MANILA -- Representative Amado Bagatsing (fifth district, Manila), who chairs the House committee on Games and Amusements, called on San Miguel Corporation vice chair Ramon Ang to formalize his US$10-billion offer for the agency.

"Ngayon lang tayo nakarining ng 10 billion dollars so mind boggling pero as always, nasa dyaryo lang yun eh...siguro mas maganda kung ifformalize ni Mr. Ang ang kanyang offer because maraming conflicting statements coming from allegedly partners niya," Bagatsing added.

According to Ang, Pagcor would be worth at least P450 billion, or $10 billion, based on its 2009 gross income of P29.78 billion and the minimum 15 times premium value.

Bagatsing admitted having mixed emotions over the matter although he has been very vocal about his position of privatization.

Bagatsing was among those who opposed the privatization of oil company Petron Corporation during the administration of former President Fidel Ramos.

He added that Pagcor, being state-owned, should remember its social responsibility to other offices who rely on its profit; for instance, the Philippine Sports Commission.

On the other hand, the unsolicited proposal of Ang also sent a good signal to investors abroad, Bagatsing said. (Kathrina Alvarez/Sunnex)