The Philippine Entertainment Gaming Company (Pagcor) was “busy” updating regulatory frameworks and manuals for vendors and other various businesses operating in the Philippine gaming industry
“We expect to have a large update in the casino regulatory manual that incorporates all the major revisions from the past six years,” said Gilbert Lemela Pagcor, a member of the board of directors on Tuesday. He was speaking in Manila during the ASEAN Gaming Summit panel (pictured), a gaming industry trade event.
“The game licensing and development department is currently working on a junket registration and licensing framework, which we hope will be implemented before the end of this year,” Mr Limula said.
The official said Pagcor aims to introduce a “strict audit platform” in relation to the licensing process for junkets.
“Parkor is doing his part to remove the Philippines from the FATF gray list,” Mr Gilbert said, referring to the “grey list” of non-complaint jurisdictions designated by the Financial Action Task Force (FATF), a Paris-based watchdog group. The Philippines was added to the list in June 2021.
Pagcor board members also heralded reorganization within Pagcor, contributing to “activating” the organization’s compliance monitoring and enforcement department.
He added: “If there’s anything we want you to take in the last 20 months, it’s that Pacor is serious about his role as a regulator but at the same time serious about being business friendly.”
Mr Gilbert also acknowledged that Pagcor’s Offshore Gaming Licensing Department “has not been short of challenges in the last 20 months.”
Pagcor’s board approved a new regulation for overseas game operators, now called “Internet Game Licenses,” or IGL, in July last year.
The main goals of these regulatory updates are to “clean up the industry of rogue companies, bring consistency to regulatory frameworks, and bring more revenue for the Philippine government,” Mr Gilbert said on Tuesday.
“I can say with confidence that we are succeeding in meeting our goals despite the challenges that Pagcor constantly faces,” he said, adding that the electronically offered games are “providing the greatest growth in both total game revenue and Pagcor’s revenue share.”
BY: 바카라사이트