The Department of Budget and Management (DBM) said the Public Financial Management (PFM) Reforms Roadmap for 2024 to 2028 is key to securing an ‘A’ credit rating.

In a statement during the handover of the Roadmap to the President at the Malacañan Palace on September 7, Budget Secretary Amenah Pangandaman highlighted that while economic indicators are showing promising results, these numbers alone are not enough to secure an A credit rating.

She stressed that bolstering governance frameworks is equally essential in achieving this goal.

“This (roadmap) is part of our governance and bureaucratic efficiency and reform, which is also one of the crucial components of our road to ‘A’ (credit rating),” Pangandaman said.

She said the roadmap addresses this governance aspect by promoting greater efficiency, transparency and accountability in managing public funds.

This, in turn, will help solidify the country’s economic gains and further augment the overall credibility and stability required to attain higher credit rating.

The roadmap outlines key activities that align planning, budgeting and auditing processes across government agencies, ensuring more efficient public service delivery and fiscal responsibility.

Pangandaman highlighted that 13 activities under the roadmap have already started, covering areas such as planning and budget linkages, cash management, public asset management and digital PFM.

The comprehensive PFM strategy also ensures a streamlined approach in disaster risk reduction and management, procurement and local government financial management, all major elements in building investor confidence and securing better credit standing for the country.

The government has received the remittance of a P30-billion upfront payment from San Miguel Corp.-led New NAIA Infra Corp. (NNIC) for the Ninoy Aquino International Airport (NAIA) Public-Private Partnership (PPP) project, the Department of Finance (DOF) said yesterday.

In a statement, the DOF said the remittance from the Manila International Airport Authority (MIAA) was cleared with the Bureau of the Treasury (BTr) on September 16, following the official turnover of the NAIA’s operations and maintenance (O&M) to NNIC on September 14.

Finance Secretary Ralph Recto confirmed the payment was transmitted last March but was only cleared after the turnover.

The DOF said this will boost the government’s non-tax revenue stream without the need to impose new taxes on the people.

“We are hitting two birds with one stone on this project. This will not only transform NAIA into a world-class airport but also guarantees the government a healthy income stream from the private sector operator,” Recto said.

“As the project finally takes off, the government is expected to generate roughly P900 billion in revenues from this deal over the entire term, which is a 15-year concession period, extendable by another 10 years. This will be equivalent to a revenue source of more or less P36 billion annually to fund more projects in education, public health and infrastructure,” he added.

With an estimated cost of P170.6 billion, the project aims to address the longstanding challenges of undercapacity, congestion and underinvestment in the country’s main gateway.

Led by the Department of Transportation (DOTr) and the MIAA as co-grantors of this solicited PPP, the NAIA rehabilitation is expected to increase airport capacity from 35 million passengers annually to 62 million and expand air traffic movements per hour from 40 to 48.

The proponent is providing a P30 billion upfront payment, a fixed P2 billion annual payment, and 82.16 percent national government revenue share, excluding passenger service charges.

Meanwhile, NNIC general manager Angelito Alvarez, in a statement yesterday said  the planned terminal reassignment at NAIA will be implemented gradually and strategically to minimize disruption.

Alvarez said these adjustments will be aligned with ongoing infrastructural and technical upgrades at the airport, ensuring a seamless experience for passengers.

Alvarez added  any changes in terminal assignments will be communicated in advance to ensure a smooth and efficient transition as part of broader modernization efforts.

NNIC also said the terminal fee increase will be implemented in September 2025 or a year after takeover.

NNIC has committed to improve passenger experience at NAIA within the first 12 months. Initial projects in the pipeline include construction of new toilets and refurbishment of existing comfort rooms,  additional seating capacity in the terminals, installation of additional A/C units and refurbishment of existing units, reliable High-speed Internet, repair of existing walkalators, escalators, and elevators, upgrade X-ray machines to standard 3 (no need to remove tablets and laptops from carry-ons). With Myla Iglesias

The government has no intention to revive the e-sabong, or online cockfighting, industry anytime soon, the Philippine Amusement and Gaming Corp. (Pagcor) said.

