The Philippine Amusement and Gaming Corporation (PAGCOR) is exploring the possibility of privatizing its casino business and shifting its focus to a regulatory role, according to Alejandro Tengco, the chairman and CEO of PAGCOR. During his keynote speech at the ASEAN Gaming Summit, Tengco revealed plans to spin off the casino business to a private bidder while expanding the regulatory reach of the organization.The move aims to enhance the nation-building programs of PAGCOR while ensuring the welfare of employees during the transition.
Privatization Plans and Employee Welfare:
Under the leadership of Alejandro Tengco, PAGCOR is seriously considering the privatization of its casino business and refocusing on regulatory responsibilities. This strategic move seeks to attract private investors while extending the organization’s reach as a regulatory authority. While emphasizing the importance of employee welfare during any transition, Tengco aims to ensure a smooth process that benefits both the organization and its workforce.
Projects for 2023:
PAGCOR has outlined several projects planned for 2023, all aimed at benefiting stakeholders in the gaming industry and upholding responsible gaming practices. These initiatives include the establishment of regulatory frameworks for online poker operations, the enhancement of slot machine operations, the disposal of outdated gaming equipment, and the creation of new regulatory manuals. These efforts showcase PAGCOR’s commitment to fostering a transparent and well-regulated gaming environment in the Philippines.
Focus on Online Gaming:
Alejandro Tengco highlighted the revision of policies for online gaming, specifically addressing the issue of Philippines offshore gaming operators (POGOs). Recognizing that POGOs have been a subject of public debate and concern, Tengco stressed the importance of monitoring and ensuring lawful compliance. PAGCOR has intensified its efforts to regulate online gaming activities, particularly those targeting jurisdictions where online gaming is not regulated. By collaborating with various government bodies and law enforcement agencies, PAGCOR aims to combat unlicensed gambling effectively and address the challenges posed by the underground gaming sector.
Partnerships and Reforms:
Tengco acknowledged past enforcement failings and discussed PAGCOR’s engagement with government bodies such as the Department of Interior and Local Government, the Philippine National Police, and the National Bureau of Investigation. The organization seeks to reform the Mutual Cooperation Agreement governing the fight against unlicensed gambling. By strengthening partnerships with law enforcement agencies, PAGCOR aims to address illegal gambling more effectively and mitigate the associated social issues, such as organized crime and modern slavery.
Expansion of Game Offerings:
PAGCOR’s plans for the future include expanding its permitted game offerings and products. The organization intends to include live dealer games, esports, online horse racing, and online arcade games. By diversifying its offerings, PAGCOR aims to cater to evolving consumer demands and provide a more comprehensive and engaging gaming experience for its patrons.
PAGCOR’s exploration of privatizing its casino business and shifting to a regulatory role underlines its commitment to promoting a well-regulated and responsible gaming industry in the Philippines. With Alejandro Tengco at the helm, the organization aims to attract private investors while extending its regulatory reach.
Through various initiatives, including the development of regulatory frameworks and intensified monitoring efforts, PAGCOR strives to address challenges in the gaming sector, foster partnerships with law enforcement agencies, and ensure compliance with regulations. The expansion of permitted game offerings reflects PAGCOR’s proactive approach to meet the changing demands of the gaming market. As PAGCOR progresses with its plans for 2023, it remains dedicated to its nation-building programs and the welfare of its employees during the transition.