Through the first six months of 2022, PAGCOR-operated facilities generated gross gaming revenue (GGR) of PHP6.4 billion (US$114 million). By comparison, City of Dreams, Solaire, Resorts World, and Okada in Manila generated GGR of PHP37 billion (US$658 million) during the same period.<\/p>\n<\/div>\n
“We would like the economy to grow and to recover. If there are additional resources available to us through revenues coming from the privatization of certain corporations, we would be willing to support that,” Diokno explained.<\/p>\n
PAGCOR first announced it might unload its state-owned casinos in August 2016. That’s after then-President Rodrigo Duterte took an anti-gaming stance in the early days of his administration.<\/p>\n
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Duterte sought to crack down on internet gaming cafes that he claimed were run by oligarchs, specifically PhilWeb and billionaire Roberto Ongpin. The president also sought to block new integrated resorts in Manila and a destination casino on Boracay. Duterte later softened his antagonism toward the gaming industry because of the tax revenue the casinos provide the country.<\/p>\n<\/div>\n
Macros’ late father, Ferdinand Marcos. Sr. was responsible for the creation of PAGCOR in 1977 during his administration. Marcos Sr. formed the gaming agency amid martial law to curb underground gambling operations that had run rampant across the nation.<\/p>\n
PAGCOR reports directly to the president. The agency is responsible for more tax money than any other government agency aside from the country’s Bureau of Internal Revenue.<\/p>\n","protected":false},"excerpt":{"rendered":"
Philippines casinos owned and operated by the country should be sold to private firms, the nation’s recently appointed finance secretary said this week. Benjamin Diokno took on his new role the same day Philippines President Ferdinand “Bongbong” Marcos Jr. was inaugurated on June 30, 2022. Before being tapped as finance chief by the newly minted […]<\/p>\n","protected":false},"author":25,"featured_media":229001,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[69069,13592],"tags":[82451,13520],"acf":[],"yoast_head":"\n
Philippines-Owned Casinos Should Be Sold, Finance Secretary Urges<\/title>\n\n\n\n\n\n\n\n\n\n\n\n\n\t\n\t\n\t\n\n\n\n\n\n\t\n\t\n\t\n