Inside Asian Gaming

INSIDE ASIAN GAMING | July 2010 18 Philippines All Change? Philippines gaming investors ponder whether a new regime at Pagcor will really improve their lot A n ally of recently inaugurated President Benigno Aquino III has been lined up to be the new chairman of the Philippine Amusement and Gaming Corporation (Pagcor), the country’s gaming regulator-cum-operator. At the time Inside Asian Gaming went to press, the new man was identified as Cristino‘Bong’Naguiat, described as a close friend of the nation’s new chief executive. To add spice to the story, Mr Naguiat was in the past reportedly fired from a junior post in the treasury-finance department at Pagcor by retiring Pagcor chairman Efraim Genuino. Dr Genuino announced his departure as Pagcor boss in mid-June only days before President Aquino was sworn in following his May election victory. It was, however, an open secret in political circles that the new national president—known popularly as ‘Noynoy’—wanted Dr Genuino out, despite his so-called midnight reappointment by outgoing president Gloria Arroyo. The Pagcor job is a politically important and sensitive one. Pagcor had a declared income from gaming taxes and operator licensing fees of P29.78 billion (US$640 million) last year. That makes it the third biggest raiser of cash for public use after the country’s Bureau President ‘Noynoy’ Aquino