The Philippine Amusement and Gaming Corporation (PAGCOR), which previously served as both an operator and a regulator, is currently undergoing a dramatic restructuring to become a strictly regulatory entity. On September 13, 2023, PAGCOR Chairman and CEO Alejandro H. Tengco made this strategy change public during the IAG Academy Summit.
A Bold Move Towards Regulation
At the summit’s “Voice of the Umpire: Regulators’ Talk” discussion, Mr. Tengco, a keynote speaker and panelist, discussed PAGCOR’s dedication to leveling the playing field and assuring the long-term expansion and sustainability of all players in the gaming sector. A crucial step in this direction is the shift to a solely regulatory function.
“We have begun seriously preparing for this transition, and we are beginning within PAGCOR itself,” said Mr. Tengco. He continued by saying that PAGCOR hopes to finish this shift by 2025.
Leveraging Strengths and Recognizing Limitations
As a company with four decades of expertise, PAGCOR is aware of its advantages as well as its weaknesses. “We certainly know our potentials and capability to become the gold standard in the Asian gaming scene,” Mr. Tengco said. Although PAGCOR views its workers as its most significant resource, it is aware that certain employees may be impacted by the shift to a strictly regulatory function, particularly those who work at PAGCOR-operated casinos that may eventually be privatized.
To address these concerns, PAGCOR has engaged in proactive measures, including conducting town hall meetings with employees across the country. Mr. Tengco stated, “We tell them there is no reason to worry because we have plans in place to mitigate, if not totally avoid, any personnel displacement.” The response from employees has been positive, demonstrating trust in PAGCOR’s process.
Modernization and Enhanced Competitiveness
The proposals for PAGCOR’s reform include not only its regulatory function but also its internal company structure and operational procedures. By merging into a single corporate office, the agency is improving its corporate structure and boosting coordination, efficiency, and performance.
In order to draw in a larger player base and make its properties more desirable to potential owners, PAGCOR is also upgrading older casinos. By making these strategic adjustments, PAGCOR hopes to stay adaptable and competitive in the rapidly changing gaming industry.
Cracking Down on Illegal Activities
Mr. Tengco also emphasized PAGCOR’s dedication to maintaining honesty and openness in the gaming sector. With the intention of decreasing or eradicating unlawful activity within the industry, the agency recently enacted new requirements for those holding international gambling licenses. This proactive strategy attempts to develop a more secure and reliable gaming environment.
The reform process of PAGCOR is evidence of its commitment to supporting a thriving and fair gaming sector in the Philippines and elsewhere. PAGCOR provides a remarkable example for gaming regulatory authorities in the Asia-Pacific area as it transforms into a strictly regulatory agency.
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