Press Release
August 10, 2010

ANGARA: PROPOSED PAGCOR SALE SHOULD NOT BE A GIVEAWAY

Senator Edgardo J. Angara welcomed the offer to privatize the Philippine Amusement and Gaming Corporation (PAGCOR), but said that government should set conditions for its sale.

"PAGCOR is a highly profitable franchise. Before we agree to privatize it, the contribution to government should not only be maintained but must be increased. They must also guarantee the share of local government. Finally, at least 20 percent of its net income should go to public hospitals and public schools," he said.

"We should set conditions like that, otherwise it would be as if we just gave it away. It's a very good franchise, almost like a franchise to print money," Angara added.

PAGCOR's gross income in 2009 reached P29.78 billion.

Angara said another benefit of privatizing PAGCOR would be removing government from direct gambling operations and its negative implications.

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