Benjamin Diokno, the Philippines’ finance minister, announced plans for a casino in the Philippines. Privatisation plans have recently been revived and PAGCOR is looking to privatise them. Diokno argued that it was not right for the agency to continue to play the two roles of regulator and operator.
Amid discussions about the potential creation of a sovereign wealth fund, Diokno spoke to local media about these events. He argued that PAGCOR should be a major contributor, which was crucial to clarifying the role of regulators. It will be done by privatizing 47 casinos currently under state supervision.
Responding to recent events, Diokno said, “PAGCOR is a regulator, but at the same time runs a gambling company. That’s not it. Stick to it if you’re a regulator. Gambling casinos cannot be operated.
“It’s like saying that you have a central bank and you’re running a bank. It can’t work. Can privatize operations so PAGCOR can continue to act as a regulator
The Philippines GOCC Governance Committee is still thinking about the project. But PAGCOR Chairman Alejandro Tengco said the possibility of privatisation sounded attractive. He mentioned it shortly after taking office in his new office in August.
House Speaker Rufus Rodriguez wants a casino-only regulator instead of full privatization. This means that PAGCOR will remain as an operator only. 온라인카지노
The main reason against full privatisation, as critics have listed, is the substantial revenue of PAGCOR casinos. In 2019, the company had to pay the country 56 billion PHP, or more than 1 billion US dollars. It was paid through required donations and social responsibility programs.
Proposals for investment and financing also have the potential for the Mahalika Asset Fund. Invest in global infrastructure projects and financial markets worldwide. Investors will receive 10% of the total PAGCOR casino income earned from the game.
That led former Chairman and CEO Andrea Domingo to drop the idea of privatization last time, which is a huge sum in all.
It told IAG in 2018 that the company has strong cash flow and privatisation of Philippine casinos is not a necessary step.