The Department of Finance will conduct appraisals to establish a base price for auction when PAGCOR is ready.
The Philippines.- The Philippine Department of Finance (DoF) is preparing for the privatisation of the Philippine Amusement and Gaming Corp’s (PAGCOR) gaming operations. According to local media outlet BusinessWorld, undersecretary Catherine L. Fong has said the department is ready and awaiting the go ahead from PAGCOR.
PAGCOR chairman Alejandro H. Tengco has requested time to facilitate a smooth transition and to boost the value of PAGCOR’s casino assets before privatisation. He has previously said the process would take place by the third quarter of 2025.
Once PAGCOR is ready, the DoF intends to conduct independent appraisals to establish a base price for an auction. Fong expressed confidence that 2025 is a highly feasible target date.
Last week, PAGCOR announced a partnership with the Development Academy of the Philippines (DAP) which will aim to ensure PAGCOR’s operations comply with the requirements of the Compensation and Position Classification System or CPCS mandated by the Governance Commission for Government-Owned and Controlled Corporations (GOCCs).