Pagcor jackpot MR. EXPOSE Amb. Ernesto Maceda 08/11/2010

Pagcor jackpot

MR. EXPOSE Amb. Ernesto Maceda 08/11/2010 The proposal of SMC CEO Ramon Ang to buy Pagcor for $10 billion has become the hot subject of the day in government and media circles. But it is not about to happen for at least three years. President Aquino calls it “a very interesting proposal,” but he correctly observed that it has to be “studied first” to make sure “we get the correct price.” Senate President Juan Ponce Enrile, Senators Francis Escudero, Frank Drilon, Edgardo Angara, Reps. Danilo Suarez (Quezon, 3rd district) and Albee Benitez (Negros Occidental, 3rd district) expressed reservations, pointing out that the government should retain the regulatory functions of Pagcor and the proceeds should be earmarked or deposited in a trust fund. We submit the $10 billion offer has no factual basis yet considering the reported corruption in Pagcor. President Aquino should order SGV or any reputable auditing firm to conduct an audit of Pagcor. Its reported P29 billion income is certainly understated. Ramon Ang says this should easily be increased to P35 billion. With the addition of five luxury casinos at Entertainment City and several more at Subic, Clark, Pangasinan, Nueva Ecija and Metro Manila, it may even be P40 billion. An offer of $10 billion has been made. Government must now set its minimum price at between $15 to 20 billion. One thing sure, you need a law to sell Pagcor. With a P450 billion price tag or more, certainly a P22.5 billion or 5 percent lobby fund would be needed. Jackpot!... MORE Source:  The Daily Tribune URL: http://www.tribuneonline.org/commentary/20100811com4.html

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