Operator News
Philippines – Philippines Senate wants to revisit the privatisation of PAGCOR
By Phil - 1 October 2019
Philippines Senate Minority Leader Franklin Drilon wants the Department of Finance (DOF) and PAGCOR to revisit the option of selling the Casino Filipinos and some of its satellite casinos.
He said: “If we privatise our gaming industry and bid out through a fixed fee the privilege of operating PAGCOR, the gaming industry, including STL, would P300bn annually in additional revenues be a conservative and fair estimate today?”
DOF Secretary Carlos Dominguez believes privatising the government-owned casinos could generate up to PHP300bn ($5.76bn) in annual revenue for the government.
Mr. Dominguez said: “We could achieve that with no effort. We haven’t progressed [since President Duterte first called for the sale].”
Mr. Drilon added: “We’re failing to tap a sweet source of revenue for the government, and not only that, this is something that can bring order and correct a lot that had gone wrong because of the structure.”
Back in in 2017, President Duterte that PAGCOR’s position as both an operator and regulator meant the agency could be exposed to corruption.
Contrary to the President’s opinion, PAGCOR Chief Andrea Domingo said in 2017: “Privatisation is like selling your assets. Let’s say you own an apartment, I’ll sell it but I still want the rental. How can you do that? We have to figure out how.”
