Defining the News
Well, Philippine Amusement and Gaming Corp. chairman Alejandro “Alex” Tengco doesn’t feel that way insofar as the controversial Philippine Offshore Gaming Operators are concerned.
But retaining POGO does not mean he is being indifferent to public sensibilities. On this score, he must do a delicate balancing act between morality issues and national interest, and that’s not an easy thing to do.Somehow, he admitted that some POGOs were indeed, involved in illegal activities.
Under this setup, PAGCOR is both the regulator and the regulated. He strongly feels this puts PAGCOR in an untenable situation—being the governor and the governed. Allaying fears that the move will result in the displacement of a large number of employees, Tengco gives assurance that the matter was being taken care of.The chairman is bent on instituting essential reforms in the corporate structure and business operations to boost overall image as a responsive and competitive government-owned and controlled corporation.
.It cannot be denied that PAGCOR is a government money-making machine created through a presidential decree issued on Jan. 1, 1977 aiming to regulate all gambling operations in the country.“I would say the increase in revenue is the most important thing that has happened to PAGCOR since my assumption into office. We have increased our revenue by close to 48 percent compared to a year ago.
Tengco disclosed that the new GGR record was 11.22 percent higher than the previous record of P256.49 billion registered in 2019 and higher than the P214.33 billion recorded in 2022, as opposed to the all-time GGR low of P98.79 billion at the height of the pandemic in 2020.
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