Philippine Amusement and Gaming Corporation (PAGCOR) Chairman Alejandro H. Tengco has hailed increased oversight of the online gaming sector, amongst a challenging regulatory environment.
In statements at ICE Barcelona, the executive noted that “The greatest threat to both regulators and licensed operators is not higher standards. It is the continued presence of illegal and unregulated actors that undermines trust and distorts competition.”
Tengco pointed in to the work that has been done in the Philippines to avoid a repeat of the scandals associated with Philippine Offshore Gaming Operators (POGOs), while still allowing the regulated online sector to go – noting it could be an example to other jurisdictions facing emerging risks.
The PAGCOR Chairman also highlighted the player-centric regulatory approach taken for the licensed online gaming sector, with improvements to know-your-customer (KYC) and identification standards, self-exclusion and betting limits and strict gambling advert controls. He also noted that restrictions on payment channels used for online gambling purposes – which caused a significant drop in gambling-related deposits.
Speaking of PAGCOR’s shift to a purely regulatory function, Tengco indicated that “our focus is to set clear rules, enforce them consistently, and create a gaming ecosystem that is fair, competitive, and resilient”.
