The Philippine Amusement and Gaming Corporation (PAGCOR) has announced a significant reduction in fees for iGaming providers, down to 35% starting in March. This move is intended to attract more investors and new licensees to the industry. Alejandro H. Tengco, the CEO and President of PAGCOR, confirmed this decision during an interview at ICE London.
Tengco explained that the reduction of fees is part of an effort to update and refine the existing regulations and structures governing the industry. The goal is to encourage both existing and new players to participate in the market. Additionally, PAGCOR is advocating for reductions in taxes on documentary stamps and winnings.
As the sole Southeast Asian region that regulates online gaming licenses and land-based casinos, Tengco emphasized the need to leverage this advantage to attract more investment to the iGaming industry. He also revealed a plan to privatize the operator in the fourth quarter of 2025.
In the midst of these changes, PAGCOR has reported a strong increase in revenue, generating approximately $1.3 billion from its gaming properties in the previous year, representing a 32.8% annual growth.
In another development, PAGCOR has also decided to decrease its revenue share to 30-32% from the previous 50%. This move is aimed at preventing illegal gaming activities and creating a more competitive market.
Overall, these changes and adjustments by PAGCOR are designed to modernize the regulatory environment for iGaming in the Philippines and attract more players and investments to the industry.