Andrea Domingo, chair of state regulator Philippine Amusement and Gaming Corporation (PAGCOR), discussed the future of the online gambling industry in the Philippines.
PAGCOR has celebrated the tremendous growth of the country’s gambling industry over the past years and its chair, Andrea Domingo, wants it to be sustained in the future.
Records showed that PAGCOR’s full-year income from gaming operations stood at PHP57.34 billion (US$1.11 billion) in 2017, higher than the PHP53.3 billion ($1.03 billion) recorded in 2016.
For this year, Domingo estimated that gross gaming revenue would rise to PHP186 billion (US$3.57 billion) with the bulk of growth coming from Philippine offshore gaming operator (POGO) licensees.
To ensure that the state regulator will hit its annual target, PAGCOR set an ambitious target of PHP6 billion (US$115.4 million) from POGOs. Domingo said this target is attainable since all 53 firms awarded licenses to operate in the country are now up and running.
One of the challenges facing PAGCOR is to strike a balance between ensuring the welfare of local residents and meeting the agency’s revenue targets to help fund the government’s nation-building programs, according to Domingo.
“There will be more [POGO licensees], but we are very careful about that,” the PAGCOR chief said. “Like I said, online is very tricky. We would like to make sure that it will not be used in any criminal activity.”
She also dismissed reports that PAGCOR’s high fees have driven international operators out of the Philippines and into other Southeast Asian jurisdictions, such as Cambodia. Taking a swipe at the country’s regional competitors in the online gambling space, Domingo pointed out that the advantage of investing in the Philippines is that the country is not a military state.
She also highlighted the literacy competence of Filipino workers and their hospitable character.
“If they [online gambling operators] can’t afford us [PAGCOR fees], then they can’t afford to pay the big bets they are getting. This is why we are very strict. We don’t want fly-by-night people who escape when they’re hit back,” Domingo said.
