The Philippine Amusement and Gaming Corp. is transitioning to a purely regulatory body from its current role as both regulator and operator of the gaming business, PAGCOR chairman and chief executive officer Alejandro H. Tengco, said.
Tengco made the remarks at the opening session of the IAG Academy Summit just last week at Hilton Manila as keynote speaker and panel member in a forum convened as “Voice of the Umpire: Regulators’ Talk”.
According to Tengco, the shift to a purely regulatory function is part of the broader goal to “level the playing field and ensure future growth and viability for all gaming industry players.”
“We have started preparing for this transition in earnest, and we are starting where it matters most – within PAGCOR itself,” he said, quickly adding that the process completes in 2025.
Tengco said that as a 40-year organization, PAGCOR knows its strengths and keenly aware of its limitations.
“We certainly know our potentials and capability to become the gold standard in the Asian gaming scene,” he said.
He said PAGCOR recognizes its people as its greatest asset and acknowledge the shift to regulator role has impact on employees.
As consequence, PAGCOR is crafting plans addressing employee displacement in PAGCOR-operated casinos that will be privatized.
“We have been going around the country 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.
“You will be surprised to know how people react to our plans, and how they express their trust in our process,” Tengco said.
He also said PAGCOR is “making necessary changes in its corporate structure, business processes and procedures to make it more responsive and competitive.”
Transition plans include moving into a single corporate office to boost coordination, efficiency and performance as well as modernize existing casinos to attract more players and make PAGCOR’s assets more attractive to potential buyers.
Tengco told the summit audience, which includes regulators from the Asia-Pacific region, that PAGCOR also recently implemented new regulations for international gaming licensees to lessen, if not
