At the ASEAN Gaming Summit Manila Philippines, PAGCOR’s Chairman Mr. Alejandro H Tengco has delivered an announcement for the desire to privatize casinos in the Philippines. The aim is to encourage investment, to modernize facilities and also to discourage potential conflicts between the casino regulator and the casino operators.
Among the programs discussed were the creation of updated regulatory frameworks and manuals, enhancement of online poker operations regulations, enhancements of slot machine operations. Also to modernize projects for slot machines in PAGCO operated gaming venues, improved information technology and operating standards.
The privatization model is currently under review, to follow will be a tender process to allow private organisations the chance to bid for casino licenses. PAGCOR is the Philippine Amusement and Gaming Corporation, it’s a government-owned and controlled corporation established through the Presidential Decree. PAGCOR also happens to be the Philippines’ largest contributor of revenue to the government after the Bureau of Internal Revenue and the Bureau of Customs. PAGCOR is required to regulate the gaming industry, generate revenues for the Philippine government’s and help promote the tourism industry.
PAGCOR also operates 9 casinos across the country situated on the 3 largest islands of the Philippines, collectively called Casino Filipino. These are in Metro Manila (3), greater Luzon (3), and in the Visayas and Mindanao regions (4). In addition PAGCO operate 32 satellite casinos throughout the country.
In 2022, PAGCO detailed a 66% increase in revenues from the previous year, valued at around P60 billion (US $1 billion). From all earnings 5% of winnings goes to the BIR as franchise tax, 50% of the 95% balance goes to the National Treasury whilst the remainder is split between various other government bodies including the Philippine Sports Commission to finance the country’s sport development programs.
