The head of the Philippines and its finance ministry has reportedly called on the state-run Philippine Entertainment and Gaming Company (PAGCor) to immediately lift its dual role as casino regulator and operator.
Philippine Finance Minister Benjamin Diokno's appeal comes just days after newly elected President Ferdinand "Bongbong" Marcos Jr. appointed close friend Alejandro Tengko as PAGCor's latest chairman and chief executive, according to a Monday report by Inside Asian Gaming. The sources detailed that prominent local lawyer Juanito Sanosa had been named chairman and chief operating officer of the organization in the reorganization, while Jose Maria Ortega, Gilbert Cesar Remela and Francis Demokito Concordia had been appointed to the board.
Binary bearings:
Founded in 1977, PAGCor is said to be responsible for operating around 19,900 slots alongside more than 2,000 game tables through 17 casino Philippine-branded facilities and 30 satellite real estate chains spanning the length and width of the Philippines. However, the Manila-based organization also serves as the Asian country's gaming regulator, overseeing the issuance of licenses and the management of responsible gambling programs.
Propositional defense:
In light of these current dual responsibilities, Dioxno reportedly said PAGCor's new leadership now announced "plans to move forward" and declared that "the role seen as a conflict between operators and regulators must be addressed immediately." The country's top economist reportedly claimed on Friday that the organization's sale of land-based casino properties could help the Philippines raise valuable cash in the wake of the coronavirus pandemic.
Diocno is known to have said…
"We want the economy to grow and recover. If there are additional resources available to us through new loans or, for example, additional revenue from the privatization of some companies, we're willing to support the additional budget. If we're ready to implement a project and we have the money, we'd better spend it now, not in a year's time."
BY: 릴게임