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    PSC braces for drop in Pagcor share with influx of private casinos

    Jan 16, 2013

    PHILIPPINE Sports Commission chairman Richie Garcia said remittances from the Philippine Amusement and Gaming Corporation to the government’s sports arm has dropped and could further dip with the influx of private casinos in the country.

    The strong economic growth in the Southeast Asian region has helped lure international gaming companies to Manila, but Garcia noted that it means competition for the state-run gaming firm - and less remittances from Pagcor to the PSC.

    Garcia said that the PSC experienced a drop in its Pagcor remittances last year, and sees the trend to stay the same.

    The PSC receives a share from Pagcor’s income as per Republic Act 6847. The amount received is placed in a National Sports Development Fund used to augment the needs of the national athletes.

    “’Yung mga private casino, hindi sila nagbibigay ng share,” Garcia said. “Mas maraming nagsusugal sa mga bagong casino which will deprive PSC of our private share.”

    The casino business in the country now has some new and big players including recent Resorts World of Genting Hong Kong and property magnate Andrew Tan, and the soon-to-open Solaire Manila of ports tycoon Enrique Razon.

    Garcia said the monthly remittance from Pagcor dropped in December.

    “It’s only P40 million (last month) from a high of P60 million. Hindi okay ’yun. That will affect us by more than a hundred million a year. Mahina ang income nila and if that continues, mahirapan tayo,” Garcia said.

    “It will drop about P10 million a month, P120 million a year. We already dropped by almost P15 million,” he added.

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