PAGCOR Opens Books

PHILIPPINES – As reported by the Manila Times: "The Philippine Amusement and Gaming Corp. (Pagcor) will open its books for auditing to prove that its finances are properly managed.

"Edward King, spokesman for Pagcor, made the remarks in reaction to demands by lawmakers for the gaming regulator to open its books for external audit.

"King said any government official can check Pagcor's financial statements, which are regularly submitted to the Commission on Audit (COA).

"…He also said the issues Sen. Jinggoy Estrada had raised against Pagcor had been rehashed and that Pagcor officials had answered most of them a year ago.

"But King failed to account for Estrada's allegation that Pagcor paid P489 million to Hyatt Marina Hotel Casino for 'rent expense' in its first 12 months of operation.

"…On Monday Rep. Hermilando Mandanas of Batangas has asked the Supreme Court to close down Pagcor because it has been operating without a franchise for the past three years…"