The Marcos administration should consider selling government-owned gaming assets to raise capital for the Maharlika Wealth Fund (MWF) instead of pulling money from the Landbank of the Philippines and Development Bank of the Philippines, former senator Franklin Drilon said
Drilon told One News’ “The Chiefs” that privatizing gambling assets would generate enough revenue for investment in the MWF.
“I will point out to the policymakers of this administration where we can get funding without debate. And where is that? PAGCOR should do away with operating casinos,” the former senator said. “They should limit themselves to licensing casinos, and generate funds out
of this. Philippine Charity Sweepstakes – we have no business running the lotto and the small town lottery. And the POGO.”
Drilon noted that former Finance Secretary Carlos Dominguez III said that privatizing gambling services will raise P300 billion in revenues.
“So, Mr. President, Mr. Congress, to put some shape in this Maharlika Fund, you are shooting two birds with one stone by privatizing the gaming industry – generating the funds and number two, eliminate a source of corruption,” he added.
The bill creating the MWF has been approved by the House of Representatives. A counterpart measure is now pending in the Senate.