“I want to make this clear. There is no marching orders from the President for the reopening of e-sabong,” Pagcor chairman and chief executive officer Alejandro Tengco said at the Inside Asian Gaming Academy Summit held at the Newport World Resorts earlier this week.

“There is no such thing. People have been going around (about this, but) definitely, e-sabong is not in the horizon or not in the mind of the President at this very moment,” he added.

In December 2022, the President issued executive order (EO) no. 09 directing the continued suspension of e-sabong operations nationwide.

The nationwide suspension was initially implemented in May 2022.

“We are just following (the order). There is an EO, suspending operations, so we will have to follow and await the instructions of the President,” Tengco said.

The Pagcor chief further said the agency has not spent time studying the revival of e-sabong.

He addedany e-sabong operations that currently exist are all illegal.

“That is not within the jurisdiction of PAGCOR, that is within the jurisdiction of law enforcement agencies. Definitely, there is no licensed e-sabong operator from Pagcor,” Tengco said.

At a House committee hearing on Pagcor’s 2025 budget held last month, OFW Partylist Rep. Marissa Magsino asked Tengco if it was possible to legitimize e-sabong, since some are operating underground.

Magsino said  legalizing e-sabong will allow Pagcor to generate additional revenues, especially following the ban imposed on Philippine Offshore Gaming Operators.

Tengco, however, responded that Pagcor is merely implementing what is in the law.

Several lawmakers and government officials, however, have opposed the revival of e-sabong.

From April 2021 to April 2022, Pagcor generated revenues of roughly P6 billion from e-sabong operations, which was prior to the implementation of suspension.

The privatization of Philippine Amusement and Gaming Corp. (Pagcor) casinos will begin in 2026, and is expected to yield at least P50 billion.

“As to the Pagcor privatization of its casinos, or Casino Filipino, we intend to start the process by early part of 2026,” Pagcor chairman and chief executive officer Alejandro Tengco said at the Inside Asian Gaming Academy Summit  at the Newport World Resorts.

“Since day one, I have been very vocal about our plans to focus solely on Pagcor’s role as a regulator to provide a level playing field for all our stakeholders,” Tengco said.

The privatization of Pagcor casinos will  start a little later than expected, as it was initially seen to begin mid-2025.

At the sidelines of the event, Tengco told reporters  this was due to the need to amend the Pagcor charter, as well as the modernization of the said casinos.

“We have started modernizing our Casino Filipino properties, including all our gaming facilities and equipment. Our partner lessors have started the renovation of our gaming venues and other game offerings to increase foot traffic and overall profitability of our Casino Filipino venues,” Tengco said.

Tengco said he expects to generate at least P50 billion in revenues from the privatization of around 40 Pagcor casinos.

“I realized when I assumed office, we do not own any property, we’re just leasing. So, what we’re selling here is the license and future revenue,” Tengco said.

As for the employees, Tengco said  they will be given “a very good retirement”  package since it is an involuntary situation.

He added part of the terms of reference of the privatization will be to require the winning bidder to absorb at least 50 to 70 percent of the employees.

“Part of our privatization plan is to further professionalize the gaming industry by establishing a Gaming Academy that will help address the growing demand for skilled gaming and hospitality professionals,” Tengco said.

“We aim to do this by forging partnerships with Asian gaming education providers to create a consortium that caters not only to the Philippine workforce but also to all who wish to build a career in gaming in other jurisdictions,” he added.

Tengco said the Pagcor Gaming Academy should also help create unique opportunities for Pagcor employees once the Casino Filipino properties are privatized.

In a related statement, Pagcor said nearly 2,000 units of new and modern slot machines for Casino Filipino gaming venues will be delivered mid-September as part of the agency’s modernization program.

The agency has ordered a total of 3,341 new slot machines which are identical to those that are being used in the country’s top integrated resort casinos.

The first batch arriving within the week consists of 1,968 units.