PAGCOR introduces new regulatory framework for offshore gaming operators
PAGCOR will require all licensees and service providers to re-apply for licences.
The Philippines.- The Philippine Amusement and Gaming Corporation (PAGCOR) has unveiled a new regulatory framework for offshore gaming companies. It says the move is part of a coordinated inter-agency effort to address concerns about the sector.
PAGCOR’s assistant vice president for offshore gaming licensing, Jessa Fernandez, unveiled the new framework’s key provisions during a Senate Committee Hearing on August 2, 2023, All offshore gaming licensees and service providers have been placed under probationary status. They will need to reapply for permits by September 17.
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Fernandez stated: “In the present framework, all Service Providers who are accepting bets are required to apply for a licence. We will also evaluate the beneficial owners of these companies so that they will be held liable in case they are found to be involved in any illegal activity.
“Entities with findings of activities outside their granted license or accreditation will not be granted a license under the new framework. Likewise, licensees or service providers who shall not re-apply or were granted license within the given period shall be endorsed for cancellation.”
PAGCOR says it has been collaborating with various government and law enforcement bodies to streamline oversight. It plans stricter penalties for breaches of rules, intensified inspections, compliance verifications and closer coordination with enforcement agencies.
