Philippine Amusement and Gaming Corporation (PAGCOR) Chairman and CEO Alejandro H. Tengco today said that the agency’s regulatory framework must continue to evolve amid emerging challenges and a changing gaming landscape.
In his keynote speech at The Regulators Forum at the Newport World Resorts in Pasay City, Mr. Tengco also acknowledged the continuing growth of the gaming industry but said PAGCOR must continually assess how it can best fulfill its regulatory mandate.
“Our regulatory framework will continue to evolve as conditions change and as our experience gives us a better understanding of what works and where improvements are needed,” he said.
“What matters is that we remain open to corrections, that we are willing to learn, and that we are prepared to act when change is necessary.”
Mr. Tengco added that the strength of a regulatory system is reflected in its ability to respond to real-world conditions, protect the public and support a legitimate gaming industry.
He said the framework must also safeguard the integrity of the industry while providing legitimate operators with a stable and predictable regulatory environment.
As part of this continuing institutional reform, Mr. Tengco cited the planned decoupling of PAGCOR’s regulatory and operating functions, which he said would establish clearer standards for the industry and strengthen the agency’s regulatory role.
“This is to ensure that all legitimate operators compete on a level playing field while the public can have confidence in the integrity of the system,” he said.
The decoupling proposal is currently under review by the Governance Commission for GOCCs, with a decision expected soon.
Once the review is completed, the proposal will be endorsed to the Office of the President for further consideration. An executive order will be issued if President Ferdinand Marcos Jr. finds merit in separating PAGCOR’s regulatory and operating functions.
