Latest news with #P130
GMA Network
2 days ago
- Business
- GMA Network
PAGCOR: P129 million in online gambling prizes of 'banned' bettors voided
The Philippine Amusement and Gaming Corporation (PAGCOR) said Thursday it has forfeited roughly P130 million worth of online gambling winnings by individuals who are not allowed to play such games, including government employees and persons aged below 21. PAGCOR Chairman and Chief Executive Officer Alejandro Tengco reported this upon the interpellation of Senator Pia Cayetano during a hearing of the Senate Committee on Games and Amusement into the proliferation of online gambling in the country. "Ano ba ang 'know your customer' policy natin? Kasi as far as I know, it's one click—are you over age of 21? Check. Are you not a government employee? Check. Ganon lang 'di ba? May iba pa ba tayong paraan na siguraduhin na over 21 'yun?" Cayetano asked. (What is your 'know your customer' policy? As far as I know, you can just simply click when asked, are you a government employee? Check. Are you over aged of 21? Check. Do we have other measures to ensure that they are indeed over 21?) In response, Tengco said PAGCOR is "strictly" implementing a policy that states only persons 21 years old above are allowed to register in online gambling platforms. He, however, admitted that some bettors below the age limit are still able to get through whenever they use fake IDs. "Hindi po pumapayag ang PAGCOR na mabayaran ang jackpot, ang panalo ninyo kung malalaman namin na kayo ay isang banned personality—maging ikaw ay empleyado ng gobyerno o ikaw ay nagkaroon ng pakikiusap, or sa programa ng PAGCOR ay self- exclusion, ay hindi kayo makakasama," Tengco explained. (PAGCOR does not allow to release the winnings or jackpot prize of those who were found to be banned personalities—whether you are a government employee or you have signed PAGCOR's self-exclusion form, then you would not be able to play.) "As of July 2025, Senator Cayetano, P129 million na ang finorfeit na PAGCOR na winnings na dapat hindi nakapag-laro," he added. (As of July 2025, Senator Cayetano, the PAGCOR forfeited winnings worth of P129 million of those who should not be able to play.) Pursuant to Presidential Decree 1869 or the PAGCOR Charter, as amended by Republic Act 9487 and Malacañang Memorandum Circular No. 6 Series of 2016, the following are barred from entering, staying and/or playing in gambling casinos: Government officials connected directly with the operation of the government or any of its agencies; Members of the Armed Forces of the Philippines, including the Army, Navy, Air Force or the Philippine National Police; and Persons under 21 years of age or student at any school, college, or university in the Philippines. Also during the hearing, Tengco said that despite reports of online gambling affecting Filipinos, the PAGCOR has not received any formal appeal from any family seeking for help. "Magtatapat po ako sa inyo, chairman. Sa tatlong taon ko po ro'n, hindi kami nakatanggap ng anumang sulat mula sa pamilya ng isang nasawi. Wala kami natanggap na sulat na humihingi ng tulong. Dahil puwede ko naman sabihin sa inyo na lahat ng sulat na nanggagaling sa LGU (local government unit) at kung anu-anong ahensya ng gobyerno, inaaksyunan namin 'yun kaagad," he said. (I will be honest with you, chairman. In my three years here, we have not received any letter from the family of any person who died. We have not received a letter from anyone asking for help. I can tell you that we just immediately act on all the letters that come from the LGU and other government agencies.) PAGCOR Assistant Vice President Jessa Fernandez also noted that as of June 2025, the income of PAGCOR coming from electronic gaming reached 59.92% or P32 billion—far from four years ago when it was still at 18.98% or P6.19 billion. She also said licensed online gaming operators of PAGCOR were only 40% of the total online gaming market in the country. She emphasized that this was 800% higher compared to 2021. "Sa pamamagitan ng paggawa at pagrerebisa ng mga regulasyon ay nakuha natin ang mas malaking market share sa online gaming na nakapagbigay ng pagkakataon sa PAGCOR na mas makatulong sa pamahalaan at sa mas marami pang Pilipino. Naniniwala ang PAGCOR na malaki ang maitutulong ng industriya sa bansa," Fernandez said. (By creating and revising the regulations, we have gained a larger market share in online gaming, which has given PAGCOR the opportunity to help the government and the Filipinos more. PAGCOR believes that this industry can greatly help the country.) "Sa aming opinyon, sa halip na tuluyang ipagbawal, mas makakabuting magpatupad tayo ng malinaw, mahigpit, at responsableng regulasyon," she added. (In our opinion, instead of imposing an outright ban on online gambling, it would be better if we implement clear, strict, and responsible regulations.) Several lawmakers have called for either a total ban or strict regulation of online gambling in the country, citing its negative impact on Filipinos who got addicted to it. — VDV, GMA Integrated News
