Philippine gaming regulator PAGCOR has submitted relevant documentation and is awaiting approval from the Governance Commission for Government-Owned and Controlled Corporations (GCG) to proceed with privatization of its Casino Filipino properties, according to PAGCOR Chairman and CEO Alejandro Tengco.
The Chairman provided an update on his agency’s privatization efforts during a Keynote Address at the IAG Academy Summit in Manila – part of the IAG EXPO taking place at Newport World Resorts this week.
At a time when the explosive growth of the online gaming sector and subsequent moves to tighten regulations has grabbed headlines, Tengco reiterated that PAGCOR is still focused on privatizing its properties.
“As the industry has matured, it has become clear that, in layman’s terms, a referee cannot also be a player on the same court,” he said.
“But before this can be realized, we must first obtain the approval of the GCG, an agency of government that we have to report to. It is currently reviewing the documents that we have submitted, of which they have required us to complete, and it is my fervent hope and prayer that a decision can be made as soon as possible.”
Tengco also noted that “decoupling” its regulatory and operational functions will require “careful legal consideration” given that PAGCOR is governed by Presidential Decree 1869 and its Republic Act 9487 amendment.
“These laws define our mandate, responsibilities and obligations which must be reframed with care,” he said.
Nevertheless, the regulator is continuing to press ahead with major renovation projects across its properties, “modernizing our facilities and gaming equipment and preparing for a new era of competitiveness.”
Tengco, who is now halfway through his scheduled six-year tenure as PAGCOR Chairman and CEO – having stepped into the role in August 2022 – explained that privatization has formed a central tenant of efforts to revive and reshape the industry.
“When I assumed the chairmanship … the industry was at a pivotal moment,” he recalled. “We were emerging from the shadows of the pandemic that hit the entire world, revenues were just slowly trying to recover, investor confidence was very fragile and questions about PAGCOR’s dual role resurfaced once again. We knew right there and then that simply returning to business as usual would not be enough.
“We took on the task of rebuilding momentum while reshaping the industry with something stronger, more transparent and more sustainable. Today, we are gradually seeing the results of the reforms that we have started to implement.
“Today, we embed responsible gaming as a core value of the industry’s sustainability – ensuring that growth is always matched with integrity.
“As the Philippine gaming market evolves, our definition of success is no longer measured solely in revenues but, more importantly for PACGOR, it is measured based on trust, innovation, safety and sustainability. We value not just the revenues from regulated gaming but also the reliability of our institutions, the welfare of our players and our tangible contributions to society.”
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