Reading Time: 2 minutes
Alejandro H. Tengco, the Chairman and CEO of PAGCOR, said that it is currently in transition to become a regulatory body only from its dual role as operator and regulator.
Mr. Tengco delivered the remarks at the opening session of the IAG Academy Summit, which took place on September 13, 2023 in Hilton Manila. He was the keynote speaker of the event and a panelist of a discussion called “Voice of the Umpire – Regulators’ Discussion”.
Tengco said that PAGCOR is shifting to a regulatory role as part of its goal to “level out the playing field” and to ensure the future growth and viability of all players in the gaming industry.
He said that “we have begun to prepare for this transition seriously, and we’re starting right where it counts – in PAGCOR.” The process is expected to be complete by 2025.
Tengco stated that PAGCOR, as an organization with a history of 40 years, knows its strengths and limitations.
He said, “We know that we have the potential and the capability to be the gold standard of the Asian gaming industry.”
He stated that PAGCOR’s greatest asset is its employees. However, the move to a strictly regulatory role may impact certain employees. This will require the creation of plans in order to prevent displacement, especially at casinos operated by PAGCOR which must be privatized.
He said that he had been holding town halls with his employees in various parts of the country for the last few months. “We tell our employees that there is no need to worry, as we have plans to minimize, if not completely avoid, any staff displacement.
Tengco stated, “You’ll be surprised at how people react to our plan and express their confidence in our process.”
The PAGCOR head said that the agency will also “make necessary changes to its corporate structure, processes and procedures in order to make it more competitive and responsive.”
The transition plans include moving to a single corporate headquarters to improve coordination, efficiency and results as well as modernizing the existing casinos to attract new players and make PAGCOR assets more appealing to potential buyers.
Mr. Tengco informed the audience of the summit, which included regulators from Asia-Pacific, that PAGCOR had also recently implemented new rules for international gaming licensees in order to reduce, if not completely eliminate, illegal activity.
