The Philippine Amusement and Gaming Corp (Pagcor), the country’s casino regulator, has stressed the importance of public revenue derived from legal online gaming activities in funding education, health care, and community development initiatives across the country.
Online gaming has been one of the “biggest revenue drivers” for the Philippines’ authorities, stated Pagcor in a report to the House Committee on Games and Amusements, a standing committee of the country’s House of Representatives.
The licence fees generated from the licensed online gaming sector amounted to PHP69 billion (US$1.2 billion) in the first seven months of this year, of which approximately PHP41 billion came from “e-games”, stated Pagcor in a press release issued on Wednesday.
The Philippines’ electronic games sector is composed of e-games, e-bingo, and bingo grantees, according to Pagcor’s definition of the play segment.
The release cited Pagcor’s chairman and chief executive, Alejandro Tengco (pictured in a file photo), as saying: “Because of its huge potential, online gaming has become an important source of funds for our nation-building commitments, including Pagcor’s support for education, health care, and community development.”
Online gaming contributed PHP27.47 billion to various social causes during the first seven months of this year, according to Mr Tengco.
Last month, members of the Philippines’ Senate began discussing stricter regulation of the country’s online gambling sector. The Philippines’ central bank ordered providers of electronic wallets (e-wallets) and other digital payment systems to remove links that provided access to online gambling platforms in the country.
In Wednesday’s release, the Pagcor chief reiterated warnings against what he referred as the “growing threat” of illegal online operators. Mr Tengco said Pagcor would strengthen regulation and enforcement actions against such platforms.
“These illegal sites not only deprive the government of much-needed revenues but also expose Filipino players to numerous risks,” remarked Mr Tengco.
