PAGCOR reiterates its commitment to becoming a ‘purely regulatory body’
The Philippine Amusement and Gaming Corporation (PAGCOR) is steadfast in its commitment to relinquish its dual-role of casino operator and regulatory body. In addressing renewed calls for the privatisation of its casinos, PAGCOR’s commitment to its contribution to the Philippine government is, however, unwavering. PAGCOR has also pledged to implement various initiatives and reforms to combat illegal gambling activities.
Speaking to SiGMA Magazine in his first sit-down interview as PAGCOR Chairman and CEO, Alejandro H Tengco said “the new management believes that as a government entity, it should have a clearly defined function. Having a dual role – as an operator and a regulator at the same time – is contrary to business ethics.”
Tengco reiterated PAGCOR’s vision in his keynote speech on Thursday 14 July at the Asian IR Expo + Global Gaming Expo (G2E) Asia 2023 in Macau. He said that the dual-role played by PAGCOR has placed its operations under scrutiny by decision-makers and key industry players, who view PAGCOR “as having an unfair advantage over its licensees”.
Relinquishing the dual-role would enable PAGCOR to “streamline its processes and create more revenues that will fund more high-impact government projects.” The privatization of the agency’s casino operations is a top priority in PAGCOR’s master plan, which includes the plan to upgrade its self-operated venues. This upgrade will include the modernisation of its IT and cybersecurity infrastructure and the upgrade of more than 3,000 slot machines.
In his SiGMA interview, which is the cover story of the newly issued SiGMA magazine, Tengco explained that almost 70% of PAGCOR’s revenue is routed back to the Philippine government “both as mandated contributions and agency-initiated CSR projects. “Under the new management, we aim to prioritise education and health by building more education facilities, hospitals, and wellness centres nationwide”.
The move to shift to a regulatory role is one which necessitates foresight to evaluate possible outcomes. Tengco added, “Foremost, our main consideration is the welfare of our over 14,000 employees from various Corporate offices, casino branches and satellite operations groups nationwide. If ever PAGCOR becomes a purely regulatory body, we have to be very well prepared for the transition and ensure that all our employees will be taken care of”.
PAGCOR’s Alejandro H Tengco to headline SiGMA Asia summit
PAGCOR Chairman and CEO Alejandro H. Tengco will deliver the opening keynote address at the upcoming SiGMA Asia conference in Manila.
Join us in Manila from the 19 -22 July for the SiGMA Asia International summit. The event is endorsed by PAGCOR and will take place at the SMX, Manila’s largest expo centre.
