Philippine Amusement and Gaming Corporation (PAGCOR) Chairman and CEO Alejandro H. Tengco has called for tighter regulations, rather than a ban on iGaming.
He stated prohibition "would only encourage illegal operations and deprive the government of needed revenues."
Tengco recently addressed gaming industry stakeholders at the Light & Wonder iGaming Symposium at Newport World Resorts in Pasay City and explained how PAGCOR reforms "spurred robust growth in the electronic gaming sector."
These reforms include reductions in licensing fee rates.
Tengco further commented: "The iGaming story in the Philippines is no longer just about growth; it's about how we grow - safely, fairly, and sustainably.
"We support stricter regulations to protect our people, but we are against a total ban which will only drive players to illegal operators and result in loss of revenues and jobs."
During his speech, Tengco also encouraged leaders in the industry to "practice compliance by design" when it comes to their operations. Tengco emphasized the importance of following anti-money laundering regulations, supporting PAGCOR's responsible gaming initiatives and becoming well versed in know your customer (KYC) strategies.
He added: "With responsible growth, compliance, and transparency, the Philippines can develop a safer, stronger, and globally competitive iGaming industry."
Following his remarks, Tengco thanked Light & Wonder for putting together the event.
{{QUOTE}}"We support stricter regulations to protect our people, but we are against a total ban which will only drive players to illegal operators and result in loss of revenues and jobs." {{/QUOTE}
