STATE-RUN gaming firm Philippine Amusement and Gaming Corp. (PAGCOR) said its gaming revenue rose 8.4% year on year in the first half, as a new online-gaming revenue stream started to be reflected in its books.
THE gaming regulator is still confident of meeting its revenue targets, despite the attack on Resorts World Manila.
THE PHILIPPINE Amusement and Gaming Corp. (PAGCOR) is projecting only a 2.25% revenue growth rate in 2015, but is expected to accelerate to 4% in 2016 once City of Dreams enters full operations.
Senator Miriam Defensor Santiago (photo courtesy of www.en.wikipedia.org) MANILA (Mabuhay) – Sen. Miriam Defensor Santiago on Monday filed a resolution that seeks to end the President’s alleged off-budget or “pork barrel” funds including the funds from the Malampaya gas project, the Philippine Charity Sweepstakes Office (PCSO) and the Philippine Amusement and Gaming Corporation (PAGCOR). Santiago, chairwoman of the committee on constitutional amendments and revision of codes, said all off-budget funds, particularly the funds from Malampaya, PCSO, and PAGCOR should be included in the Budget of Expenditures and Sources of Financing (BESF) submitted annually by the President to Congress. She said so-called “off-budget funds” are unconstitutional, because such funds violate the constitutional provision which states: “No money shall be paid out of the treasury except in pursuance of an appropriation made by law.” (Constitution, Art. 6, Sec. 29, para.1) The senator said that these off-budget funds were created during martial law and excluded from the national treasury, violating the “one-fund” concept, which she called a “sound concept that should not admit of any exception.” “At present, these off-budget funds are under the complete control of the President, without an appropriation made by Congress. The practice of off-budget funds is an evil that should be struck down on its face for violating the Constitution,” she said. Santiago said it is Congress that possesses the sole power to appropriate the revenues earned by government. She noted that the BESF report from Malacañang is supposed to contain the sources of government revenues and their Read More …