The Philippine Amusement and Gaming Corporation (PAGCOR) expects a decision soon on its proposal to separate its regulatory role from its casino operations, Chairman and CEO Alejandro Tengco said.
The proposal remains under review by the Governance Commission for Government-Owned or-Controlled Corporations (GCG).
Tengco made the remarks at an industry event in Manila, according to a PAGCOR press release dated September 15th.
“Currently, the proposal remains under review by the GCG, and we expect a decision to be out very soon,” Tengco said.
Once the review is completed, the GCG will endorse the proposal to the Office of the President for evaluation, according to PAGCOR.
“Should the President find merit in the proposal, an Executive Order will be issued to implement the separation of PAGCOR’s regulatory and commercial functions,” Tengco said.
PAGCOR currently serves as both a gaming regulator and a casino operator. Tengco cited the conflict inherent in overseeing an industry in which the agency also operates.
“You do not want a regulator to regulate its own operations,” he said.
Tengco described the proposed separation as a major institutional reform with legal, financial, operational and human resource implications, requiring each step to be carefully considered and executed.
He said PAGCOR has begun preparing for the changes, including a future in which it can devote its resources and expertise primarily to regulation.
Tengco also said the emergence of private sector licensees since Casino Filipino was established had changed the gaming market, prompting PAGCOR to reassess its commercial role as the industry continues to evolve.
