July 22nd, 2024
Rep. Joey Sarte Salceda
PBBM exercised a prerogative that is well within the scope of his powers over PAGCOR. And frankly, this phase-out is best undertaken during the capable leadership of Chairman Al Tengco than under any other person. PBBM’s instructions to PAGCOR is now the settled policy of this administration.
Now, there will be impacts – and the most obvious is on revenue. If the ban affects the entire internet gaming license regime, which is a very broad category that includes the online operations of our very large domestic players, then that is at least P43 billion in revenue that we have to make up for. If it will only affect offshore gaming, then that’s around P14 billion. It’s my job to find those alternative sources, and I hope to work with Secretary Recto under PBBM’s instructions.
There will also be an effect on jobs. Some 27,000 direct Filipino hires currently earning above average pay will have to be given new employment. I appreciate President Marcos’s instructions to DOLE to that effect. Many of these workers have already acquired foreign language skills. Those skills are best certified and developed alongside other employable skills.
There will also be an impact on the real estate sector, but a widespread rental subsidy program will largely mitigate that. As I have repeatedly emphasized, reclamation is the largest source of potential revenues for that purpose, and in fact 50% of government income from reclamation is, by law, earmarked for housing.
Definitely, PAGCOR privatization might have to be put on hold for now, because obviously PAGCOR’s role as a regulator at the moment matters above all.
I think President Marcos was confident about giving this instruction, because the best man for the job is Al Tengco. I’m confident Chairman Tengco can manage a systematic, orderly, and fair transition.