Philippine president Benigno Aquino III took a lot of flak back in 2010 for appointing Cristino Naguiat Jr. as chairman of Pagcor, a man many believed was an old chum of the president. But after spearheading a record-setting revenue run for the government agency, the president validated his decision by reappointing Naguiat Jr. as Pagcor chairman last week, a decision that also included renewed appointments for Pagcor’s entire board of directors, including Jorge Sarmiento, Enriquito Nuguid, Eugene Manalastas and Jose Tanjuatco.
Aquino’s decision to reappoint Naguiat Jr. and the four board of directors members was done in part to adhere to the Governance Act of the government-owned and -controlled corporations (GOCCs). As mandated by the GOCC Governance Act, the president needs to renew the appointments because, as presidential spokesperson Abigail Valte explains it, “the term of all the officials and members of the board of directors of the GOCCs is one year.”
According to the Philippine Daily Inquirer, the new appointments would allow Naguiat Jr. and the members of Pagcor’s board of directors to serve a term of office starting July 1, 2012, to June 30, 2013.
Not surprisingly, the reappointments was met with gratitude from the government-run agency with Maricar, Bautista Pagcor’s assistant vice president for corporate communications telling the Inquirer through a text message the reappointments of Naguiat and the board will “inspire Pagcor to work harder and remain true as the government’s partner in nation-building”.
Based on Pagcor’s record-setting revenue run, it’s hard to argue against the President’s decision to effectively extend the top brass’ term at office. 2013 is expected to another banner year for Pagcor with Solaire Manila, the first of the four casino resorts that will be part of Entertainment City, expected to open its doors in the first quarter of 2013.