PAGCOR to increase “share” to city coffers

CEBU, Philippines — Cebu City Mayor Edgardo Labella has disclosed that he was assured by a Philippine Amusement Gaming Corporation (PAGCOR) official that there will be an increase in the city government’s share in revenues generated by casinos and offshore gaming operations in the city.

Labella said that PAGCOR Chairperson Andrea Domingo has assured him that "even without the council resolution," there will be an increase.

He said he received the assurance during their talk about a month ago.

"But it's good that the City Council also passed a resolution urging the increase, so that it will not only come from the mayor but also from the council," said Labella.

In his resolution, Councilor Renato Osmeña Jr. said that with the revenues generated by the casinos operating in the city, the City Hall receives only P4 million from PAGCOR every month.

The financial assistance goes directly to the city’s trust fund, and is governed by the guidelines issued by the PAGCOR as to its use, handling, and disbursement to ensure it is spent according to the purposes envisioned by the donor.

On February 4, 2020, PAGCOR announced that its gross gaming revenues in 2019 rose 11.65 percent from 67.85 billion in 2018 to 75.76 billion, exceeding the agency’s 2019 target by 1.80 percent or 1.33 billion.

Osmeña said that in order to meet the needs of the less privileged sectors of the society, the city should come up with ways to strengthen its financial coffers.

“Since our big city is a friendly host to a number of big casinos in the region and has been open and receptive to lucrative POGO (Philippines Offshore Gaming Operators) businesses, it is therefore timely and proper that we reach out to PAGCOR for help and support,” Osmeña earlier said.

According to the resolution, among the biggest sources of PAGCOR gaming revenues are slot machine operations, electronic bingo, table game operations, regulatory fees from the POGOs, and fees from licensed casinos.

The council approved Osmeña’s resolution in a session last February 19.

It has also requested the City Treasurer’s Office and the City Budget Office to submit to the council an updated financial and utilization report on PAGCOR funds. (FREEMAN)