A statement by PAGCOR Chairman Alejandro Tengco unveiled a notable change of heart toward licensed POGOs in the Philippines. Law-abiding POGOs are well-regulated, while illegal criminal gangs and cybercriminals pose the biggest threat.
Speaking after the most recent high-profile raid executed by the Philippine Amusement and Gaming Corporation (Pagcor) and local law enforcement, PAGCOR Chairman and CEO Alejandro H. Tengco defended the value of licensed Philippine offshore gambling operators (POGO) while exposing the dangers of the gang and cybercrime in the country.
Join us as we delve into his statement to learn more about the real challenges facing the growth and expansion of the Filipino cryptocurrency, gambling resort, and online casino markets.
Licensed POGOs Are Legitimate Businesses
Without external pressure to comply with regulations that serve the needs of China and other international jurisdictions, PAGCOR has revised its position on POGOs, shifting from demanding their closure to seeing them as a vital part of the licensed gambling sector.
Mister Tengco said:
Quote“We should not blame and demonise our licensed gaming operators because these are closely monitored by PAGCOR.”
Given that the government of the Philippines licenses POGOs, they must abide by the country's strict gambling laws. Violations of the Gambling Act result in fines, penalties, and even the suspension of their license.
Tengco then added:
Quote“Our licensees pay taxes, and they help provide legitimate jobs and livelihood to a lot of people.”
According to our financial reports, PAGCOR has contributed significantly to the economy, adding more than Php5 billion (approximately €80 million) in gross revenues in 2023 alone. With the growth of the region's gambling market in 2024, Tengco projected it will easily surpass this number in the coming months.
Criminal Syndicates and Internet Hackers
What PAGOR has noted as a worrying increase over recent years is the insurgence of criminal syndicates that are engaged in hacking, scams, and, in some cases, illegal gambling operations.
The PAGCOR Chairman went on record saying:
Quote“We do not need to outlaw POGOs; what we need to do is intensify anti-crime operations against suspected foreign hackers, against scammers and cyber-criminals who are usually hiding in highly secured buildings and compounds.”
PAGCOR relies on its regulatory powers and actively collaborates with Filipino authorities to dismantle these criminal networks. They also encourage the public to be vigilant and report suspicious activities.
With the Philippines already busy with the expansion of its casino resort and entertainment venues, the approval of cryptocurrencies, and its burgeoning online gambling market, it makes sense that it would engage all its forces and communities to avoid crime syndicates entrenching themselves within its borders.
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