MANILA – The Philippine Amusement and Gaming Corporation (PAGCOR) said online gaming giant 188BET's decision to move its operations to the Philippines “is a huge vote of confidence for the country as a regulatory haven."
“188BET’s move is a very positive response to our call for gaming investors to come to the Philippines,” PAGCOR chair and chief operating officer Alejandro Tengco said in a statement on Friday.
Earlier this week, 188BET announced that it will move its operations to the Philippines from the Isle of Man.
The sports betting and casino company said that effective March 19, its current operator, Cube Limited, will surrender its current IoMGSC license in the Isle of Man.
BestCommerce Corporation, a new Philippine-based company that is licensed and regulated by PAGCOR. Will take over 188BET.
“We would like to assure 188BET and other potential investors that PAGCOR shall continue to be fair to everybody, and that there will be a level playing field with a predictable and dependable regulatory framework,” Tengco said.
Tengco encouraged other investors to ride on the Philippine gaming industry’s growth momentum.
“Overall, the industry can expect sustained growth in the next five years, with at least one Integrated Resort (IR) opening every year beginning this year in Quezon City, to be followed by new IRs in Cebu, Clark, and other equally strategic locations,” Tengco said.
He said the industry can expect PAGCOR’s full decoupling from its casino operations within that time frame to become a purely regulatory entity dedicated to overseeing growth and attracting more investments.
“We shall also continue lowering our license fees and modernizing our systems to help realize our vision of making the Philippines the gold standard in gaming in the Asia-Pacific region,” he said. (PNA)
