• Subscribe
  • Magazines
  • About
  • Contact
  • Advertise
Monday 1 September 2025
  • zh-hant 中文
  • ja 日本語
  • en English
IAG
Advertisement
  • Newsfeed
  • Mag Articles
  • Video
  • Opinion
  • Tags
  • Regional
    • Africa
    • Australia
    • Cambodia
    • China
    • CNMI
    • Europe
    • Hong Kong
    • India
    • Japan
    • Laos
    • Latin America
    • Malaysia
    • Macau
    • Nepal
    • New Zealand
    • North America
    • North Korea
    • Philippines
    • Russia
    • Singapore
    • South Korea
    • Sri Lanka
    • Thailand
    • UAE
    • Vietnam
  • Events
  • Contributors
  • SUBSCRIBE FREE
No Result
View All Result
IAG
  • Newsfeed
  • Mag Articles
  • Video
  • Opinion
  • Tags
  • Regional
    • Africa
    • Australia
    • Cambodia
    • China
    • CNMI
    • Europe
    • Hong Kong
    • India
    • Japan
    • Laos
    • Latin America
    • Malaysia
    • Macau
    • Nepal
    • New Zealand
    • North America
    • North Korea
    • Philippines
    • Russia
    • Singapore
    • South Korea
    • Sri Lanka
    • Thailand
    • UAE
    • Vietnam
  • Events
  • Contributors
  • SUBSCRIBE FREE
No Result
View All Result
IAG
No Result
View All Result

Former senate leader calls on privatization of PAGCOR, lotteries office to pay for sovereign wealth fund

Newsdesk by Newsdesk
Mon 30 Jan 2023 at 05:33
Manila gaming venues still closed under two-week trial of new quarantine scheme

Manila

15
SHARES
380
VIEWS
Print Friendly, PDF & Email

Former Philippines Senate Minority leader Franklin Drilon has called on the government to privatize gaming regulator PAGCOR as well as the Philippine Charity Sweepstakes Office (PCSO) in order to fund the proposed Maharlika Investment Fund.

The sovereign fund, currently being debated by lawmakers, would if established see the government invest into financial markets and large-scale infrastructure projects around the world.

It has previously been slated that the fund would receive 10% of the gross gaming revenues generated from PAGCOR casinos, however Drilon told ABS-CBN News that privatizing PAGCOR and the PCSO would generate Php300 billion in annual revenues for the fund while solving the issue of the gaming regulator also operating casinos.

“PAGCOR should do away with operating casinos and PCSO, we have no business running the lotto and small-town lotteries,” Drilon said.

“We are shooting two birds in one stone by privatizing the gaming industry, to generate funds and eliminate the source of corruption.”

The government “should not be directly involved in lottery and casino operations,” he added.

The idea of privatizing PAGCOR’s casino operations has long been mooted as a means of raising cash, however critics of the privatization model point to the sizeable revenues PAGCOR’s casinos bring in each year, which in 2019 saw the agency remit more than Php56 billion (US$1 billion) to the government through its mandated contributions and other corporate social responsibility programs.

It was these significant contributions that ultimately saw a previous privatization push abandoned with then-PAGCOR Chairman and CEO Andrea Domingo telling IAG in 2018 that the sale of its casino assets had been shelved because they were generating such strong cash flows.

A 2010 offer by San Miguel Corp’s Vice Chairman, Ramon S. Ang, to privatize PAGCOR was described as “too cheap”.

Under the government’s current model, the Maharlika Investment Fund will be funded by surpluses from government-owned and controlled corporations.

RelatedPosts

SunTrust becomes listed tourism business as Suncity releases first renderings of Manila hotel and casino project

Suntrust confirms “strategic working agreement” with Travellers entities to cede construction, operational control of Manila casino project

Mon 1 Sep 2025 at 13:08
Tecnet Asia aids Asian debut of APEX Gaming’s Clover Link at Solaire Resort Entertainment City

Tecnet Asia aids Asian debut of APEX Gaming’s Clover Link at Solaire Resort Entertainment City

Thu 28 Aug 2025 at 13:15
Winds of change

IAG announces program for 2025 IAG Academy Summit on 9 and 10 September at Manila Marriott, Newport World Resorts

Thu 28 Aug 2025 at 13:01
Asia market roundup

Asia market roundup

Thu 28 Aug 2025 at 12:26
Load More
Tags: Maharlika Investment FundPAGCORPhilippine Charity Sweepstakes OfficePhilippinesprivatization
Share6Share1
Newsdesk

Newsdesk

The IAG Newsdesk team comprises some of the most experienced journalists in the Asian gaming industry. Offering a broad range of expertise, their decades of combined know-how spans multiple countries across a variety of topics.

