Tengco denies conflict of interest

PHILIPPINE Amusement and Gaming Corp. (PAGCOR) Chairman and Chief Executive Officer Alejandro H. Tengco denied claims that his family’s construction firm had benefited from his ties to President Ferdinand R. Marcos, Jr., saying he had divested his stake in the company.

Mr. Tengco, who founded Nationstar Development Corp. in 2015, said his position at PAGCOR has no direct or indirect influence on the award of public works contracts to the firm. He added that he fully transferred his holdings to his children in 2019, three years before assuming the PAGCOR leadership in 2022.

“As a legitimate business entity, Nationstar has previous and ongoing contracts with both the government and private sector, including many local government units,” he said, noting that he entered construction in 1996.

He said Congress should determine whether gaps exist in conflict-of-interest laws and consider appropriate measures.

The statement comes amid scrutiny of government contractors and officials linked to multibillion-peso flood control projects, raising concerns over transparency under the Marcos administration. — Aubrey Rose A. Inosante