The Philippine Amusement and Gaming Corp. (PAGCOR) is planning to privatize its 40 casinos in the country, as it expects to generate a total of 60 to 80 billion pesos.
According to Nicole Lopez's report in MBC Network News, PAGCOR Chairman, and Chief Executive Officer Alejandro Tengco told lawmakers that while the expected amount of privatization proceeds was conservative, the agency will improve the casinos and raise their value to make them more attractive to buyers.
Tenco said that he is currently doing research on the privatization plan.
"In fact, I have already been doing some studies about the said privatization. My goal is to increase the value of what we will privatize," Tengco said during a budget briefing at the House of Representatives on Monday.
He noted that by "the middle of 2025," the privatization will already be done since President Ferdinand Marcos Jr. has approved the plan.
Meanwhile, Tenco stressed that Pagcor "should purely be a regulator and not an operator at the same time," which he described as "inappropriate and unethical."
Cagayan de Oro Rep. Rufus Rodriguez, however, said that he will file a resolution against Tenco's plan.
"I advocated before, two Congresses ago, for privatization, but after hearing the new chairman of Pagcor, Chairman Tengco, 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?" Rodriguez said.
Tengco responded, "You have good intentions. I see the wisdom in why you are not in favor of such, and we will see whether we can reconsider."
PAGCOR is expected to post revenues of P72 billion for 2023, based on the first semester’s P36 billion top line, according to Tenco.
PAGCOR, inaasahang kikita ng P80-Billion kapag naisa-pribado ang 40 casino ng korporasyon | RH 17 @NicoleLopezRH#MBCNetworkNews#SamaSamaTayoPilipino
— DZRH NEWS (@dzrhnews) August 15, 2023
LINK: https://t.co/wxRmqptxGg pic.twitter.com/2TruJ5quV7
