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PAGCOR Refocuses on Its Regulatory Responsibilities
By Shane Addinall Jun 05, 2023 IndustryPAGCOR refocuses on its regulatory responsibilities, weighing the sale of its casinos and warning transgressors against breaking laws and regulations.The Philippines has become one of the South-East Asian region’s most popular gambling destinations. The Filipino government has, however, taken a tough stance towards online gambling.
Gambling in the Philippines takes place under the care of PAGCOR (Philippine Amusement and Gaming Corporation), formed in 1976 at the behest of President Ferdinand Marcos. The 100% state-owned body has control of the industry until at least 2032. It is responsible for licensing the nation’s gambling operations and actually runs 41 casinos across the country, with 50% of the revenue going to the National Treasury.
Philippines Road to Online Gambling
In May 2023, PAGCOR contributed P1.95 billion (just over €32.4 million) to the National Treasury, cementing its status as an elite Philippine revenue agency, or “Billionaires Club”.
Contributions such as this ensure the financial capability of the government to meet its undertakings in furthering the nation’s economic growth. The gambling regulator has maintained its status as an elite agency, presiding over a well-managed and growth-friendly gambling jurisdiction.
Comparatively, Q1 of 2023 has seen a nearly 50% increase in the Q1 2022 income of P11.29 billion (€187 million) to P16.87 billion (€280 million). The revenues are channelled into grassroots programs, and this income forms an integral part of the nation’s future.
The Importance of Focusing on Managing Regulations
PAGCOR is considering selling the 41 casinos it operates to raise P80 billion ($1.47 billion) in government revenue and in order to focus on its regulatory functions.
The regulator first announced its intentions to sell the casinos to boost the government's budget in 2016, but shelved the plans in 2018. Last year, lawmakers and the finance minister urged PAGCOR to sell the casinos for the government coffers.
Gross gaming revenue (GGR), the amount players wager, minus winnings, in the regulators’ casinos, almost doubled last year to P15.9 billion. Total GGR will probably hit the P256 billion pre-pandemic level by 2024, versus P214 billion last year.
PAGCOR has issued a stern warning to its offshore gaming licensees and accredited service providers to abide by Philippine law and strictly comply with its rules and regulations.
PAGCOR chairman and CEO Alejandro Tengco said:
“PAGCOR will continue to work hand in hand with law enforcement agencies to ensure a safe and responsible gaming environment not only for Filipinos but also for other nationalities. Only through regulated and responsible gaming can we minimise, if not totally eradicate all crimes that are being linked to gaming activities.”
Offshore providers were urged to operate only within the bounds of their licences or accreditation, warning that involvement in criminal activity would be dealt with severely, resulting in the possible suspension and eventual cancellation of their licences or accreditation.
Benefits of Regulated Gambling
The legalising and strict regulation of the online gambling industry leads to significant economic growth through increased tax revenue and job creation in the sector.
Firstly, it is vital for customer protection that online gambling in the Philippines and elsewhere in the world be adequately and efficiently regulated. This is to ensure they protect players from unscrupulous online casino operators that may otherwise steal players’ personal or financial information.
Problem gambling leading to addiction is only possible to manage if there is efficient regulation of the online gambling sector.
Regulatory monitoring of online casinos leads to the development and implementation of mechanisms that ensure a high level of customer protection and measures to prevent fraudulent activities.
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We highly recommend playing at online casinos regulated by the Philippine Amusement and Gaming Corporation (PAGCOR) and other highly regarded regulators.
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