Manila, Philippines – The Philippine Amusement and Gaming Corp. (Pagcor) can rake in P250 billion in fresh revenues annually for the government if the bill that seeks its elevation into a commission is passed by Congress, Sen. Ralph G. Recto said yesterday.
Recto, chairman of the Senate Committee on Ways and Means, said once Pagcor is transformed into the Philippine Amusement and Gaming Commission (Pagcom), the State gaming agency could dwarf its current yearly remittance to the government of around P15 billion, particularly once the Entertainment City Project, a Las Vegas-style $5-billion project in Pasay City, becomes fully operational starting first quarter of 2013.
“Pagcor as a regulatory body could realize as much as $6 billion in revenue share or about P250 billion in fresh revenues every year,” said Recto as he explained salient provisions of Senate Bill (SB) No. 3178 or the “Act Creating the Pagcom.”
A proponent of the measure, Recto assured that the approval of the bill would not affect Pagcor’s existing licenses, franchises, and contracts while the prospective Pagcom waddles through transition. (Hannah L. Torregoza)