GMA Network
28-06-2025
- Business
- GMA Network
Hotel101 Global shares to begin Nasdaq listing on July 1
Hotel101 Global Pte Ltd., the Singapore-headquartered subsidiary of DoubleDragon Corp., on Saturday announced that its shares are set to begin trading on Nasdaq Stock Exchange on July 1, 2025. IHotel101 Global said it celebrated its US public listing by ringing the opening bell on Nasdaq on June 27, as the company became the first Filipino firm to be listed and traded on the New York-based bourse. 'This is a historic moment for DoubleDragon, becoming the first-ever Filipino company with a subsidiary listed and traded on the Nasdaq. It reflects the strength of our vision and the dedication of everyone who has helped bring Hotel101 to this global stage," said DoubleDragon chairman Edgar 'Injap' Sia II "And we're just getting started – with a globally scalable model and a long runway ahead, we aim to redefine the industry and become a leading global hospitality brand working towards our vision of an inventory of 1 million Hotel101 rooms globally,' he added. The listing came after it had secured the approval of the United States Securities and Exchange Commission (SEC). The company's shares will be traded under the ticker symbol 'HBNB.' Hotel101 Global's Nasdaq listing was on the heels of its business combination or merger with JVSPAC Acquisition Corp., approved by JVSPAC shareholders on June 24, 2025. As a result, Hotel101 will be worth $2.3 billion or P130 billion. Listed on the Nasdaq, JVSPAC is a blank check company led by its chairman and chief executive officer Albert Wong, who has been the chief executive officer and director of Kingsway Group Holdings, the sole distributor of Lamborghini in Hong Kong, Macau, and Guangzhou. Kingsway is also the lone distributor of Koenigsegg Automotive, Rimac Automobili, and Bugatti Automobiles for China, including Hong Kong and Macau. —Ted Cordero/ VAL, GMA Integrated News
The Star
13-06-2025
- Politics
- The Star
Second 'people power' lessons for Sara Duterte trial from Joseph Estrada's fall
MANILA: As Joseph 'Erap' Estrada's presidency fell in 2001, the government that was brought to power by the protest of millions of people on EDSA started to exact accountability from the one who once promised to lift the poor out of poverty. But while it ended well, Estrada eventually walked out of prison, only a few weeks after his conviction for two counts of plunder, and for a UP Diliman professor of political science, it was a clear indication that 'the powerful have advantages.' The 'revolution' on Jan 16 to 20, 2001 was a show of dissent — people believed that the trial in the Senate, marked by the refusal of 11 senators to open an envelope that could serve as the smoking gun to convict Estrada, will not hold him liable. Like the one in 1986 that ended a 20-year dictatorship, millions of people crowded the streets and called on Estrada to resign. It was a protest against corruption, a display of power that will always be greater than the presidency and any one in government. With the refusal of 11 senators, Aquilino 'Nene' Pimentel Jr. resigned as Senate president and walked out of the session hall, together with nine other senators who voted to open the 'second envelope.' This triggered Filipinos to converge on EDSA on the night of Jan 16. The next day, Manila Archbishop Jaime Cardinal Sin, as he did in 1986, called on the people to take part in the protest, which grew immensely. ALSO READ PART ONE: The rise and fall of Joseph Estrada: From people's champion to disgraced Philippine president As more people came, a kilometres-long human chain was formed from Ayala Avenue in Makati City to the EDSA Shrine on Jan 18, signalling to Estrada that millions of Filipinos were already demanding his resignation. But even as