PAGCORP Gambling Monopoly May Be For Sale

Published Monday, August 09, 2010 -

In the Philippines government operations are usually well run and make money. The monopolistic approach to gambling in the Philippines is the way it is and has been for a long time.
According to a France Press report recently speculation is rampant that the Philippine government may want to sell it's online and land gambling state asset PAGCORP. Apparently the food and beverage giant San Miguel's vice chairman could make the purchase. The local tycoon Ramon Ang, has made an offer for the monopoly casino franchise to the tune of ten billion dollars US. The president of the country, Benigno Aquino has acknowledged the offer and has responded by saying his government will study the proposition.
The Philippine Daily Inquirer ran a story about the offer on the front page. Aquino said, "It is a proposal, it is a very interesting proposal. But at the same time we have to study the matter first," adding,  "We have to ensure that if we intend to sell something, it is at the best price we can get."
Aquino, just began his six-year term as president , recently and has been quoted as saying he will be looking at reducing the country's deficit by selling off some public assets.
"The sale of Pagcor fits in well with the president's agenda. Why wait for six years to have 10 billion dollars when you can have 10 billion dollars in just six months," Ang said to the newpaper, "Isn't this a spectacular deal?"
A spokesperson for Pagcor, Jay Santiago, commented,  "It is not as simple as it sounds. Eventually, there will be privatisation, but that is too far off," Santiago continued,
" we agree that 10 billion dollars is a good benchmark. If and when we do go through that process, at least we know we will not be getting anything below 10 billion dollars."


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