REPUBLIC ACT NO.

_____

REPUBLIC ACT NO. ______ - AN ACT FURTHER
AMENDING
PRESIDENTIAL DECREE NO. 1869, OTHERWISE
KNOWN AS
PAGCOR CHARTER

WHEREAS, statutes relative to the Franchise and Powers of the Philippine Amusement
and Gaming Corporation (PAGCOR) were enacted to enable the Government to
regulate and Centralize thru an appropriate institution all games of chance authorized
by existing franchise or permitted by law;

WHEREAS, the Philippine Amusement and Gaming Corporation (PAGCOR), as the
main institution for the regulations over games of chance, games of cards and games of
numbers, privileged by the government to operate and not excepted by law, should, as
well be adequately increased further its regulation on overall operations and
administration;

THEREFORE, in order to meet these objectives, this statute is enacted by the Senate
and the House of Representatives of the Philippines in Congress to amend certain
sections of the existing Presidential Decree 1869 or commonly known as the PAGCOR
CHARTER;


Section. 1. The Philippine Amusement and Gaming Corporation PAGCOR franchise
granted under Presidential Decree No. 1869, otherwise known as the PAGCOR
Charter, is hereby further amended to read as follows:

Section. 6. Board of Directors, is hereby amended to read as follows:

Sec. 6. The Corporation shall be governed and its activities be directed, controlled and
managed by a Board of Directors, hereinafter referred to as the Board, composed of ten
(10) members, six (6) of whom shall come from the Government sector and shall be
appointed by the President, while the other four (4) shall be from the private sector, who
owns at least 1 share of stock in the Corporation and who shall be elected by the
stockholders of the corporation in the annual general meeting or in a special meeting
called for such purpose.

Each Director shall serve for a term of one (1) year and until his successor shall have
been duly appointed and qualified.

Section. 15. Auditor, is hereby amended to read as follows:

Sec. 15(a). Government Auditor The Commission of Audit or any government
agency that the Office of the President may designate shall appoint a representative
who shall be the Auditor of the Corporation and such personnel as may be necessary to
assist said representative in the performance of his duties. The salaries of the Auditor or
representative and his staff shall be fixed by the Chairman of the Commission on Audit
or designated government agency, with the advice of the Board, and said salaries and
other expenses shall be paid by the Corporation. The funds of the Corporation to be
covered by the audit shall be limited to the 5% franchise tax and the 50% of the gross
earnings pertaining to the Government as its share.

Sec. 15(b). Private Auditor Aside from what is provided in Sec. 15(a), a private
auditor shall be designated by the Congress to audit all the corporate funds including
but not limited to the funds of the Corporation not within the coverage of the
Government auditor. The salaries of the Private auditor or representative and his staff
shall be fixed by the Congress, with the advice of the Board, and shall be based from
that of the Government auditor and or its representative, and salaries and other
expenses shall be paid by the Corporation.

Sec. 2. Repealing Clause. - All laws, decrees, executive orders, proclamations, rules
and regulations and other issuances, or parts thereof which are inconsistent with the
provisions of this Act, are hereby repealed, amended or modified.

Sec. 3. Effectivity Clause. - This Act shall take effect fifteen (15) days from the date of
its publication, upon the initiative of the grantee, in at least two newspapers of general
circulation in the Philippines.





































Submitted by: Francis Ray A. Filipinas