The “conflict of interest” in the operations of the Philippine Amusement and Gaming Corp. may finally be gone with a bill filed by Sen. Panfilo Lacson.
Lacson filed Senate Bill 1471 relieving Pagcor of its job of operating gambling casinos, so it can concentrate on regulating such gaming establishments.
“In order to promote a level playing field in the gambling industry and avoid conflict of interests, Pagcor should cede its role as operator of all gambling and gaming activities. Through such manner, it can focus and put premium to its regulatory authority, which is its governmental role,” Lacson said.
Under the bill, existing Pagcor casinos are to be privatized one year after the measure is passed. Proceeds from the sale will be remitted to the Bureau of Treasury.
The bill also seeks to consolidate Pagcor’s authority to regulate new gaming and gambling activities, including online gaming sites.
It should also minors and problem gamblers and make sure gambling and gaming will not be used for illegal activities like money laundering and terrorist financing.
Pagcor’s earnings will finance socio-economic development projects, with the Armed Forces of the Philippines’ modernization program getting a five-percent share in Pagcor’s gross gaming revenues, less the franchise tax and 50-percent government share.
Meanwhile, the bill also seeks to prevent the licenses Pagcor issues to gaming operators from being used for criminal or illegal activities.