Alejandro Tengco, Chairman and CEO of the Philippine Amusement and Gaming Corporation (PAGCOR), recently stated that PAGCOR is accelerating the privatization of casinos and strengthening industry regulation to enhance the international competitiveness of the Philippine gaming industry. This move comes as Thailand plans to legalize gambling, intensifying global gaming market competition.
At a recent press conference, Tengco candidly expressed that Thailand's open gambling policy poses a "significant threat" to the Philippines. Currently, the Philippines is the second largest gaming hub in Asia, second only to Macau, with gaming revenues reaching a historic high of 410.5 billion pesos in 2023. However, as countries like Thailand and Japan gradually open up their gaming industries, the Philippine market faces greater pressure.
Tengco pointed out that Thailand, relying on its large tourist base, has a natural advantage in developing the gaming industry. He stated, "Thailand is seriously considering issuing casino and online gaming licenses, and Japan is also advancing casino development. Facing this trend, we must be fully prepared."
To respond to market changes, PAGCOR is implementing a series of measures, including enforcing stricter regulatory standards, urging casino operators to upgrade hardware facilities, and introducing nearly 2000 modern slot machines. Additionally, Tengco reiterated that PAGCOR is gradually exiting operational roles to focus on regulatory functions, to eliminate potential conflicts of interest. He emphasized, "Completely divesting operational rights will demonstrate the fairness and transparency of the Philippine gaming industry to the world."
PAGCOR plans to initiate the privatization process for over 40 casinos by 2025, hoping to attract more international investment and enhance the overall competitiveness of the Philippine gaming industry. Tengco stated that privatization will not only optimize the industry structure but also drive economic growth and create more job opportunities. He added, "Through privatization, we hope to modernize the Philippine gaming industry while ensuring it maintains a competitive edge in the regional market."