the police and the military withdrew their support and eventually took part in the protest, Estrada asserted that he will not resign, calling on TV for a snap presidential election on May 14 but without him as candidate. This, however, was only viewed as his way to still hold on to the presidency. Gloria Macapagal Arroyo, who was then the vice president, took her oath of office as president before Supreme Court Chief Justice Hilario Davide on Jan 20, the same day Estrada left Malacanang without making an official resignation. A few months after his ouster, the Ombudsman filed two charges against Estrada before the Sandiganbayan: one for plunder and one for perjury, which is a case he was later cleared from. The plunder charge consisted of four cases: > Receiving P545 million worth of payoffs from illegal gambling > Diverting P130 million in excise tobacco taxes to his own use > Bagging P189 million worth of commission from the sale of the shares of Belle Corporation to government pension funds > Maintaining a P3 billion bank account with the name 'Jose Velarde' Republic Act No. 7080, as amended, penalises public officials who 'amass immense wealth through a series or combination of overt or criminal acts described in the statute in violation of the public trust.' Estrada and his son, Jinggoy Estrada, were eventually arrested. They were both initially detained at the Veteran's Memorial Medical Center, but when the younger Estrada posted a P500,000 bail, his father was moved to Fort Sto. Domingo in Sta. Rosa, Laguna. He was placed on house arrest at his rest house in Tanay, Rizal, close to a military camp. It was where Estrada stayed until and even after the Sandiganbayan rendered its decision on the case. It took over six years for the Sandiganbayan to reach a decision. Estrada, in 2007, was convicted of two counts of plunder — the acceptance of 'protection money' from illegal gambling and bagging commission in the sale of shares of a real estate company to government pension funds. He was cleared of the other two. His son, Jinggoy, was acquitted. As a result of the conviction, Estrada was sentenced to reclusion perpetua. The verdict likewise barred him from holding public office again, while millions worth of resources were ordered forfeited. > Over P545 million, with interest and income earned, inclusive of the amount of P200 million deposited in the name and account of the Erap Muslim Youth Foundation >P189 million, inclusive of interests and income earned, deposited in the 'Jose Velarde' account >The real property 'Boracay Mansion' located in New Manila, Quezon City The period within which Estrada has been in detention was credited to him. For political analyst Maria Ela Atienza, there was 'moral and legal victory in the fact that Estrada was impeached, forced out of the presidency, and convicted in court.' But his eventual release proved how powerful the elite are. Not even a year had passed when Arroyo, who rose to the presidency in the same 'revolution' that ousted Estrada, gave the latter an executive clemency through a pardon, which Estrada accepted on Oct 26 of the same year. It was believed that Arroyo's move was made for her to get advantage from the opposition and to deflect the charges of corruption within her own administration, as stated in a report by Reuters. But the pardon and his eventual release from detention paved the way for his political resurrection, even when his conviction carried a penalty of perpetual disqualification from public office. This, as he initiated a bid for the presidency in the 2010 elections, having then Makati Mayor Jejomar Binay as his candidate for vice president. While he lost to Benigno Aquino III, he received over nine million votes. Estrada, three years later, won as mayor of Manila. While his win was met with opposition, considering that he was barred from holding public office again, the Supreme Court said he was eligible. While Associate Justice Marvic Leonen pointed out that Estrada 'continues to suffer the penalty of perpetual absolute disqualification,' the Supreme Court, in an 11-3 vote, stressed that Estrada had the right to seek public office. Estrada was mayor of Manila for six years until 2019, when he lost his reelection bid to Isko Moreno-Domagoso, who was once his candidate for vice mayor back in 2013, the year that marked his political comeback. For Atienza, this is the reason that 'we have to impress upon presidents who have the power to pardon that it is not in their interest to pardon officials who commit high crimes.' - Philippine Daily Inquirer/ANN
