Cristino naguiat biography of williams
Home / General Biography Information / Cristino naguiat biography of williams
Once Entertainment City is up and running, PAGCOR expects revenues to surge exponentially. And of course, we’re talking about the privatization of the casino industry, so we have a great deal on our plate.
Everybody’s expecting me to come up with a plan after just three months in office. And we’re rushing to get up to speed, but the overall plan for the Philippine gaming industry isn’t just up to me.
Are you close to completing those investigations?
Yes, but we’re cooperating with the Department of Justice so we’re not sure how the timeline will go. This is the 10th time under its new management that the agency was able to break its previous monthly income record.
PAGCOR’s March record feat, according to Mr Naguiat, now goes down in history as “PAGCOR’s highest total income ever posted for a single month since the Philippine government went into the direct management of casino operations 26 years ago.”
Its robust income performance enabled PAGCOR to increase its contributions to nation-building by P556 million or 43 per cent from P1.29 billion in March 2011 to P1.85 billion in March 2012.
Currently, the industry earns revenues of some £511.2 million but plans to develop Entertainment City, a brand new mega-centre on reclaimed land in Manila Bay, should turn this ambitious aspiration into a reality.
The state-run Philippine Amusement and Gaming Corp(PAGCOR) is both regulator of all gambling and games of chance and operator of several land-based casinos.
In March 2012, PAGCOR posted a phenomenal P3.67 billion (£53.5 million) gross income which was higher by P686 million compared to the P2.98 billion earnings in the same period last year. Ongoing projects include medical and dental missions for the archipelago’s underprivileged regions and indigenous communities, a feeding programme to provide undernourished children with balanced meals, and disaster relief outreach operations, among others.
First, we wanted to fix up our casinos: make sure everything is clean, fix all the equipment and replace where necessary, and make sure our facilities were in good shape. He says this comment has brought a lot of reaction, but it was just a suggestion.
“Everybody’s expecting me to come up with a plan after just three months in office.
Naguiat, who had previously worked for PAGCOR, found irregularities in how the agency had been run under the previous administration, and immediately set about investigating any alleged wrongdoing. (PAGCOR) was stable and competent. While the investigation isn’t over yet, he’s concentrating on other priorities.
“There are so many,” he laughs.
We’re doing our due diligence because everything about the contracts was open-ended. We’ve only reached $800 million, so there’s a huge potential for the Philippine industry.
For nine years, the leadership of the Philippine Amusement and Gaming Corp. When several examples were uncovered—like a $60 million condo purchase for PAGCOR employees, who never moved in—Naguiat began to dig deeper.
So we’re still looking for partners. When the first facility at Entertainment City opens, this will be a priority.
PAGCOR is not only the owner and operator of the Philippine casinos, but also the regulator. Instead, he envisions casinos as an added value for the country. How long that will take depends upon several other decisions and how hard we work on it.
Where would you like PAGCOR to be at the end of the president’s six-year term?
Everyone is very interested in the Philippine gaming industry, especially after the success in Singapore.
We’re also looking at Clark Field, which I feel has a better prospect than Manila because it has a wonderful airport and is a designated economic and tourism zone. After I was appointed, I went to Macau and Korea.