THE Philippine Amusement and Gaming Corp. (PAGCOR) said the divestment of its gaming operations, leaving it only with its regulatory functions, is expected to be complete by 2025.
In a statement on Sunday, PAGCOR Chairman and Chief Executive Officer Alejandro H. Tengco said leaving the gaming market will “level the playing field and ensure future growth and viability for all gaming industry players.”
“We have started preparing for this transition in earnest, and we are starting where it matters most, within PAGCOR itself,” he added.
Mr. Tengco said that the company is also working to mitigate the displacement of workers with the privatization of PAGCOR-operated casinos.
“We have been going around the country during the past few months, holding town hall meetings with our employees. We tell them there is no reason to worry because we have plans in place to mitigate, if not totally avoid, any personnel displacement.
PAGCOR is also working on “making necessary changes in its corporate structure, business processes and procedures to make it more responsive and competitive.”
“Transition plans include moving into a single corporate office to enhance coordination, efficiency and performance as well as modernizing existing casinos to attract more players and make PAGCOR’s assets more attractive to potential buyers,” it added.
In March, Senator Mary Grace Poe-Llamanzares proposed to relieve PAGCOR of its role as a casino operator and focus on regulatory functions.
The Department of Finance has also been pushing to privatize PAGCOR’s gaming operations. — Luisa Maria Jacinta C. Jocson
