Alejandro Tengco, Chair and CEO of the Philippine Amusement and Gaming Corporation (PAGCOR), has announced plans to privatise 45 of its casinos by the third quarter of 2025.
During the national budget deliberations in the House of Representatives, Tengo said: "Definitely, my trust is to privatise the 45 casinos of PAGCOR and I'm looking at 2025 as my timeline. My goal is to increase the value of what we will privatise.”
Meanwhile, Cagayan de Oro representative Rufus Rodriguez said there is no need for PAGCOR to privatise its casinos if it expects the assets to earn more in the coming years.
"It seems that everything will be in order in the coming years, so why are we going to sell the goose that lays the golden egg? If we privatise this, then the regularity of the income will be cut short.”
PAGCOR projects a total income of ₱80.28bn ($4.72bn) in 2024.
Alongside its plans of privatisation, PAGCOR has also created a new logo to stop fraudulent transactions.
Tengco claimed that nearly one thousand fake licences are being used to operate illegally all over the world, including the Philippines.
He added: "We decided to change the logo immediately to be able to counter such. We have to rebrand. When you rebrand, that means it is not just the logo that will be changed.”
The graphic designer "has to make sure that the implementation of the use of the said logo will be properly done." Tengco said.
"My goal is to increase the value of what we will privatise," he told lawmakers.
