At a hearing conducted by the House Appropriations Committee, Tengco said the expected privatization proceeds were conservative, but Pagcor would improve casinos and increase their value, making them more attractive to buyers.
“That’s a minimal estimate, but we expect [the amount] to increase because [privatization] goes through [competitive] bids,” he said.
Privatisation would generate between 120 billion and 128 billion Ps, according to separate estimates from Albay MP Joey Salceda.
Tenco added that privatisation would “definitely go ahead, there is no stopping it, and President Marcos has approved it.”
In his recent State of the Union address, PH President Marcos praised PAGCOR’s performance and mentioned its contribution to state revenue.
However, some lawmakers, including Rep. Rufus Rodriguez of the city of Kagayan de Oro, opposed it, and Mr. Rodriguez said he would submit a resolution against the privatization plan.
“After hearing Tengco’s report on Pagcor’s condition, everything is likely to be normalized in the next few years,” Rodriguez said.
Earlier in the hearing, Tengco said it expects Pagcor to generate revenue of 72 billion P in 2023, based on its peak sales of 36 billion P in the first semester.
Tengco also said its estimated full-year revenue for 2023 would be close to Pagcor’s pre-fashionable revenue of P76 billion in 2019.
“Then why would we sell the goose that lays the golden eggs when there are good people at the helm of the parkor,” Rodriguez said.안전한 카지노사이트
“If we privatize this, the regularity of the income we receive from Pakor will be shortened,” he said, adding, “Why should we give them [the revenue stream]?”
In addition to Rodriguez, other government officials have also expressed opposition to the privatization of PAGCOR. Philippine Finance Minister Benjamin Diokno recently said his dual role as the operator and regulator of the Philippine gaming industry should no longer be sustained.