In a move aimed at fostering industry growth and attracting more investment, Alejandro Tengco, chairman and CEO of the Philippine Amusement and Gaming Corp (Pagcor), revealed plans to reduce once again the rates for operators of electronic-delivered games in the country, effective January 1, 2025.
Addressing industry challenges:
Tengco acknowledged the challenges faced by operators in the e-Games sector, particularly the increasing requests for voluntary closures. To address this trend and ensure the sustainability of the industry, Pagcor sought to implement fair tariffs that would incentivize existing licensees to continue operations and entice new investors.
The forthcoming reduction to a 30 percent rate is expected to make the Philippines more competitive on the global stage. Tengco emphasized that the lower rates would align with international standards, positioning the country as an attractive destination for gaming investment. This move reflects Pagcor’s commitment to fostering a conducive business environment while ensuring fair competition within the gaming industry.
Pagcor’s decision to reduce e-games rates follows previous adjustments, including a reduction to 35 percent in April. Tengco hinted at the possibility of further rate reductions in the future, underscoring the positive impact on existing operators and the potential to attract more investors with lower tariffs.
In response to the overwhelming number of applications for electronic gaming operators, Pagcor has implemented a “soft moratorium” on new applications. Tengco stressed the need to streamline processes and prioritize existing applications before considering new ones, ensuring efficient resource allocation and regulatory oversight.
Strategic focus on e-games:
Tengco reaffirmed Pagcor’s strategic focus on the e-Games sector, citing its significant contribution to the overall gaming revenue in the Philippines. The sector’s robust performance underscores its importance in driving industry growth and innovation, making it a key priority for regulatory support and investment.
According to GGRAsia, Pagcor continues to enhance regulatory policies and intensify efforts to combat illegal gambling activities. Tengco highlighted the agency’s success in providing intelligence reports to law enforcement agencies, resulting in successful operations and penalties against violators. These measures aim to uphold the integrity of the gaming industry and protect consumers from illicit activities.
The Philippine gaming sector, including non-casino operations, witnessed substantial growth in gross gaming revenue in the first quarter of 2024. Tengco attributed this growth to the stellar performance of the e-Games segment and ongoing regulatory improvements. As Pagcor focuses on reducing e-games rates and enhancing regulatory measures, the Philippine gaming industry is poised for further expansion and development, driving economic growth and creating employment opportunities in the country.
- SEO Powered Content & PR Distribution. Get Amplified Today.
- PlatoData.Network Vertical Generative Ai. Empower Yourself. Access Here.
- PlatoAiStream. Web3 Intelligence. Knowledge Amplified. Access Here.
- PlatoESG. Carbon, CleanTech, Energy, Environment, Solar, Waste Management. Access Here.
- PlatoHealth. Biotech and Clinical Trials Intelligence. Access Here.
- Source: https://news.worldcasinodirectory.com/pagcor-chairman-unveils-plans-to-reduce-e-games-tariffs-boosting-philippines-gaming-investment-appeal-113736
