The Philippine Amusement and Gaming Corporation (PAGCOR) has been at the center of speculation regarding its privatization plans, particularly concerning the refurbishment of its Casino Filipino branch in Angeles City and the alleged impending redundancy of thousands of employees. Amidst these controversies, PAGCOR’s Chairman and CEO, Alejandro Tengco, has sought to dispel misconceptions and offer clarity on the organization’s objectives.
Privatization Objectives and Allegations:
PAGCOR announced plans to transform into a regulatory body and privatize approximately 50 casinos by 2025 to enhance competitiveness and increase the value of these establishments. However, allegations surfaced suggesting that PAGCOR’s refurbishment efforts at the Angeles City branch were aimed at boosting the property’s attractiveness for potential buyers before privatization.
Clarification on Renovation Expenses:
Tengco refuted claims that PAGCOR allocated funds for the ₱500m refurbishment of the Casino Filipino branch in Angeles City. He clarified that PAGCOR, as a tenant, had an agreement with the building’s owner to cover renovation costs.
Redundancy Concerns and Employee Welfare:
Amidst rumors of massive layoffs due to privatization, Tengco addressed concerns about job security, emphasizing that PAGCOR’s workforce totals approximately 10,000 employees. He assured employees that the organization prioritizes their welfare and urged them not to succumb to misinformation.
Focus on Regulatory Functions:
Tengco highlighted that despite privatization plans, PAGCOR would maintain essential regulatory functions, including enforcement, monitoring, and electronic gaming licensing. This reassurance aimed to dispel fears of a significant workforce reduction and underscore the organization’s commitment to its core responsibilities.
Response to Criticism:
PAGCOR’s privatization plans have faced criticism, particularly regarding transparency and the potential impact on employees. Critics argue that the move could prioritize profit over social responsibility and overlook the welfare of workers. However, Tengco maintains that PAGCOR’s objectives are aimed at improving efficiency and competitiveness in the gaming industry while ensuring continued regulatory oversight.
PAGCOR’s response to rumors and allegations surrounding its privatization plans highlights the organization’s commitment to transparency and employee welfare. By providing clarity on renovation expenses, addressing concerns about job security, and reaffirming its regulatory role, PAGCOR seeks to mitigate misconceptions and maintain public trust amidst ongoing transformations in the gaming sector.