The Philippine Amusement and Gaming Corporation (PAGCOR) continues to strengthen its regulatory function as it reiterates its plan to privatize its self-operated casinos.
PAGCOR Chairman and CEO Alejandro H. Tengco said that PAGCOR’s shift to a purely regulatory function is part of the agency’s goal to “level the playing field and ensure future growth and viability for all gaming industry players.”
“We have started preparing for this transition in earnest, and we are starting where it matters most – within PAGCOR itself,” he said, adding that the process should be completed by 2025.
Tengco said that as a 40-year organization, PAGCOR knows its strengths and is aware of its limitations.
“We certainly know our potentials and capability to become the gold standard in the Asian gaming scene,” he said.
He said PAGCOR recognizes its people as its greatest asset but the shift to a purely regulatory role could impact some employees, thus the crafting of plans to avoid displacement especially in PAGCOR-operated casinos that will need to be privatized.
“We have been going around the country during the past few months, holding town hall meetings with our employees,” he said. “We tell them there is no reason to worry because we have plans in place to mitigate, if not totally avoid, any personnel displacement.
“You will be surprised to know how people react to our plans, and how they express their trust in our process,” Tengco said.
Tengco first revealed PAGCOR’s privatization plan this March during the ASEAN Gaming Summit.
The PAGCOR chief said the agency is also “making necessary changes in its corporate structure, business processes and procedures to make it more responsive and competitive.”
Transition plans include moving into a single corporate office to enhance coordination, efficiency and performance as well as modernizing existing casinos to attract more players and make PAGCOR’s assets more attractive to potential buyers.
Tengco was the keynote speaker of the opening session of the IAG Academy Summit.
