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operator PAGCOR also expanded into on- Privatization of PAGCOR is a regu- ceive their annual proceeds are at risk’.
line gaming, launching its eGames prod- lar debate in the Philippines. While some think that privatizing
uct through the Philweb Corporation. In 2005, the Philippine Stock Ex- PAGCOR would increase transparency,
change (PSE) suggested it and a techni- some believe that privatizing could lead
Privatisation of PAGCOR cal report prepared for the Philippine’s to a situation where PAGCOR could
There has been no official announce- Office of Privatization Department of ‘avoid scrutiny of its business affairs by
ment yet, but according to recent reports, Finance from July 2005 recommended it. the country’s elected politicians and the
the two leading candidates for the next For the PSE, listing PAGCOR in the public accounts watchdog, the Commis-
presidential elections have expressed the local stock exchange would bring more sion on Audit, under the guise of com-
intention to privatize PAGCOR. transparency to the company activities mercial confidentiality.’
as well as good corporate governance
practices. It would also disperse PAG- Casino
COR’s ownership to the investing public. The centralization of terrestrial gam-
Some also considered that PAGCOR ing in the Philippines was initiated by
privatization would increase foreign in- the Ferdinand Marcos regime in the late
vestment in gaming activities, create 1970s. PAGCOR was created to regulate
resort development and bring more and all games of chance in the country, to
longer term employment from increased raise funds for government and to boost
tourism. tourism. The state monopoly company
Privatizing PAGCOR is politically was established by Presidential Decree
sensitive in the Philippines. PAGCOR 1067-A in 1977. This was amended by
provides significant revenue to the gov- what is commonly known as the PAG-
ernment and it is often said that it is the COR Charter. Under the provisions of
only body in the country which reports the Decree and its subsequent amend-
to the President directly. PAGCOR also ments, PAGCOR was authorized to is-
allocates revenues to specific interest sue licenses to non-state entities on a
groups. Therefore, the report prepared franchise basis. The state-owned firm
for the Philippine’s Office of Privatiza- is the third biggest source of govern-
tion Department of Finance shows that ment funds, with an annual revenue of
‘it may create a situation where these 22 billion pesos, and employs more than
groups resist privatization if they per- 11,000 employees.
March 2010
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