• Subscribe
  • Magazines
  • About
  • Contact
  • Advertise
Thursday 29 May 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

Philippines Finance Secretary doubles down on calls for PAGCOR casino privatization

Newsdesk by Newsdesk
Tue 25 Jul 2023 at 04:50
18
SHARES
441
VIEWS
Print Friendly, PDF & Email

Philippines Finance Secretary Benjamin Diokno has doubled down on his call for gaming regulator PAGCOR to privatize its self-operated casinos, claiming the process should be rapid and does not require specific legislation to mandate.

While PAGCOR Chairman and CEO Alejandro Tengco has already outlined his intention to sell during his current term – even detailing a raft of investments currently being made to enhance the value of PAGCOR’s casinos – Diokno said during a briefing on Friday, “The best practice is to separate … [PAGCOR] cannot be both an operator (and regulator). That is conflicting.”

According to BusinessWorld, he added that Philippines President Ferdinand Marcos Jr “knows it’s not smart to have the same operator and (regulator). That’s a conflict of interest.”

Diokno also claimed that options to expedite such a process include turning PAGCOR casino operations over to his Department of Finance or via the Governance Commission for Government-Owned or -Controlled Corporations (GCG).

“PAGCOR is a corporation. What GCG usually does is to propose an executive order,” he said.

This is not the first time Diokno has pushed for privatization of PAGCOR’s casinos.

In December, he told local media, “PAGCOR is a regulator but at the same time it operates gambling companies. That’s wrong. If you’re a regulator, stick to that. You cannot run gambling casinos.

“It’s like saying that you have a central bank and yet you’re also running a bank. That cannot work. We can privatize its operations so PAGCOR can stick to being a regulator.”

Speaking at G2E Asia in Macau earlier this month, PAGCOR’s Tengco revealed the agency was undertaking three key initiatives to increase the value of its casinos ahead of a sale, including the modernization of its IT and cybersecurity infrastructure, upgrading of more than 3,000 electronic gaming machines (EGMs) and introduction of new technical standards for EGMS.

PAGCOR has previously stated it desire to earn almost US$1.5 billion from the sale of its 41 casinos, which include nine under the Casino Filipino brand and 32 operating as satellites.

RelatedPosts

Galaxy, Melco and Wynn to attend major media event “Thai Entertainment Complex Roundtable” alongside Thai voices opposing entertainment complex industry

Galaxy, Melco and Wynn to attend major media event “Thai Entertainment Complex Roundtable” alongside Thai voices opposing entertainment complex industry

Wed 28 May 2025 at 06:58
Kangwon Land GGR up 3.8% year-on-year on higher VIP play

Kangwon Land to support local SMEs in entering global slot machines and gaming technology market

Wed 28 May 2025 at 06:09
Mindslot-e leads first Philippines slot machine deployment for AGS with debut of “Lion Cash”

Mindslot-e leads first Philippines slot machine deployment for AGS with debut of “Lion Cash”

Wed 28 May 2025 at 06:08
Philippine billionaire Manny Villar to renew focus on Villar City estate following family election run

Philippine billionaire Manny Villar to renew focus on Villar City estate following family election run

Mon 26 May 2025 at 06:17
Load More
Tags: Alejandro TengcoBenjamin Dioknocasinodepartment of financePAGCORPhilippinesprivatization
Share7Share1
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 – Foreigner-only casinos: Seize the day

Editorial – Foreigner-only casinos: Seize the day

by Ben Blaschke
Thu 29 May 2025 at 13:38

I was recently asked by someone working at a foreigner-only casino for my thoughts on the outlook for the Asian...

On the brink

On the brink

by Pierce Chan
Thu 29 May 2025 at 13:27

The transition period for Macau’s 11 satellite casinos is set to expire at the end of this year, after which...

A moral defense of gambling

A moral defense of gambling

by Andrew Russell
Wed 28 May 2025 at 18:19

Economist Andrew Russell explores the differences between community benefit and in-principle arguments for the existence of a legal gambling industry...

Face to face

Face to face

by Ben Blaschke
Wed 28 May 2025 at 18:08

Konami caught the eye at the recent G2E Asia show in Macau with its SYNK Vision Tables, which utilize facial...

Evolution Asia
Aristocrat
GLI
Mindslot
Mindslot
Solaire
Hann
Tecnet
Nustar
Jumbo

Related Posts

More details emerge on Thailand Entertainment Complex Roundtable including real-time transcription and translation, simultaneous interpretation, venue information and Thai media coverage

More details emerge on Thailand Entertainment Complex Roundtable including real-time transcription and translation, simultaneous interpretation, venue information and Thai media coverage

by Ben Blaschke
Thu 29 May 2025 at 06:46

The Thailand Entertainment Complex Roundtable (TECR) – a groundbreaking event bringing together international integrated resort operators Galaxy, Melco and Wynn as well as major figures who have opposed the introduction of entertainment complexes (ECs) to Thailand – will truly be...

Ainsworth flags 1H25 revenue growth on Australian market strength but Novomatic takeover facing opposition by family of founder

Ainsworth chair says higher R&D investment necessary to boost global market competitiveness

by Ben Blaschke
Thu 29 May 2025 at 05:49

The chairman of Australian slot machine supplier Ainsworth Game Technology says the company must continue to increase its investment into research and development (R&D) in order to maintain global competitiveness and gain market share. Danny Gladstone cited R&D as Ainsworth’s...

Macau GGR rises 43.7% year-on-year to MOP$86.86 billion in 2021

Moody’s maintains investment-grade rating for Macau as fiscal reserves climb to US$77 billion

by Ben Blaschke
Thu 29 May 2025 at 05:23

Moody’s Ratings has affirmed the local and foreign currency issuer rating of the Macao SAR Government at Aa3 with a negative outlook, citing the jurisdiction’s strong fiscal reserves which have grown to MOP$624 billion (US$77.2 billion) as of March 2025....

Criminalization of illegal money exchange linked to 61.5% year-on-year increase in Macau’s gaming-related crime in 1Q25

Criminalization of illegal money exchange linked to 61.5% year-on-year increase in Macau’s gaming-related crime in 1Q25

by Pierce Chan
Wed 28 May 2025 at 13:40

In response to the criminalization of money exchange gangs, which came into effect in October 2024, there were 567 gaming crimes in Macau in the first quarter of 2025, representing an increase of 216 cases or 61.5% over the same...



IAG

© 2005-2024
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

© 2005-2024
Inside Asian Gaming.
All rights reserved.

  • English