Current Issue

Editorial – Flipping the script

Editorial – Flipping the script

by Ben Blaschke
Thu 28 Aug 2025 at 12:30

This month represents an important milestone for Inside Asian Gaming as we launch IAG EXPO – an expansion of the...

Asia market roundup

Asia market roundup

by Ben Blaschke
Thu 28 Aug 2025 at 12:26

Inside Asian Gaming takes a deep dive into the state of Asia-Pacific’s key gaming markets: who’s hot, who’s not and...

Rewriting the rules

Rewriting the rules

by Newsdesk
Thu 28 Aug 2025 at 11:43

IAG EXPO, taking place at Newport World Resorts from 8 to 10 September, is not your usual trade show. IAG...

Test of character

Test of character

by Newsdesk
Thu 28 Aug 2025 at 11:28

Since its establishment in 1989, Gaming Laboratories International (GLI) has developed into the world’s most trusted name when it comes...

Evolution Asia
Your browser does not support HTML5 video.
Aristocrat
GLI
Nustar
SABA
Mindslot
Solaire
Hann
Tecnet
HKUST
NWR

Related Posts

Zitro: Spanish flair

Zitro teases big reveal at G2E Las Vegas 202

by Newsdesk
Mon 1 Sep 2025 at 14:40

Spanish gaming supplier Zitro says it is gearing up for a milestone appearance at this year’s Global Gaming Expo (G2E) in Las Vegas, promising an experience filled with new content, innovation and a highly anticipated product debut. Located in a...

Survey finds Thai locals mostly worried that legal casinos will increase problem gambling, crime and conflict

Chinese visitation, air capacity to Thailand are continuing to fall in 3Q25

by Newsdesk
Mon 1 Sep 2025 at 13:52

The number of Chinese tourist arrivals to Thailand continues to fall, with airlines increasingly slashing flights and visitation through August falling below already subdued forecasts, according to research from Maybank Securities. Just days after Thailand’s Constitutional Court ousted Prime Minister...

SunTrust becomes listed tourism business as Suncity releases first renderings of Manila hotel and casino project

Suntrust confirms “strategic working agreement” with Travellers entities to cede construction, operational control of Manila casino project

by Ben Blaschke
Mon 1 Sep 2025 at 13:08

Philippines-listed Suntrust Resort Holdings has publicly confirmed that it is pursuing a “strategic working agreement” with Newport World Resorts operator Travellers International Hotel Group Inc (TIHGI) and associated companies aimed at expediting the completion of Suntrust’s US$1.25 billion LETX hotel...

Auto Draft

Macau sets another post-pandemic record in August as GGR hits MOP$22.2 billion

by Ben Blaschke
Mon 1 Sep 2025 at 12:51

Macau has continued its recent revenue momentum, with the Gaming Inspection and Coordination Bureau (DICJ) reporting Monday that gross gaming revenues for the month of August reached MOP$22.16 billion (US$2.76 billion). This means August set yet another post-pandemic GGR record,...

Your browser does not support the video tag.


IAG

© 2005-2025
Inside Asian Gaming.
All rights reserved.

  • SUBSCRIBE FREE
  • NEWSFEED
  • MAG ARTICLES
  • VIDEO
  • OPINION
  • TAGS
  • REGIONAL
  • EVENTS
  • CONSULTING
  • CONTRIBUTORS
  • MAGAZINES
  • ABOUT
  • CONTACT
  • ADVERTISE

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist

No Result
View All Result
  • Subscribe
  • Newsfeed
  • Mag Articles
  • Video
  • Opinion
  • Tags
  • Regional
  • Events
  • Contributors
  • Magazines
  • Advertise
  • Contact
  • About
  • Home for G2E Asia

© 2005-2025
Inside Asian Gaming.
All rights reserved.

  • English