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Philippine Amusement and Gaming Corporation (PAGCOR) Chairman and CEO Alejandro H. Tengco received on Tuesday, March 18, the inaugural Regulatory Landmark Award during this year’s Asia Gaming Awards at the Grand Ballroom of Shangri-La, The Fort in Taguig.

The Regulatory Landmark Award, a newly added category to the prestigious Asia Gaming Awards, was bestowed upon the PAGCOR chief for his significant contributions to the growth of the Philippine gaming industry.

In his acceptance speech, Mr. Tengco acknowledged the efforts of the PAGCOR team and industry stakeholders, emphasizing that the recognition was a testament to their dedication, resilience, and commitment to regulatory excellence.

“This award reaffirms our efforts in fostering a well-regulated gaming sector in the Philippines,” he said. “It will serve as an inspiration for all of us to continue shaping an industry that is not only profitable but also ethical, sustainable, and beneficial to the communities we serve.”

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Under Mr. Tengco’s leadership, the Philippine gaming industry posted a record-breaking gross gaming revenue (GGR) of Php410 billion in 2024 – a 25% increase from the previous year’s GGR.

Likewise, PAGCOR recorded unprecedented revenues of Php112 billion in 2024, a 41% growth year-on-year.

The Asia Gaming Awards, now on its fifth year, recognizes the achievements of key players and leaders in the gaming industry across the region.

Despite the implemented ban on Philippine Offshore Gaming Operations (POGO), the gaming industry in the country continues to boom, according to Philippine Amusement and Gaming Corporation (PAGCOR) Chairman and CEO Alejandro H. Tengco.

In his keynote address at the ASEAN Gaming Summit in Manila, Tengco said the country’s Gross Gaming Revenue (GGR) will rise to Php410 billion in 2024, up 25% from the Php329 billion GGR in 2023.

“As offshore gaming exits, PAGCOR recognizes that the future of Philippine gaming will continue to become more technology-driven,” he said. “This is why PAGCOR will continue to closely regulate electronic gaming while ensuring strict oversight to combat illegal operators.”

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The PAGCOR chairman emphasized that while land-based casinos contributed Php201 billion—almost half of the total GGR in 2024—revenue from the E-Games and E-Bingo sector grew significantly, grossing Php154.51 billion, 165% higher than in 2023.

“We partly attribute the strong performance of the local gaming industry to the strategic policy adjustments that we have implemented, such as the gradual reduction of fee rates for E-Games since 2023,” Tengco’s explanation.

He said that in 2023, PAGCOR was charging 50% to 55% license fees which was an obstacle to the increase in operators. “But effective January 1, 2025, our fee rates for E-Games stand at only 30% of GGR,” he added.

As a result, more operators have come under regulation, voluntary closures of businesses have been avoided, and the profits of licensed companies have been maintained. Also as a result of the said reforms, the E-Games sector reached its target of Php100 billion in GGR revenue as early as September 2024. Tengco also mentioned PAGCOR’s focus on more intensified “responsible gaming programs” to promote a “more sustainable and ethical gaming industry.”

“We wish to assure our industry stakeholders that even as we strive for greater success, responsible gaming and market integrity will continue to be at the heart of our efforts,” Tengco said.

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The PAGCOR chief is also fully confident in the direction of the industry.

“The best days of Philippine gaming are still ahead of us, and we look forward to working with all of you to shape what comes next,” he said.

The ASEAN Gaming Summit, organized by Asian Gaming Brief, serves as a platform for industry leaders to discuss trends, challenges and new opportunities in the region’s gaming landscape.

Translated article.

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