Pagcor backs DOF's plan to privatize all state-run casinos

Pagcor Chairperson Andrea D. Domingo said they are not opposing the plan of Finance Secretary Carlos G. Dominguez III to sell the 46 owned and controlled casinos, but warned the process may “take a very long time.”

“During that time, I can’t sit back and wait for the privatization. We’ll work on our own casinos, and we make all them profitable,” Domingo said at the ASEAN Gaming Summit yesterday.

But Domingo said they have yet to begin any formal talks with the finance department on the procedures needed for the planned sale.

“We’re still at that point where we need to decide on the valuation of the 46 casinos that we have, how we’re going to sell it and at what price. This usually takes a very long period of time,” Domingo said.

On Tuesday, Dominguez confirmed to reporters that the DOF wants to privatize Pagcor’s commercial operations.

“We’re not opposing it, if it’s going to happen, it will happen. But I’m not holding my breathe, because it’s a business opportunity,” Domingo said.

Pagcor reported this week that it posted a record gross income last year on the back of higher revenues from gaming, which include table games, electronic games and bingo operations.

Domingo said that gross income last year jumped 16.62 percent to P55.06 billion from P47.21 billion a year ago. Other reasons cited that contributed to the record income were fees from licensed casinos and offshore gaming.

She explained as a result of the bullish growth of the agency’s income, it was able to increase its total contributions to nation-building by 25.45 percent.

“From P29.07 billion in 2015, our total contributions in 2016 amounted to P36.47 billion. This was P7.40 billion higher than the 2015 figures,” Domingo said.

“With this amount, Pagcor has once again contributed significantly not only to the national coffers and to its mandated beneficiaries but largely to the benefit of the less privileged Filipinos,” she added.

Of the agency’s P36.47-billion contribution to nation-building, P25.32 billion went to the National Treasury in the form of 50-percent government share.

Pagcor also paid P2.66-billion franchise tax to the Bureau of Internal Revenue. This amount was 22.87 percent or P496.15 million higher than the P2.16 billion franchise tax remitted by Pagcor in 2015.

Meanwhile, the Philippine Sports Commission’s (PSC) share in 2016 reached P1.26 billion – a hefty 22.87 percent or P235-million increase from the P1.03 billion share a year ago.

Aside from the PSC share, Pagcor allocated P16.99 million cash incentives to athletes and coaches who brought honor to the country through winning in international competitions.