PAGCOR to Shift to Solely Regulatory Role by 2025
LISTEN TO THIS ARTICLE:The Philippine Amusement and Gaming Corporation (PAGCOR) has announced that it is transitioning from its dual role as both operator and regulator to solely becoming a gambling regulatory body.
PAGCOR Chairman. Alejandro H. Tengco made the announcement at the inaugural session of the IAG Academy Summit, held on September 13, 2023, at Hilton Manila, where he served as the keynote speaker.
Tengco mentioned that the move, scheduled for completion by 2025, is aimed at fulfilling the corporation's goal of creating a fair and level playing field to "ensure future growth and viability for all gaming industry players.”
“We have started preparing for this transition in earnest, and we are starting where it matters most – within PAGCOR itself.” he stated.
Related: PAGCOR Continues Crackdown on Offshore Gambling Operators
PAGCOR's Vision and Strategic Shifts
Acknowledging its strengths and limitations, Tengco emphasized PAGCOR's aspiration to establish itself as the benchmark of excellence in the Asian gaming industry. Furthermore, he highlighted that PAGCOR is working on assisting personnel who could be affected by the corporation’s shift.
“We have been going around the country during the past few months, holding town hall meetings with our employees. We tell them there is no reason to worry because we have plans in place to mitigate, if not totally avoid, any personnel displacement.” Tengco added.
The PAGCOR Chairman also mentioned that the organization is "implementing essential adjustments in its corporate framework, operational methods, and protocols to enhance its responsiveness and competitiveness."
The shift in objectives will see the organization move into a single corporate office to improve coordination, efficiency, and overall performance. It will also embark on modernizing its current casinos to appeal to more players.
Lastly, Tengco conveyed that PAGCOR has recently introduced fresh regulations for international gaming licensees to reduce, if not entirely eradicate illegal gambling activities.
Cracking Down on Unlicensed Gambling Sites
This development comes just a few months after PAGCOR announced its intention to launch its online casino, Casino.Filipino.com, in the first quarter of 2024.
However, the sudden change in the corporation's direction cannot be divorced from the increasing threat posed by unlicensed gambling websites operating within the Philippines.
Last week, PAGCOR notified the public about the growing occurrence of unauthorized online gambling sites using its logo to create a false sense of legitimacy. The organization stated that it is taking active steps to shut down the sites when discovered and also reaching out to payment providers to halt transactions to illegal gambling websites.
With the latest update, it’s obvious the body is prioritizing regulatory matters above other concerns at this point. This shift further reflects PAGCOR's proactive response to safeguard the integrity of the gaming industry in the region.
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