Alejandro Tengco, head of the Philippine Amusement and Gaming Corp (Pagcor), says the process to end its operating functions to focus on regulatory work “should be completed by 2025”.
“We have started preparing for this transition in earnest, and we are starting where it matters most – within Pagcor itself,” stated Mr Tengco (pictured in a file photo).
According to the official, Pagcor’s shift to a purely regulatory role is part of the agency’s goal to “level the playing field and ensure future growth and viability for all gaming industry players.”
“We certainly know our potentials and capability to become the gold standard in the Asian gaming scene,” he said.
Mr Tengco had announced in March a plan for Pagcor to sell its network of small, state-owned casinos. He said at the time that the agency expected to raise up to PHP80 billion (US$1.41 billion) from the sale of its Casino Filipino-branded chain of public-sector casinos.
In his latest remarks, Pagcor’s chairman said the agency recognised its people “as its greatest asset,” but that the shift to a purely regulatory role could “impact some employees”. To minimise any impact, Pagcor was “crafting plans to avoid displacement especially in Pagcor-operated casinos that will need to be privatised,” he added.
“We have been going around the country during the past few months, holding town hall meetings with our employees,” he said. “We tell them there is no reason to worry because we have plans in place to mitigate, if not totally avoid, any personnel displacement.”
Mr Tengco made the remarks in a speech at the opening session of the IAG Academy Summit on September 13.
The Pagcor chief said the agency was also “making necessary changes in its corporate structure, business processes and procedures to make it more responsive and competitive.”
