The head of the Philippine gaming regulator (PAGCOR) is again pushing for the government to implement stricter regulations for the online gaming sector rather than ban it outright.
Philippine Amusement and Gaming Corporation (PAGCOR) Chairman Alejandro H. Tengco reiterated the regulatory body’s wish to continue to develop and improve the sector instead of shutting it down.
The executive made the statements at the Light & Wonder iGaming Symposium on Monday.
Tengco highlighted that electronic games revenue last year accounted for nearly half of the industry’s gross gaming revenue of PHP372.33 billion ($6.57 billion).
For this year, the sector has already contributed PHP114.83 billion ($2.02 billion), higher than that derived from land-based operations.
“We support stricter regulations to protect our people, but we are against a total ban which will only drive players to illegal operators and result in loss of revenues and jobs,” noted Tengco.
The statement echoes that made by top experts, including gaming lawyer Tonet Quiogue, who has published multiple opinion pieces on how an outright ban would be detrimental to the overall gaming environment, safety of players, and government coffers.
PAGCOR’s Chairman highlighted how the regulator has been reforming itself, including its move to separate its regulatory and operational functions and improve responsible gaming, alongside its ban on gaming advertising.
The executive called on operators to implement “compliance by design”, strictly following anti-money laundering regulations, improving KYC and aligning with PAGCOR’s responsible gaming guidelines.
“With responsible growth, compliance, and transparency, the Philippines can develop a safer, stronger, and globally competitive iGaming industry,” stated Tengco.
