PAGCOR focuses on regulatory role, reiterates privatization plan

The Philippine Amusement and Gaming Corporation (PAGCOR) is strengthening its regulatory function as it reiterates its plan to privatize its self-operated casinos.

"By focusing on its regulatory functions, PAGCOR will be able to avoid the complexities of running two different shows," PAGCOR chairman and CEO Alejandro Tengco said in a statement on Friday. 

"It can also streamline its processes and create more revenues that will fund more high-impact government projects," he added. 

In March, the PAGCOR chief disclosed the agency’s plan to privatize the agency’s self-operated casinos, Casino Filipino, and instead focus on a purely regulatory role.

The government-run firm has been the subject of scrutiny by key decision-makers and major gaming industry players due to its dual role as an operator and regulator, according to Tengco.

He said that since PAGCOR’s new leadership assumed office in August last year, the agency has started strengthening its regulatory function and has promoted the privatization of Casino Filipino facilities.  

PAGCOR generated P58.96 billion in revenues in 2022, up 66.16% from P35.48 billion in 2021. 

To combat the proliferation of illegal gambling in the country, the PAGCOR chief said the agency continuously coordinates with various law enforcement agencies.  

"We shall undertake this painstaking process to weed out the unscrupulous companies and individuals using the PAGCOR license for illegal activities, tainting the name of the whole industry and most especially the Philippines," Tengco said. — VBL, GMA Integrated News