Speculation surrounding the future of the Philippine Amusement and Gaming Corp (PAGCOR) has intensified as t government evaluates plans to privatise the state-owned gambling operator and regulatory body.
News sources in Manila report that the government of President Ferdinand “Bongbong” Marcos seeks to ‘reorganise PAGCOR’ by divesting its casino properties “whilst maintaining its regulatory and licensing functions”.
Dealmakers supporting the move have forecasted that a sale of PAGCOR’s 44 state-owned casino franchises could secure 80bn pesos, circa $1.5bn.
The funds are required to launch Bongbong’s election pledge to launch the Philippines Sovereign Wealth Fund, mirroring richer Asian nations.
PAGCOR Chairman and CEO Alejandro Tengco, who assumed his position after Marcos took office in June last year, expressed his support for the privatization of all PAGCOR-operated casinos during the ASEAN Gaming Summit.
News sources in Manila report that the government of President Ferdinand “Bongbong” Marcos seeks to ‘reorganise PAGCOR’ by divesting its casino properties “whilst maintaining its regulatory and licensing functions”.
Dealmakers supporting the move have forecasted that a sale of PAGCOR’s 44 state-owned casino franchises could secure 80bn pesos, circa $1.5bn.
The funds are required to launch Bongbong’s election pledge to launch the Philippines Sovereign Wealth Fund, mirroring richer Asian nations.
PAGCOR Chairman and CEO Alejandro Tengco, who assumed his position after Marcos took office in June last year, expressed his support for the privatization of all PAGCOR-operated casinos during the ASEAN Gaming Summit.