Despite Issues, PAGCOR Wins Award from the Philippine Government
LISTEN TO THIS ARTICLE:Despite dealing with several scandals and issues over the past year, the Philippine Amusement and Gaming Corporation (PAGCOR) has been lauded by the Governance Commission for Government-Owned and Controlled Corporations (GCG). The recognition comes in the form of a 99.46% score in the annual Performance Evaluation System (PES) for 2022, marking the highest rating ever achieved by the gaming regulator.
PAGCOR Achieves New Success
The accomplishment follows a recent change in executive leadership, with Chair and CEO Alejandro Tengco taking the helm in August 2022. Under his guidance, PAGCOR has demonstrated remarkable strides, showcasing an unprecedented leap from its 2020 score of 91.38% and its 2021 score of 98.08%.
The PES award is an acknowledgment of PAGCOR's dedication to upholding the highest standards of accountability and efficiency among government-owned and controlled corporations. The GCG report highlights PAGCOR's perfect scores in various crucial categories, including Increased Contribution to National Government Coffers and Nation-Building Efforts, Increased Gross Gaming Revenue of the Industry and Increased Internal Revenue.
There have been reports recently that PAGCOR has been negligent in its oversight of the regulated gambling market. The reports stem from several high-profile human trafficking cases involving Philippine Offshore Gaming Operators.
This has led to a call from some legislators that it's time for the state-owned agency to stop operating casinos. That plan is underway, and PAGCOR will become only a gaming operator within the next two years.
PAGCOR Leads in Economic Growth
According to the GCG report, PAGCOR's performance in these key areas reflects its pivotal role in bolstering the nation's economic growth and contributing significantly to government revenues. The perfect scores serve as a testament to PAGCOR's effective strategies and proactive measures in driving positive outcomes for the Philippine government and its citizens.
The award ceremony took place during the inaugural GOCC Governance Awards Ceremony on November 20, where PAGCOR President and COO, attorney Juanito L. Sañosa, accepted the accolade on behalf of the organization. The ceremony recognized and celebrated outstanding governance practices among government-owned and controlled corporations, highlighting PAGCOR as a standout performer in the gaming and entertainment sector.
In his acceptance speech, attorney Sañosa expressed gratitude for the recognition and attributed the success to the collective efforts of the PAGCOR team. He emphasized the organization's commitment to transparency, innovation and excellence in fulfilling its mandate to regulate and promote the gaming industry in the Philippines.
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