Privatize PAGCOR, PCSO to raise funds for COVID-19 effort –Drilon

Senate Minority Leader Franklin Drilon over the weekend called for the privatization of the Philippine Amusement and Gaming Corp. (PAGCOR) and the Philippine Charity Sweepstakes Office (PCSO) to generate more funds for the government's effort against the coronavirus disease 2019 (COVID-19).

In an Easter Sunday statement, Drilon called for the review of government assets that could be sold off, what he called "low-hanging" fruits to boost the government's war chest and finance efforts against COVID-19.

"If the government really wants to generate more funds to help the COVID-19 affected families, let’s privatize PAGCOR and PCSO," he said.

"We have an untapped ‘goldmine’ that can generate up to P300 billion in fresh revenues yearly. I hope our economic managers will move faster on this this time, because the effects of COVID-19 pandemic will go beyond 2020," added Drilon.

PAGCOR is a 100% government-owned and controlled corporation (GOCC) under the Office of the President of the Republic of the Philippines.

Under its charter, PAGCOR is mandated to generate revenues for the Philippine government's socio-civic and national development programs, among others.

Republic Act 7656 or the Dividend Law mandates PAGCOR to remit at least 50% of its annual net earnings as cash, stock, and/or property as dividends to the National Government.

Meanwhile, the PCSO is a government-owned and -controlled corporation mandated to raise and provide funds for health programs, medical assistance and services, and charities of national character.

"Let us turn this COVID-19 crisis into an opportunity to better utilize government assets. Better utilization of these state assets is long overdue as a national policy," said Drilon.

"As I said before, the government does not have to look far to raise additional revenues. There are ‘low-hanging fruits’ the government can immediately tap to provide the much-needed resources for our country to survive this pandemic," he added.

President Rodrigo Duterte last week said he would consider selling Philippine government assets to raise funds for the COVID-19 effort, should the available funds be insufficient.

Senate President Vicente "Tito" Sotto III said, however, that it was unlikely that such a scenario would develop.

Finance Secretary Carlos Dominguez III said the government was looking to raise $23 billion or around P1.17 trillion for the COVID-19 effort. — DVM, GMA News