PAGCOR Boss Voices Opposition to Philippine Online Casino Ban
The debate over the future of online gambling in the Philippines has reached another possible turning point. Alejandro Tengco, the chair and CEO of the Philippine Amusement and Gaming Corp (PAGCOR), has taken a firm stance against legislative efforts to ban the practice.
PAGCOR Chair and CEO Alejandro Tengco in a public presentation. (Source: Jesus S. Casabar Photography)
LISTEN TO THIS ARTICLE:Tengco's remarks, delivered during a Senate Committee on Ways and Means hearing, underscore a pivotal moment for the nation's gaming industry. He argues that instead of an outright ban, a robust regulatory framework could be the key to maximizing the sector's potential to generate tax revenue and curb illegal activities.
Related: PAGCOR Hopes to Launch Online Casino by Year's EndThe online gambling industry has become a significant contributor to the Philippine economy, providing employment opportunities and tax revenue. A complete ban could have unintended consequences, such as driving the industry underground and increasing the influence of criminal organizations.
However, according to Tengco, the online gaming sector's regulation is not just about revenue but also about control. By regulating the industry, the government can provide a safe and fair environment for gamblers while ensuring that the benefits of this lucrative industry contribute to the national coffers.
This perspective comes in the wake of PAGCOR's aggressive measures against illegal online gambling, with the agency successfully blocking thousands of unauthorized websites and applications since 2022. This crackdown has not only demonstrated PAGCOR's commitment to combating illegal betting but also highlighted the complexities of managing a burgeoning digital industry.
More Business News
Continued Push for iGaming Ban
The pushback from PAGCOR comes at a time when legislative voices, like Senator Joel Villanueva, call for a complete prohibition of online gambling through Senate Bill 1281. Villanueva's position reflects concerns about the social and moral implications of gambling and its accessibility through digital platforms.
However, Tengco's counter-argument suggests that a ban could drive the activity underground. This would make it harder to regulate and control, potentially leading to a rise in illegal betting rings that operate beyond the reach of the law.
Amidst this legislative tug-of-war, PAGCOR finds itself in a transformative phase. The agency is transitioning to focus solely on regulatory functions, divesting itself from the operation of land-based casinos.
This shift signifies a broader strategy to modernize the gambling industry in the Philippines, aligning with global trends towards online platforms. PAGCOR's planned launch of an online casino platform later this year is indicative of its commitment to embracing digital innovation while maintaining regulatory oversight.
RELATED TOPICS: Business
Latest News
Responsible Gambling
Parlays, Pressure, and Addiction - The Risks of Modern Sports Betting
Dec 20, 2024Most Read
Must Read
Interviews
When Helping Others Is a Life-Long Mission - An Interview with Gordon Moody CEO, Monica Shafaq
Dec 17, 2024
Interviews
Review this New Post
Leave a Comment
User Comments
Comments for PAGCOR Boss Voices Opposition to Philippine Online Casino Ban