The latest remittance of funds to the Philippine Sports Commission (PSC) demonstrates that the Philippines gaming regulator and operator, PAGCOR, is an important part of the economy and its ways work.
PAGCOR Continues to Support Sports in the Philippines
The regulator has been lambasted by numerous MPs and insiders of the government of President Bongbong Marcos, with many suggesting that many of the existing casinos ought to be shuttered in order to appease China, an important trading and economic partner in the region.
Yet, PAGCOR has withstood much of the criticism and has argued that its model of operation is one that provides benefits to the economy. With efforts to further clamp down on illegal gambling, the regulator feels confident in its long-term vision. In the meantime, PAGCOR remitted $4.7 million to the PSC for November and December 2022.
PAGCOR chairman and CEO Alejandro Tengco said that this amount was only going to improve in the coming months and years. He steered clear of making any political insinuations about recent criticism against the regulator but instead focused on what the watchdog saw as a robust and actionable plan for the future. Tengco said:
With the amount that we remitted, we hope to contribute significantly to the training of our national athletes for various international competitions and to the further development of Philippine sports. Our future remittances will be bigger as our operations are slowly easing back to normalcy.
PAGCOR chairman and CEO Alejandro Tengco
The donation comes at a time when the Philippines is preparing for the upcoming Southeast Asian Games which will be held in Cambodia. The contributions are distributed under the National Athletes and Coaches Benefits and Incentives Act. PAGCOR has also been equally focused on eliminating gambling-related harm.
Gambling a Broader Issue in Philippine Society
The regulator reported that there were 333 requests for self-exclusion in 2022, which is fairly low for a country that has millions of people gambling. Still, this is a 62% increase in the number of people excluded, indicating a shift in consumer awareness of self-exclusion, which is a net positive.
Meanwhile, PAGCOR has cautioned consumers to steer clear of illicit and offshore gambling websites which have been targeting Philippine citizens.