Franklin Drilon, a former Philippine senator, has endorsed proposals for PAGCOR’s gambling operations to be privatised in order to raise money for the Maharlika Investment Fund (MIF).
Drilon said that privatising the gambling operations of PAGCOR and the Philippine Charity Sweepstakes Office (PCSO) would bring in up to PHP300 billion (US$5.5 billion) annually, which could be used to support the government’s proposed sovereign investment fund.
Currently, 10% of PAGCOR’s gross gaming revenue (GGR) goes to the MIF. The Land Bank of the Philippines (LBP), which is expected to contribute about PHP50 billion (US$917.59 million), is the fund’s largest contributor.
If PAGCOR’s gaming operations are privatised, according to Drilon, the government won’t have to fund the MIF with dividends from the Land Bank of the Philippines (LBP) and other public financial institutions like the Bangko Sentral ng Pilipinas (BSP), Development Bank of the Philippines (DBP), and LBP.
Due to PAGCOR’s twin responsibilities as a casino operator and regulator, Senator Sherwin has also called for its restructuring; nevertheless, a prior attempt to privatise PAGCOR was unsuccessful due to the positive cash flow created by its gambling properties.
The PAGCOR casinos, according to opponents of the privatisation model, generate substantial sums of money for the government each year. Rodrigo Duterte, the previous president, wanted to sell 17 of the 47 casinos owned by the regulator in 2016, but the proposal was ultimately abandoned due to the success of PAGCOR’s casino operations.
SiGMA Group met with senior PAGCOR officials in preparation for SiGMA Asia, which will be held at the SMX Convention Centre from July 19th to 21st, 2023. It will be the group’s first conference in the Philippines.
The conference will cover all of the newest advancements in the gaming, emerging technology, and affiliation industries, bringing together three of SiGMA Group’s most prominent brands for one worldwide show boosting ties between East and West.