PAGCOR publishes statement on privatisation plans amid rumours
The corporation announced a lot of different plans at the end of last year, which has stirred up a storm of rumours about spending and staff.
The Philippine Amusement and Gaming Corporation (PAGCOR) has released a statement addressing rumours of its privatisation plans.
This comes after it was announced last year that the authority would transform into a regulator and privatise around 50 casinos by 2025.
PAGCOR stated that this was to ‘increase the value’ of the casinos and make the industry more competitive.
However, this has drawn criticism from some, who have accused PAGCOR of spending ₱500m (US$8.9m) on refurbishing its Casino Filipino branch in Angeles City.
Alejandro Tengco, PAGCOR Chairman and CEO, said: “The allegations… are not true because the said renovation will be answered by the owner.
“We won’t spend a penny on the renovation.”
While the allegations claim that the authority is trying to raise the value of the property to make it attractive to buyers before it gets privatised, PAGCOR refutes this.
PAGCOR has explained that the renovations are so that the authority can provide better facilities and services.
Tengco continued: “We don’t own the building where CF Angeles stands, so we had an agreement with the owner to cover the renovation expenses because they own the place, and PAGCOR is renting only.
“We will also make the same agreement with the Bacolod branch as part of our efforts to make our casinos more attractive for the benefit of not only PAGCOR, but also the government.”
One of the final claims also states that due to the privatisation plans, PAGCOR will be making 10,000 people redundant.
Finally, Tengco concluded: “This number is absurd because 10,000 employees are our total workforce.
“We do not dismantle corruption; and many workers will still remain in regulatory, enforcement, monitoring, electronic gaming licensing and other units.
“I call on our employees not to believe the lies that some individuals spread. We are here to promote your welfare, but let us do our duty.”
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