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Pagcor Granted Extension

18 Jan 2005

PHILIPPINES – As reported by the Manila Bulletin: "The House of Representatives last night approved on third and final reading the Consolidated Investments and Incentives Code of the Philippines and the bill granting the Philippine Amusement and Gaming Corporation (Pagcor) another 25 years to operate casinos and other forms of gambling in the country.

"A total of 136 solon voted yes to House Bill (HB) No. 3295 which seeks to rationalize fiscal and non-fiscal incentives granted by government to various industries. At least 26 voted in the negative while one abstained.

"On the Pagcor measure, the voting was registered at 113 affirmative, 26 negative.

"House Speaker Jose C. de Venecia Jr. said HB 3295 will lift or reduce tax and revenue incentives granted by government to various industries, thus, allow it to realize an estimated R5 to R6 billion.

"…De Venecia explained that the Pagcor bill which will extend the state-owned gambling firm's life to another 25 years is 'another revenue measure, but not presented as such.'…"

 
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