The Philippine Amusement and Gaming Corporation (PAGCOR) has warned that rising oil prices driven by ongoing tensions in the Middle East are beginning to impact the Philippines gaming sector, with broader implications for operators and industry stakeholders.
Speaking at an industry event on April 14th, PAGCOR Chairman and CEO Alejandro H. Tengco said the surge in fuel costs is already affecting both business activity and consumer behavior, two key drivers of gaming performance.
“This is not a good time for everyone,” Tengco said, noting that the impact of the oil crisis is being felt across global gaming jurisdictions. He added that even more mature markets such as Singapore, Macau and the United States have not been spared.
[Read more: Can Asia’s gambling industry weather the fuel crisis the way it rode out the pandemic?
Tengco emphasized that the effects extend beyond gaming operators, with suppliers, partners and other stakeholders across the ecosystem also facing pressure as higher fuel costs ripple through the wider economy.
Despite these challenges, he highlighted the importance of maintaining strong industry collaboration, particularly during periods of economic uncertainty.
“It is important that we come together, that we continue these conversations, and that we support each other as an industry.”
Alejandro H. Tengco
He added that PAGCOR remains prepared to adapt to evolving market conditions, stressing that responsible gaming will remain central to the regulator’s approach even as it responds to external pressures.
Tengco also provided an update on the long-discussed proposal to separate PAGCOR’s regulatory and commercial functions, confirming that the matter remains under review by the Governance Commission for Government-Owned or Controlled Corporations. “Many are asking for the decoupling, and we are awaiting the decision of the GCG,” he said. “If we get the approval to privatize, it will be a game changer.”
