MANILA, Philippines - A group of businessmen has formed a P500-million company that seeks to revive the controversial jai-alai game in the country.
The new firm, Manila Bay Tourism & Jai Alai Corp., was recently issued a corporate license by the Securities and Exchange Commission.
Listed as incorporators of the new firm include Gregorio Yu (chairman of CATS Motors Inc. and independent director of iRemit Corp.), Ignatius Yenko (vice-chairman of TKC Steel Corp. and a director of Sterling Bank of Asia), Jose Eduardo Vitug, Luis Francisco Rodrigo jr., and Florentino Mauricio (former senior vice-president of Philweb).
Documents filed with the SEC show that out of the P500 million authorized capital stock, P124.99 million has been subscribed and P3125 million paid for by Manila Cesta Holdings Inc.
Jai-alai, a Basque version of handball played with a long curved basket strapped to the wrist, has long been popular in the Philippines until it was banned in 1986 by the government of then president Aquino amid allegations of price fixing.
An attempt to resurrect the game was made in 1994 but the Supreme Court banned it again on the grounds that gambling was against the national interest and that the game had to be franchised only by the government.
Sources said Atong Ang, former consultant of the Philippine Amusement and Gaming Corp. on jai-alai operations, could be the brains behind this new company.
He was also earlier reported to have allegedly bribed Bayombong City bishop Ramon Villena to support a Spanish gaming firm’s operations and other gambling activities in the province. Ang, however, denied this.
PAGCOR, which operates casinos and other gambling in the country, had sought and received clearance from the Department of Justice and the President’s office for the resumption of jai-alai. But because of strong opposition from various religious groups, jai-alai operations had been stopped again.
The Justice Department had earlier affirmed the opinion made by the office of the Government Corporate counsel that the Cagayan Economic Zone Authority (CEZA) can legally operate on its own or issue licenses for any popular spectator sports game, such as the controversial “jai-alai” game.