The Philippine gaming regulatory body PAGCOR is advancing a historic reform—planning to fully privatize its Casino Filipino chain of casinos. Currently, the application has been submitted to the Governance Commission for Government-Owned or Controlled Corporations (GCG), awaiting formal approval.
At the IAG Academy Summit held this week at Newport World Resorts in Manila, PAGCOR Chairman and CEO Alejandro Tengco made it clear in his keynote speech that privatization is a core goal of his tenure. He emphasized, "As a regulator, PAGCOR can no longer be both 'referee' and 'player'."
However, Tengco also admitted that pushing for privatization is no easy task and must follow a legal framework. According to Presidential Decree 1869 and Republic Act 9487, the roles and powers of PAGCOR are clearly defined, meaning that divesting operational functions requires thorough review and execution.
Meanwhile, PAGCOR has been promoting the renovation and modernization of some of its casinos, updating facilities and technology to prepare for future competition. Tengco pointed out, "Privatization is not just about exiting operations, but also about driving the industry towards transparency, fairness, and sustainability."
Since taking office in 2022, Tengco has reached the midpoint of his term. He recalled that at the time, the industry was at a low point following the impact of the pandemic, and confidence urgently needed to be restored, thus reforms were essential to reshape trust. He emphasized that the future core values of the gaming industry will be "integrity, innovation, safety, and responsibility," rather than merely judging success by revenue.
With the rise of online gaming and stricter regulations, PAGCOR's privatization reform may lead to a profound reshuffling of the Philippine gaming industry, completely rewriting the market landscape.
