PAGCOR eyes regulating, accrediting casino financiers

The Philippine Amusement and Gaming Corp. (PAGCOR) said Thursday it is planning to put casino financiers under regulatory supervision in light of increasing numbers of casino-related kidnappings.

It intends to “accredit and regulate casino financiers,” PAGCOR noted.

The industry regulator’s plan is “subject to the implementing rules and regulations on lending companies by the Bangko Sentral ng Pilipinas, Securities and Exchange Commission and other regulatory agencies.”

The Philippine National Police-Anti-Kidnapping Group (PNP-AKG) earlier said a total of 53 casino-related kidnapping incidents have been recorded since 2017.

Early this month, a Chinese tourist was reportedly kidnapped and tortured after failing to pay his casino debt.

Authorities believe the kidnappers are the same money lenders serving casino players. If a player fails to pay, he will be abducted and the kidnappers will ask for ransom money from the player’s family.

“There have been reports about an increase in kidnapping cases of casino players perpetuated mostly by loan sharks in the casinos,” PAGCOR said.

In light of these events, PAGCOR said it organized a meeting with licensed casino operators in the Entertainment City and Clark as well with the representatives of the PNP-AKG and the Bureau of Immigration (BI) to address these casino-related kidnappings.

“To safeguard the integrity of gaming and entertainment businesses in the country, PAGCOR, along with our casino licensees, will strengthen our security protocols by enhancing casino surveillance facilities such as facial recognition cameras …” according to PAGCOR.

The plans is “to enable information sharing among casino operators on suspected criminals, as well as  augment security personnel, and constantly coordinate with concerned government agencies such as the PNP, BI, the Department of Foreign Affairs, and the casino host cities,” it said.

PAGCOR believes gaming contributes significantly to government revenue, but it must not be used as a vehicle for abuse and injustice.

“As the country’s gaming regulator, we condemn these dreadful acts and we will ensure that the local gaming industry will maintain the integrity of its operations.” —Ted Cordero/VDS, GMA News