GMA Network
03-06-2025
- Business
- GMA Network
Hotel101 Global secures Nasdaq listing in June
Hotel101 Global Pte Ltd., the Singapore-headquartered subsidiary of DoubleDragon Corp., on Tuesday said it had secured the approval of the United States Securities and Exchange Commission (SEC) for its Nasdaq listing scheduled this month. Closing of the merger between Hotel101 and JVSPAC Acquisition Corp. is expected 'as soon as possible,' subject to regulatory and shareholder approvals and other customary closing conditions. As a result, Hotel101 will be worth $2.3 billion or P130 billion. Listed on the Nasdaq, JVSPAC is a blank check company led by its chairman and chief executive officer Albert Wong, who has been the chief executive officer and director of Kingsway Group Holdings, the sole distributor of Lamborghini in Hong Kong, Macau, and Guangzhou. Kingsway is also the lone distributor of Koenigsegg Automotive, Rimac Automobili, and Bugatti Automobiles for China, including Hong Kong and Macau. Upon listing, the combined entity will operate as Hotel101 Global Holdings Corp., which will be traded under the ticker symbol 'HBNB,' making it the first Filipino-owned company listed and traded on the Nasdaq. Hotel101's first three overseas projects are located in Niseko, Hokkaido, Japan; Madrid, Spain; and Los Angeles, California, in the United States. It seeks to expand in areas such as the United Kingdom, the United Arab Emirates, India, Thailand, Malaysia, Vietnam, Indonesia, Saudi Arabia, Singapore, Cambodia, Bangladesh, Mexico, South Korea, Australia, Canada, Switzerland, Turkey, Italy, Germany, France, and China. It targets to accumulate a portfolio of 1 million rooms in 101 countries before 2050. The company last week said it had partnered with the Horizon Group to develop up to 10,000 rooms in the Kingdom of Saudi Arabia, expected to translate to a $2.5-billion or P137.5-billion project value. Hotel101's parent company DoubleDragon is led by chairman Edgar 'Injap' Sia II and co-chairman Tony Tan Caktiong. —VBL, GMA Integrated News
GMA Network
23-05-2025
- GMA Network
SCTEX crash victims' kin seek P130M in damages from bus firm — DOTr
Kin of the deceased victims in the multi-vehicle smashup at the Subic-Clark-Tarlac Expressway (SCTEX) have filed civil cases against the Solid North bus company, seeking a total of P130 million in damages, the Department of Transportation (DOTr) said Friday. Transport Secretary Vince Dizon personally joined the family of Jonjon and Daina Janica Alinas in filing a civil case at Quezon City Hall of Justice. "P50 milyong danyos ang hinihingi ng pamilya para sa pagkamatay ng mga biktima, pati na para sa loss of income at moral and exemplary damages," the DOTr said in a statement. (The family is seeking P50 million in damages for the deaths of the victims, as well as for loss of income as well as moral and exemplary damages.) Other families of the deceased victims also filed a civil case in an Antipolo City court. "Nagsampa rin ng civil case ang mga pamilya ng iba pang mga biktima ng SCTEX road crash sa korte sa Antipolo City, kung saan P80 milyong danyos naman ang hinihingi ng mga pamilya," the DOTr said. (The families of other victims in the SCTEX road crash also filed a civil case in a court in Antipolo City, where the families are seeking P80 million in damages," the DOTr said. Ten people including four children were killed while more than 37 others were injured in the May 1 multiple-vehicle collision at the Tarlac City toll plaza of the expressway. The bus driver involved in the crash tested negative for illegal drugs and alcohol, the Tarlac City Police Station said. Earlier this month, operations of the Pangasinan Solid North Transit Inc. were suspended for 30 days following the fatal incident. In a statement issued following the suspension order, the company said it halted operations in compliance with the directive from the DOTr. It added that "some uncontrollable factors get even the best of us," leading to the "isolated case." "We understand the severity of the situation, and we will be responsible and accountable for it," the company had said. GMA News Online has reached out to Pangasinan Solid North regarding the filing of the civil cases, but it has yet to respond as of posting time. — VDV, GMA Integrated News
