The Philippines Department of Finance (DoF) has expressed readiness to assist in the privatization of casino operations governed by the Philippine Amusement and Gaming Corporation (PAGCOR). The DoF envisions preparing assets for sale by 2025, deeming it an achievable target.
Finance Undersecretary Catherine L. Fong conveyed their readiness, highlighting their alignment with PAGCOR’s lead. PAGCOR Chairman Alejandro Tengco had requested time to organize the transition, enhance casino cash flows to optimize sales value. Once PAGCOR is prepared, independent appraisals will be acquired to establish a base price for auctioning the assets.
Tengco clarified during the recent IAG Academy Summit that PAGCOR aims to commence the sale of its casino operations by 2025. He emphasized that this timeframe allows ample room for the current administration to enhance operational dynamics, profitability, and regulatory focus.
Antonio A. Ligon, a law and business professor at De La Salle University, lauded PAGCOR’s move towards privatization, emphasizing the importance of defining responsibilities to prevent conflicts of interest. Ligon highlighted the significance of a smooth transition in terms of personnel and operational systems, presenting an opportunity to streamline operations and ensure a corruption-free mechanism.