Metro Manila (CNN Philippines, August 14) — The Philippine Amusement and Gaming Corporation (PAGCOR) is set to privatize 45 of its casinos by the third quarter of 2025, the agency chair announced on Monday.
“Definitely, my trust is to privatize the 45 casinos of PAGCOR and I’m looking at 2025 as my timeline,” PAGCOR chief Alejandro Tengco said during the national budget deliberations in the House of Representatives.
“My goal is to increase the value of what we will privatize,” he added. “Tuloy-tuloy na po tayo doon, hindi na po mapipigil ‘yon (This will keep going, it can’t be stopped).”
Tengco made the statement after Parañaque’s 1st District Rep. Edwin Olivarez questioned PACGOR’s overlapping duties as regulator and operator.Olivarez pointed out in the agency’s report that overseas operators earn more than PAGCOR-operated casinos, suggesting privatization of some of the corporation’s assets.Meanwhile, Cagayan de Oro Rep. Rufus Rodriguez said there is no need for PAGCOR to privatize its casinos if the agency expects the assets to earn more in the coming years.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, referring to the casinos.If we privatize this, then the regularity of the income will be cut short,” he added.Early in the deliberations, PAGCOR vice president Sharon Quintanilla reported that the agency posted ₱58.96 billion in total revenues in 2022 and estimates a total income of ₱75.49 billion by end 2023.PAGCOR projects a total income of ₱80.28 billion in 2024.Tengco said PAGCOR aims to privatize its assets so it could focus on regulating operators instead of also managing its casinos.
“Maliwanag po (this is clear), PAGCOR should purely be a regulator and not an operator at the same time” the agency chief said.
