Senator Sherwin Gatchalian says the third-party auditor does not have a business permit.
The Philippines.- Senator Sherwin Gatchalian has criticised the Philippine Amusement and Gaming Corporation’s (PAGCOR) choice of auditor to probe the earnings of Philippine offshore gaming operators (POGOs). He says Global ComRCI has inconsistencies in its documents.
Gatchalian said his research team has found that Global ComRCI hired an unregistered bank to prove it had the required PHP1.3bn (US$25m) in funds to meet PAGCOR’s tender requirements. It also found that Global ComRCI was not registered in Makati City despite having a business address in the city.
Roderick Consolacion, PAGCOR’s vice president of legal affairs, said the bidding rules allowed this without elaborating further.
Gatchalian has previously accused the regulator of having little knowledge of POGO’s businesses. Speaking in favour of banning POGOs, he has said that they contribute PHP34.68bn a year to the country – 1 per cent of GDP – and that losing this could be mitigated by attracting BPO companies, which could take up office space left by gaming operators.
Meanwhile, senators are considering the possibility of making changes to the PAGCOR statute to separate its dual functions by privatising its gaming operations.