Pagcor regulatory framework must evolve with gaming market: Tengco

The Philippine Amusement and Gaming Corp (Pagcor) must continue to adapt its regulatory framework to address emerging challenges and changes in the country’s gaming industry, says the regulator’s chairman and chief executive, Alejandro Tengco (pictured). Mr Tengco stated the agency needed continually to assess how best to fulfil its regulatory mandate as the gaming sector continued to grow. He made the remarks on Thursday during a keynote address at The Regulators Forum, held at the Newport World Resorts casino complex in the Philippine capital. “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,” said the Pagcor chief. “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,” he added. Mr Tengco stated that an effective regulatory system should be able to respond to “real-world conditions”, protect the public and support a legitimate gaming industry. He added that regulation should safeguard the integrity of the sector while giving legitimate gaming operators a “stable and predictable” regulatory environment. The Pagcor chairman also pointed to the proposed separation of the agency’s regulatory and casino-operating functions as part of its ongoing institutional reform. Mr Tengco said the move would establish clearer standards for the gaming industry and strengthen Pagcor’s role as a regulator. “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 noted. Mr Tengco said earlier this week that he expects a decision on the proposal to separate the gaming agency’s regulatory and commercial functions to be announced “very soon”. The proposal to separate those functions is under review by the Governance Commission for Government-Owned or -Controlled Corporations (GCG). Once the GCG review is completed, the proposal is to be submitted to the Office of the President for consideration. An executive order would then be issued if the country’s leader, President Ferdinand Marcos Jr, supports the separation of Pagcor’s regulatory and operating functions.