PAGCOR Denounces False Claims Amid Privatization Rumors

The Philippine Amusement and Gaming Corporation (PAGCOR) has taken a firm stance against what it terms as "misinformation" surrounding alleged plans to invest ₱500 million in renovating its Casino Filipino branch in Angeles City ahead of privatization. The agency's chairman, Alejandro H Tengco, addressed these claims after a social media post by a PAGCOR employee suggested such expenditures were in the pipeline to attract potential buyers post-privatization.

Chairman Tengco clarified that PAGCOR has no intention of allocating funds for the purported renovation. He emphasized that any refurbishments would be the responsibility of the lessor, as PAGCOR operates on a rental basis. Tengco further highlighted the importance of enhancing facilities for patrons but affirmed that the financial burden for renovations falls outside of PAGCOR's scope.

Addressing concerns raised by the PAGCEA Group regarding potential layoffs, Tengco dismissed the allegation, affirming that the speculated figure of 10,000 job losses encompassed the entire PAGCOR workforce. He assured employees of the corporation's commitment to their welfare and dispelled any notions of wholesale dismissals, emphasizing the transition to a regulatory role and its implications for staffing.

Looking ahead, Tengco outlined PAGCOR's strategic initiatives for the Philippine gambling market in 2024, emphasizing regulatory reforms and plans to bolster the country's status as a gambling destination. He underscored the unique advantage PAGCOR holds as the sole regulator of online gaming in Southeast Asia, signaling opportunities for further investment and growth in the sector.