The Philippine Amusement and Gaming Corporation (PAGCOR) has highlighted the role of startups and private investment in supporting employment, innovation and broader economic development.
PAGCOR Chairman and CEO Alejandro Tengco addressed the startup sector during the 10th anniversary celebration of the Manila Angel Investors Network (MAIN) in Makati City.
Tengco said startups contribute to the economy by creating businesses and jobs, introducing new products and services and providing entrepreneurs with opportunities to develop commercially viable companies.
He also pointed to the growth of Filipino startups into businesses operating in regional and international markets, highlighting the role of local entrepreneurs in developing new products and services.
Tengco recognized MAIN's work in connecting early-stage businesses with investors. He said financial backing is only one element of this relationship, with investors also providing business experience, industry knowledge and professional networks.
Such support can be particularly important for entrepreneurs that have viable products or business concepts but lack the capital or market access needed to expand, he added.
While PAGCOR's primary responsibilities center on regulating the Philippine gaming industry, Tengco said the agency also works with private-sector organizations and other stakeholders on economic development initiatives.
He noted that PAGCOR contributes a substantial portion of its earnings to the Government, saying close to 70% of its gross earnings are remitted for government purposes.
PAGCOR also indicated that its cooperation with MAIN forms part of its wider engagement with private-sector organizations. Tengco received a Certificate of Appreciation during the event recognizing the regulator's support for the network and its startup initiatives.
PAGCOR said it remits close to 70% of its gross earnings to the Government
