All about P-Noy

[cebulifer]

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PNoy thinking of selling PAGCOR - Inquirer

By Christian V. Esguerra
Philippine Daily Inquirer
First Posted 08:33:00 07/15/2010

Filed Under: Government offices & agencies, Graft & Corruption, Casinos & Gambling
MANILA, Philippines—President Benigno Aquino III is now laying the groundwork for the privatization of the Philippine Amusement and Gaming Corp. (Pagcor), a key source of government revenue but was also criticized for allegedly being a hub of corruption in the past.

“Eventually … in time,” he replied when asked if the privatization of the state-run gambling agency was among his plans within the next six years of his administration.

But Mr. Aquino said he first wanted to put Pagcor in good shape to make such a sale more palatable to private business.

“When you sell a product, you make it look good first, show what it is earning now and its potential earnings in the future so you will get a good price for it,” he said in Filipino in an ambush interview.

“If you sell it now, you won’t get the optimal amount for it.”

The President said he wanted to make sure the government was getting the right amount of revenues from the agency, which is in charge of casinos around the country. He said licenses issued by Pagcor would also be reviewed.

“There are allegations that the government is not getting what it’s supposed to get,” he said.

“We will first know what transpired in the last nine and a half years, if it’s true that regarding these licenses, we didn’t get the maximum (amount) that the state could get.”

Mr. Aquino said he had no problem with the government receiving donations through sanctioned gambling. What he did not like, he said, was the presence of casinos and poker places in areas where there are no tourists.

“Gambling is not a productive activity,” he said. “(But) if someone would donate funds to us by way of gaming establishments, thank you.”

Pagcor was created in 1977 by virtue of Presidential Decree 1067-A. Thirty years later in 2007, the Pagcor Charter was amended through RA 9487 that extended the agency’s franchise for another 25 years.

According to its company profile on its official website, five percent of net winnings goes to the Bureau of Internal Revenue in the form of franchise tax.

Of the 95 percent balance, 50 percent goes to the National Treasury. Another five percent benefits the Philippine Sports Commission “for financing of the country’s sports development programs.”

“One percent of the net cash income goes to the Board of Claims, an agency under the Department of Justice, which compensates victims of wrongful detention and prosecution,” according to the website.

Local governments hosting Pagcor casinos also receive a “fixed amount for their respective community development projects.” The rest of the balance goes to the President’s social fund “to help fund the priority projects of the government.”

During the Arroyo administration, Archbishop Oscar Cruz, then of Lingayen-Dagupan, complained that Pagcor money was becoming a source of corruption, including cash gifts being offered to some leaders of the Catholic Church.

[moz_k2]

naa rba to anomalya ang PAGCOR
katong multimillion burger na issue nga gipakaon sa mga police

[cebulifer]

About PAGCOR


The Philippine Amusement and Gaming Corporation is a 100 percent government-owned and controlled corporation created in 1977 by virtue of Presidential Decree 1067-A and was amended to PD 1869 on July 11, 1983, later known as the PAGCOR Charter.

In 2007 the PAGCOR Charter was further amended through Republic Act No. 9487 extending the PAGCOR Franchise for another 25 years

PAGCOR was created with a three-pronged mandate: to regulate all games of chance, particularly casino gaming in the country, to raise funds for the governments' socio-civic and national developmental efforts, and to help boost the country's tourism industry.

In accordance with its Charter and other governing laws, PAGCOR earnings are distributed as follows:

• 5 percent of net winnings goes to the BIR as franchise tax

• 50 percent of the 95 percent balance goes to the National Treasury as the National Government’s mandated income share

• 5 percent of the balance after the franchise tax and the National Government’s mandated income share goes to the Philippine Sports Commission for financing of the country’s sports development programs

• 1 percent of the net cash income goes to the Board of Claims, an agency under the Department of Justice, which compensates victims of wrongful detention and prosecution

• Cities hosting PAGCOR casinos are given a fixed amount for their respective community development projects
The remaining balance is then remitted to the President’s Social Fund to help fund the priority projects of the government.

PAGCOR operates 13 casinos in 10 major cities across the Philippines, along with 28 satellite casinos 24 VIP Clubs and 4 PAGCOR Arcades. The popularity of Texas Hold’em poker is on the rise in the country with the licensed poker rooms up to 36.

The table games available for play in PAGCOR casinos are the Asian favourite Bacarrat, its variant Super 6, along with the equally popular Black Jack, Pontoon, Stud Poker, Pai Gow, Sic Bo and Craps.

Live entertainment is provided by premier artists, both local and foreign performing center stage on all casinos at given nights. This is peppered by home grown variety of talents that entertain gaming aficionados nightly.

PAGCOR also provide electronic and web-based games in partnership with Philweb.

[haroldking]

I iya man gani i privatize ang PAGCOR maayo basta ang tig dumala kibaw mo mublik sa kwarta ngadto goberno ayaw ipareha GSIS na ang tigdumala grabe kaayo ka ******t ambut lang!

[cebulifer]

And if you read the Chairman's report... PAGCOR contributed P14B to the government coffers.

So what is your views on PNoy's plan to sell PAGCOR?

GO!!!

[cebulifer]

PAGCOR is the 3rd revenue generating unit of our government!!! After BIR and Customs!

[cebulifer]

I iya man gani i privatize ang PAGCOR maayo basta ang tig dumala kibaw mo mublik sa kwarta ngadto goberno ayaw ipareha GSIS na ang tigdumala grabe kaayo ka ******t ambut lang!

losing man ng gsis! why sell a revenue generating unit? Beh?

[hulagway]

hahaha..paita cge baligya ng income generating asset para mosamot ta ug kauyamot ani..bida ondo noynoy wala na jud ka lain mahunahunan? porbida nimo ondo cge lang jud ka papogi diha pakitang gilas na ondo noynoy..si trillanes imo pud paguwaon sa prisohan para maka vote ni pangilinan? pagka nindot nimo ondo..
next ani kay tanan political prisoners pabuhian just like what his mother did to joma..very good noy you realy is an example of a puppet president... basin ang kanang malacanang imo napud na imo baligya...hahahaha mao ni inyo president nga gi vote..very goooooooooooooooood

[cebulifer]

malacanang is in the university belt. basin himuon ug dormitory. income generating pud na!

[tikud]

Unlike any other businesses, PAGCOR is 100% profitable.
PAGCOR even shares the burden of financing the LGU's and DOH.
Most of the Cities Projects if non included sa fiscal year budget adto tawon e pasa sa PAGCOR funds.