The Philippine Amusement and Gaming Corporation (PAGCOR) introduced the Philippine Inland Gaming Operators License (PIGO) in 2018, a new type of license that aims to regulate and promote the growth of the gaming industry in the country. This new license is designed to provide a safe and regulated environment for players, while also attracting foreign investments and creating jobs.
What is PIGO?
PIGO is a special type of license that allows gaming operators to conduct business within the Philippines, including casino games, sports betting, and online gaming. The license is issued by PAGCOR, the country’s main gaming regulatory body, and is subject to strict regulations and compliance requirements.
Benefits of PIGO
The PIGO license offers several benefits to gaming operators, including a more streamlined and efficient application process, reduced regulatory fees, and increased flexibility in terms of business operations. Additionally, PIGO-licensed operators are entitled to tax incentives, including a reduced corporate income tax rate and exemption from certain taxes.
Eligibility Criteria
To be eligible for a PIGO license, gaming operators must meet certain criteria, including having a minimum capitalization of PHP 100 million (approximately USD 2 million) and a minimum of 10 years of experience in the gaming industry. They must also demonstrate a commitment to compliance with Philippine laws and regulations, as well as a willingness to contribute to the development of the local gaming industry.
Application Process
The PIGO application process involves several steps, including submission of an initial application, review and evaluation by PAGCOR, site inspection, and licensing committee review. The process is designed to ensure that only qualified and responsible gaming operators are granted a PIGO license.
Regulatory Requirements
PIGO-licensed operators are subject to several regulatory requirements, including compliance with anti-money laundering and counter-terrorism financing regulations, maintenance of accurate records and financial statements, and reporting of suspicious transactions and activities. They must also comply with health and safety standards and tax laws and regulations.
Compliance Monitoring
PAGCOR conducts regular compliance monitoring activities to ensure that PIGO-licensed operators comply with regulatory requirements. This includes regular audits and inspections of gaming premises, review of financial statements and reports, and monitoring of suspicious transactions and activities.
Gaming Activities
PIGO-licensed operators are allowed to conduct a range of gaming activities, including casino games, sports betting, and online gaming. They must also comply with specific regulations governing each type of gaming activity.
Tax Incentives
PIGO-licensed operators are entitled to several tax incentives, including a reduced corporate income tax rate of 10% compared to 20% for non-gaming businesses. They are also exempt from payment of Documentary Stamps Tax and Business Tax.
Conclusion
The PIGO license was introduced in 2018 as a major development in the Philippines’ gaming industry, offering a new opportunity for growth and development. By providing a safe and regulated environment for players, while also attracting foreign investments and creating jobs, the PIGO license is expected to play a significant role in shaping the future of the gaming industry in the Philippines.
