Philippine gaming regulator PAGCOR has described the decision by online gaming operator 188BET to relocate its operations back to the Philippines as a “huge vote of confidence”.
188BET announced last week its decision to move its operations from the Isle of Man to the Philippines, with current operator Cube Limited to surrender its Isle of Man license as of 19 March. The company – which was previously based in Makati before exiting the Philippines under the previous administration – will instead be operated by a new Philippine-based company, BestCommerce Corporation, which is licensed and regulated by PAGCOR.
In response, PAGCOR chairman and CEO Alejandro H. Tengco said the move “is a huge vote of confidence for the country as a regulatory haven, and this is precisely what PAGCOR is working hard at.
“188BET’s move is a very positive response to our call for gaming investors to come to the Philippines.
“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 added that it was PAGCOR’s goal to continue growing the local gaming industry
“Overall, the industry can expect sustained growth in the next five years, with at least one Integrated Resort opening every year beginning this year in Quezon City, to be followed by new IRs in Cebu, Clark and other equally strategic locations,” he said.
“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.”
