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PAGCOR owes Government PHP15.4 billion
Tuesday, July 12, 2016 : NEW BLOW FOR PAGCOR
Government audit commission claims government owed PHP15.4 billion (US$325.5 million) by regulator.
PAGCOR, the Philippines gaming regulator already reeling from a moratorium on its power to issue licensing has now been hit with a government claim for PHP15.4 billion (US$325.5 million) as a result of under-remittances from 2011 to 2015.
The Commission on Audit annual report notes that PAGCOR should have remitted PHP 98.5 billion in total to the Bureau of Treasury, but only remitted P72.599 billion. Apparently the PAGCOR miscalculation was due to its incorrect interpretation of the law.
Responding, PAGCOR management maintains that it remitted the correct amount, but the Commission remains adamant that its calculations are correct.
“We stand firm with our stance that aggregate gross earnings pertained to the totality of the income from gaming revenues and income from other related services,” the audit authority said in a statement.
In related news, online gambling company PhilWeb has been given temporary breathing space on its recently expired licensing from PAGCOR, which has agreed a month-by-month renewal while it sorts out its own problems following the condemnation of internet gambling by the recently sworn in Philippines president Rodrigo Duterte.
InfoPowa readers will recall that the presidents antipathy to online gambling has resulted in a moratorium on new PAGCOR licensing.
PhilWeb shares continued to decline Monday, dropping another 13.6 percent following its request on July 4 for a three day suspension in trading (see previous InfoPowa reports).
In a statement to the Philippines stock exchange PhilWeb revealed that its licence had been extended until August 10. Along with the filing was a letter from the new PAGCOR chairperson, Andrea Domingo, stating the licence would only be issued for the month until President Rodrigo Duterte’s “directive regarding online gambling can be clarified.”
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NBA Odds: Resurgent Clippers Face Warriors in Oakland -
After a much-needed lineup shuffle, the Los Angeles Clippers (29-27 SU, 35-21 ATS) carry a four-game SU and ATS winning streak into Thursdayís game against the best team in the NBA, the Golden State Warriors (47-9 SU, 27-27-2 ATS). Tip-off is at 10:30 PM ET on TNT.
PokerStars.CZ has launched in the Czech Republic -
PokerStars.CZ has launched in the Czech Republic, becoming the first licensed online casino and poker operator under the Czech Republicís new gaming regulation. This follows on from the approval by the Czech State Supervision of Gambling and Lotteries Department.
Sunbets to Sponsor Sutton United -
Online betting operator Sun Bets has inked a one-off sponsorship deal with English association football club Sutton United for its upcoming televised clash against Arsenal FC in the FA Cup fifth round tie.
Time is Money Slot Launches -
Set to a catchy tune, Time is Money offers a free spins bonus where all wins are multiplied by up to x12 by a random multiplier, selected from the time traveling clock.
ArenaCube Signs 3 New Deals -
Under their strategic partnership, ArenaCube and Kiron will develop and launch a new version of Arena Challenge in 2017. The new version of the game will carry Kironís virtual content.
First Woman to Win a WPT Playground Championship -
Besting a field of 380, in the C$3,500 buy-in event, Zajmovic beat Jean-Francois Bouchard in heads up play, pocketed the C$261,000 first prize and a seat in the season ending WPT Tournament of Champions.
NHL Odds: Oilers-Blackhawks at the United Cente -
Fans at the United Center will be treated to a potential Western Conference playoff preview this Saturday when the upstart Edmonton Oilers visit the Chicago Blackhawks. The puck drops at 7 PM ET on WGN.
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