There is uproar in the Philippines over allegedly unfair practices by the country’s regulatory body overseeing gambling and casino activities, Philippine Amusement and Gaming Corp (Pagcor).
According to local media, the Philippines’ Secretary of Finance, Benjamin Diokno, has stated that Pagcor should limit itself to industry monitoring and no longer engage in direct casino operations through state-controlled venues.
Pagcor manages state-owned casinos under the “Casino Filipino” brand, as well as licensing and regulating private-sector venues.
Diokno said:
“Pagcor is a regulator but at the same time it operates gambling companies. That’s wrong. If you’re a regulator, stick to that. You cannot run gambling casinos”
“We can privatise its operations so Pagcor can stick to being a regulator,” the secretary continued.
According to Diokno, the country’s Governance Commission for Government-Owned or Controlled Corporations was already looking into the situation. He also stated that this was brought to light under the previous Duterte government. During this period, there was increased discussion about the privatization of government-owned casinos.
Diokno supports the establishment of a sovereign wealth fund called as the Maharlika Wealth Fund, into which Pagcor would be required to contribute 10% of its total gaming earnings.
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