Philippine President Benigno Aquino is said to be weighing up the sale of the government's casino monopoly.
According to the Philippine Daily Inquirer, the Philippine Amusement and Gaming Corp, which operates 41 casinos, has been the subject of a $10bn bid from Ramon Ang, vice chairman of San Miguel.
"It is a proposal, it is a very interesting proposal. But at the same time we have to study the matter first," Aquino said. "We have to ensure that if we intend to sell something, it is the best price we can get."
Ang told the newspaper that the move represented a "spectacular" deal, particularly as the President has suggested state assets may be sold in order to tackle the country’s budget deficit.
"The sale of Pagcor fits in well with the President’s agenda," he said. "Why wait for six years to have $10bn when you can have $10bn in just six months."
President Aquino recently ordered an investigation into Pagcor and the proliferation of gaming establishments in areas not considered tourist destinations.
He raised particular concern over the proposal to put a gaming establishment in his home province of Tarlac as there are already gaming establishments in the nearby towns of Angeles in Pampanga and Subic in Zambales. He added that he was open to privatising Pagcor after evaluating the gaming agency’s records for the past nine and half years under the Arroyo administration.
