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PAGCOR asks POGOs to reapply for license by Sept. 17
By Julito G. Rada
STATE-RUN Philippine Amusement and Gaming Corp. said
Thursday it put in place a new regulatory framework as part of the government’s intensified campaign to check illegal activities being linked to offshore gaming operations in the country.
Under the new framework which has been in effect since July 2023, all licensees and service providers were declared under probationary status and were directed to re-apply until Sept. 17, 2023.
“In the present framework, all service providers who are accepting bets are required to apply for a license. We will also evaluate the beneficial owners of these companies so that they will be held liable in case they are found to be involved in any illegal activity,” PAGCOR assistant vice president for offshore gaming licensing Atty. Jessa Fernandez said in a Senate hearing on Aug. 2, 2023.
She said entities with findings of activities outside their granted license or accreditation would not be granted a license under the new framework.
She warned that “licensees or service providers who shall not re-apply or were granted license within the given period shall be endorsed for cancellation.”
Fernandez said that aside from implementing a new regulatory framework for offshore gaming, PAGCOR was working closely with other government and law enforcement agencies for the setting up of offices inside an accredited hub.
PAGCOR’s Assistant Vice President for Offshore Gaming Licensing
Atty. Jessa Fernandez responds to the queries of Senator Risa Hontiveros and Senator Sherwin Gatchalian during the Senate hearing on August 2, 2023.
PAGCOR instituted reforms that would impose stricter sanctions on all erring licensed offshore gaming operators and accredited service providers, she said.
Among other reforms that are now in effect are the intensified inspection and verification of compliance of offshore gaming licensees and service providers; submission of reports to enforcement agencies for investigation and verification of findings; enhanced coordination with relevant government agencies; and stricter implementation of regulations and imposition of heavy penalties to licensees and services providers who violated existing regulations.
ACEN’s net income surged 94% to P4.2b in 6 months on higher renewables output
By Alena Mae S. Flores
ACEN Corp., the energy platform of the Ayala Group, said Thursday net income attributable to equity holders of the parent company surged 94 percent in the first half to P4.2 billion, as it emerged from the headwinds it experienced a year ago.
ACEN said in a disclosure to the Philippine Stock Exchange the strong performance was accompanied by a rise in overhead, as it ramped up manpower in support of the acceleration of its renewables expansion.
selling merchant position amid strong prices in the Wholesale Electricity Spot Market, the trading floor of electricity, it said.
“Our growth continues to be robust midway through 2023. We’ve made considerable progress with the continued ramp-up of our projects, helping provide much-needed supply to the Philippines and across the region. This has transitioned us to a net selling position in the Philippine spot market and strengthened our financial performance,” ACEN president and chief executive Eric Francia said.
2023. Remolona discussed the central bank’s latest inflation outlook, inflation-targeting framework and current account outlook. With Remolona are (from left) National Economic and Development Authority Secretary Arsenio Balisacan, Finance Secretary and Monetary Board member Benjamin Diokno, Citi chief executive Jane Fraser and Budget Secretary Amenah Pangandaman.
Consolidated revenues rose 28 percent in the first six months to P20.5 billion, driven by the net generation boost due to the stronger wind regime and higher operating capacity with testing and commissioning of new projects. This allowed ACEN to achieve a net
Net income attributable to equity holders of the company also went up in the second quarter to P2.2 billion from P1.77 billion a year earlier, while revenues increased to P11.33 billion from P8.56 billion.
San Miguel’s food and beer unit reported P18.8-b profit despite elevated inflation
By Jenniffer B. Austria
SAN Miguel Food and Beverage Busi- ness said Thursday net income in the first half of 2023 was steady at P18.8 billion compared to the same period last year amid the challenging environment, marked by rising cost of raw materials, an increase in excise taxes and elevated logistics costs.
First-half consolidated revenues climbed
7 percent to P184.6 billion, SMFB in a disclosure to the stock exchange said.
SMFB’s food business managed to maintain sales revenues at P85.1 billion in the first half despite headwinds from higher raw material costs. The group’s beer business sustained its growth momentum as consolidated sales jumped 14 percent year-on-year to P74.1 billion, with improvements in consumer demand from domestic and international markets.
“As uncertainties and risks to the economic environment remain, we will continue to take the necessary actions to mitigate the impacts on each of our businesses, including leveraging on each of our strengths to improve overall performance,” said SMFB president and chief executive Ramon Ang.
Revenues from beer’s domestic operations jumped 13 percent to P66 billion, boosted by 9-percent increase in volumes.
SMFB said the increase in sales volume was due to the recovery of on-premise channels, resumption of tourism activities, relevant brand campaigns, intensified off-take generating programs and other initiatives.
Revenue from international operations rose 16 percent as a result of strong demand from exports and sales in Hong Kong and Thailand.
By Randy Caluag
WITH the recent success of the Gilas Pilipinas Women and girls’ under-16, is it now the right time to have a professional women’s basketball league?
TV host and event organizer Marc Logan thinks so, as he paid the Games and Amusement Board office a visit to ask for guidance in his proposed Philippine Women’s Basketball League.
Under chairman Richard Clarin, the GAB expressed support to Logan, who heads the Logan’s Run Production, “in line with the GAB’s advocacy to promote, professionalize and protect professional sports.”
“The initiative promises to be a transformative journey, leaving a lasting legacy for Filipino women engaged in professional sports.”
There were no further details yet on the proposed league, but was described as “exciting times ahead” for women’s basketball.
