The problem of the government regulation of the gambling market in the Philippines and its effects on PAGCOR
Honestly speaking, the first thing that runs to your mind when thinking about Asian gambling hot spots is Macau and Singapore. But the craziest is this: the Philippines has been amassing chips in silence trying to become kingpin in the region. Behind the scenes there is a hidden manipulator the Philippine Amusement and Gaming Corporation (PAGCOR).
PAGCOR presence in the gaming industry is since the year 1977. The high rollers also play in the Manila casino resorts which the agency directs. The paper will discuss the operations of PAGCOR and the ways that it had impacted on the Philippine gambling industry. Okay, chips, check. Let dig in.
The Control of Philippine Gambling Market by PAGCOR
PAGCOR is a controller and an operator. This implies it is in direct operation of casinos as well as controlling the industry.
It can be mentioned that City of Dreams and Okada Manila are on the online casino list in PAGCOR. As a matter of fact, these casinos contribute more than 60 percent of the revenue of PAGCOR.
There are advantages and disadvantages of this special arrangement e.g.:
Pros
- Care of standards in all licensed facilities.
- Creation of state income.
- Recruitment of reasonable gambling mobilization.
Cons
- It has a possible conflict of interest whereby PAGCOR is the referee and the player.
- The regulations governing the off-shore operators are even stiffer making competition in the market smaller.
Online Gambling Boom and the Artificial Grasp of PAGCOR
Regulation is not killing the industry, regulation is making the industry to be on the right track, honest. -Dr. Bernardo Villegas.
Online casinos created a need to change. It introduced Philippine Offshore Gaming Operators (POGO) system in 2016. This regime was introduced to give way to the international online gambling companies to operate locally.
Since that time things have been amazing on the part that they had made. The strides have been groundbreaking and this has included tax increment. Cases of POGO hub detection and connection to a crime have also been heard of. To make the issue even more solid, unlicensed companies can be caught and closed down forever.
What Players Need To Know With The Rules of PAGCOR
Players and the casino hubs have a few regulations to take note of before installing themselves into gambling activities in the Philippines.
There is a strict age limit of 21+ (ID ending is obligatory). Taxes are imposed on each winning with the tax duty topping at 20 percent on the winnings beyond 10,000 pesos. Players can avail the self-exclusion act at any given period of time. In this act, there is the option of players banning themselves voluntarily to a period of 6-12 months.
Every player should understand that only POGO licensed websites such as the ones found on official site portal of PAGCOR are legal. You may actually verify the lists at approved review sites or visit the web site of the agency itself to know the lists.
Transactions involving prohibited platforms are banned by the local banks. Therefore, whenever planning to attend any casino through its websites, be sure to see the seal of PAGCOR or your money is in danger.
Our laws safeguard the players and enhance tourism, we are the Asian gold standard. Alejandro Tengco, the PAGCOR Chairman.
Final Thoughts
Statistically, Philippine gambling market is expected to reach $5 billion in 2027. PAGCOR would partake in this achievement. Therefore, Filipinos, who like gambling, need to listen to the provisions and proposals of the agency.