En Banc, the study will be submitted to the Office of the President,” the GCG said in a statement on Wednesday.
The GCG submitted studies on the separation of PAGCOR functions to the Office of the President in 2017 and 2019.
“The GCG is currently updating its study to consider recent developments in the gaming industry. During this process, the GCG is actively coordinating with PAGCOR for relevant data and information that will aid in the finalization of the study,” it added.
“We are making a recommendation to the GCG because we can already see that there is a serious problem with Casino Filipino. Casino Filipino is projected to incur losses of more than P5 billion,” he added.
Mr. Tengco also sidestepped claims that PAGCOR failed to obtain appropriate approvals to privatize the Casino Filipino New Coast in Malate, Manila.
Kamanggagawa Party-List Rep. Elijah R. San Fernando had raised the issue of the privatization without a charter amendment.
Mr. Tengco said the decision to privatize was made by PAGCOR’s previous board, adding that it was also approved by the GCG and the Department of Finance.
Cagayan de Oro Rep. Rufus B. Rodriguez has filed House Bill (HB) No. 10171 proposing the creation of a regulatory gaming commission to boost the competitiveness of the gaming industry.
At the same briefing, PAGCOR projected net profit of P14.94 billion this year, which would be 10.92% lower than the 2024 total. Its 2026 projection is P17.49 billion. — Aubrey Rose A. Inosante