The Philippines’ gaming regulator continues to laud the benefits of the regulated online gaming sector, despite political support to shut it down.
According to a release on Wednesday, the CEO of the Philippine Amusement and Gaming Corporation (PAGCOR) noted that license online gaming garnered some PHP60 billion ($873 million) in fees from January to July, with some PHP41 billion ($715.9 million) coming from electronic games.
“Because of its huge potential, online gaming has become an important source of funds for our nation-building commitments, including PAGCOR’s support for education, health care, and community development,”noted PAGCOR Chairman and CEO Alejandro H. Tengco.
The executive highlighted that the garnered revenue contributes to not only its Corporate Social Responsibility (CSR) projects, but also other projects that PAGCOR supports, such as the building of schools, socio-civic centers and e-learning hubs.
“Every peso we collect from the gaming sector translates to meaningful projects such as classrooms for our children, health programs for our people, and safe spaces for communities in times of calamity. This is how we ensure that gaming directly benefits Filipinos,” Mr. Tengco said.
Amongst the ongoing calls for shutdown of the online gaming sector, Tengco warned of illicit actors, noting that “These illegal sites not only deprive the government of much-needed revenues but also expose Filipino players to numerous risks”.
Tengco and PAGCOR have pledged to increase regulation and enforcement “to ensure that only legitimate and properly monitored operators are allowed to operate”.
Allowing legitimate and registered operations permits continued government revenue income from the sector, while ensuring punters can opt for a legal and regulated avenue.
