Eased gaming rules eyed, allowing foreign firms to run RP casinos

MANILA, Philippines - Manila is eyeing to ease foreign ownership restrictions on gaming, a move that will allow non-Filipino companies to manage casinos in a tourism and entertainment hub planned by state-run Philippine Amusement and Gaming Corp. (Pagcor). This was announced by the National Economic and Development Authority (Neda), which is also the agency heading the committee reviewing Executive Order (EO) 584, which limits foreign ownership in gaming to 40 percent. The agency is currently seeking legal opinions regarding foreign operations of local casinos, said Socioeconomic Planning Secretary Ralph Recto, who is also NEDA’s director general. “Foreigners who are operating casinos need to obtain license from Pagcor. Should you allow them in the Pagcor City? That’s the issue," Recto told reporters. However, since the gaming and entertainment hub is seen to boost tourism and generate jobs, the NEDA would amend EO to allow foreign firms to operate casinos in the Pagcor City. Issued in 2006, the EO is also known as the 7th Foreign Investment Negative List. “If the law allows it, we will incorporate it in the Negative List…I’d rather have Filipinos working here than in Macau," Recto added. In 2007, Pagcor announced plans to set up a $15 billion to $20-billion gaming and entertainment complex which will be funded by foreign investments. Dubbed "Pagcor City," the 800 hectare project, which will be located on reclaimed land along Manila Bay, aims to replicate Las Vegas – a US city known for its gambling and entertainment – in the country. The first phase’s construction, which would include a resort, hotels, and a theme park, starts this year. The project will be developed in three phases. - GMANews.TV