Philippines reconsidering Pagcor regulatory functions
The Philippines Department of Finance may strip Pagcor of its right to operate public sector casinos.
Philippines.- The Department of Finance is considering a proposal to strip Philippine Amusement and Gaming Corp (Pagcor) of the right to operate a portfolio of public sector casinos: Pagcor would only keep the function to regulate land-based casinos from private and public sectors.
Carlos Dominguez, Philippines’ Finance Secretary and recently appointed by the president Rodrigo Duterte, said: “We believe that government should only be in regulatory functions and not in commercial functions and therefore should dispose of, by sale or closing down, the commercial functions.”
During the second-quarter, Pagcor’s own casinos operated about a third of all table games in the Philippines’ market and almost six out of every 10 electronic gaming machines (EGMs). Pagcor operated 608 gaming tables and 10,603 EGMs at its own casino venues as well as regulating 10 private-sector casinos that operated an aggregate of 1,280 gaming tables and 7,205 EGMs.
Several industry lawyers said that the current model has the potential for conflicts of interest regarding regulatory policy.
Earlier this month Pagcor chair Andrea Domingo confirmed that her office had rejected Ongpin’s offer to donate his 49 percent stake in the online gaming company to the government after Pagcor declined to renew its license, making it impossible for the firm to continue operating in the Philippines.
