Metro Manila (CNN Philippines, August 14) — The Philippine Amusement and Gaming Corporation (PAGCOR) could invest an initial P3.6 billion to P4 billion in the Maharlika Investment Fund, the head of the state-run gaming agency said on Monday.
Before the House appropriation panel, PAGCOR Chairman and CEO Alejandro Tengco said the estimate is based on the agency’s projection that it would net P72 billion in earnings this year, half of which would be remitted to the national treasury as mandated by its old charter.Doon po sa 50% na yun humihingi po kami ng clarification ngayon dapat po ay doon kami kukuha ng mai-invest sa Maharlika Investment Fund,” Tengco said.[Translation: With that 50%, we are asking for clarification now, that is where we should get funds to invest in the Maharlika Investment Fund.]So kung ang tinitingnan po natin sa taong 2024 ay P36 to 40 billion ang magiging contribution po ng PAGCOR sa national [treasury], at kung tama po ang interpretasyon namin, ay makakapag-contribute kami dapat sa Maharlika fund ng anywhere between P3.6 to P4 billion,” he added.[Translation: So if what we are looking at in the year 2024 is that PAGCOR’s contribution to the national [treasury] will be P36 to 40 billion, and if our interpretation is correct, we should be able to contribute anywhere between P3.6 to P4 billion to the Maharlika fund.]Tengco further pointed out PAGCOR has additional investable funds that can be obtained from its retained earnings.Amin na pong tinitingnan ngayon at humihingi kami ng klaripikasyon kung yun pong retained earnings namin na nasa bangko lamang ay pwede din naming i-invest doon, a certain percentage of that, to the Maharlika fund,” the PAGCOR chief said.[Translation: We are looking into it now and we are asking for clarification if our retained earnings, that are only in the bank, we can also invest there, a certain percentage of that, to the Maharlika fund.]
