Parlor scammers
Beware of syndicates among bingo parlors that work in collusion with employees of the game outlets.
The operator of one of the country’s biggest mall-based bingo games has filed charges against a BingoPlus player and three BingoPlus employees after it was discovered that they had conspired with each other to fix a BingoPlus game to win a jackpot prize amounting to P3.96 million.
In a statement, BingoPlus said that it was filing charges as it is committed “to maintaining the highest standards of integrity, transparency, and trust within our community.”
The company stressed that it “has zero tolerance for any form of misconduct and we will take all necessary legal actions to ensure that these individuals will be punished for their criminal actions.”
“BingoPlus remains dedicated to providing a safe, fair, and enjoyable gaming experience for all.”
In an internal investigation conducted by Grand Polaris Gaming Co. Inc., the operator of BingoPlus, the audit findings showed that the three BingoPlus employees had devised and implemented a scheme to fix the game by ensuring that the bingo numbers to be announced in the Bingo Milyonaryo game matched those in the bingo card purchased by a cohort.
To verify the allegations of game fixing, the audit team gathered evidence and extensively reviewed the CCTV and camera footage of the Bingo Plus SM City Cauayan Branch. The team also reviewed pertinent records and supporting documents, evaluated and tested the control activities composing the Bingo Milyonaryo game, and interviewed concerned employees.
NoKor syndrome
Efforts to amend the Electric Power Industry Reform Act (EPIRA) evoke the same fears of manipulation that some groups have expressed over the charter change (cha-cha) push.
EPIRA is a landmark legislation that should have paved the way for lower power supply costs through competition.
Changes in the final version allowed major players to dominate the industry, however.
Through loopholes such as the provision allowing cross-ownership and contracts with so-called associated firms, the market became distorted.
Industry watchdogs are now worried over the possibility of creating a situation comparable to the secretive, closed society of North Korea, where total control is not only the norm but the rule.
It may be an extreme comparison of emerging trends in the energy sector.
The second issue that a railroad bid won’t answer is the authority to set power rates.
Another point raised is that power rates have taken an upward trend of the weighted average capital cost (WACC) provided by power firms.
WACC, or to put it in layman’s terms profit margin, plays a pivotal role in determining power bills, that in some cases for power firms reach more than 14 percent.
Some experts estimate that WACC should now be just a little over 8 percent.
WACC is supposed to represent assets being used for operations but documents showed that, to compute the totality of its assets that determine WACC, some of the expenses included have nothing at all to do with power services.
There should be no room for total control and the monopoly that exists in North Korea should serve as a warning to those seeking to revise EPIRA.