Alejandro Tengko, president and CEO of the Philippine Entertainment Gaming Company (Pagcor), said he opposes legislation that would ban all forms of online gambling in the Philippines. His comments came at a committee hearing on the Senate's methods and means on Tuesday, according to local media reports.
Tengko (pictured) told the government that the online gaming sector should be well regulated to collect more taxes and prevent the spread of illegal betting.
The official said that if laws banning online gambling in the country are passed, it could lead to a loss of 40 billion PHP ($685.5 million) in tax revenue.
Speaking on the sidelines of the hearing, Mr Tengko told reporters that Pagcor's revenue estimates from illegal online operations were "between about 200 billion and 250 billion."
"If we don't regulate it, where do we go in the pockets of people who run these [illegal] businesses? The government doesn't profit from that one cent," he said.
In late June, Philippine Senator Joel Villanueva urged other members of the Philippine Senate to pass Senate Bill 1281, one of the bills banning all forms of online gambling in the United States.
In a June statement accompanying the bill, Mr Villanueva said the country's gaming regulator needed to "strengthen the game in shutting down" all forms of online gambling.
The bill filed by Mr. Villanueva calls for "prohibiting online gambling and making bets or bets through the Internet or any form of online gambling activity." The document suggests that anyone involved in online gambling should pay up to six months in prison or a fine of up to 500,000 PHP.
During Tuesday's hearing, Pagcor officials said the agency has worked with other departments since 2022 to consider 5,793 of a total of 7,747 online gambling websites and apps "illegal."
Mr Tengco noted that the crackdown has prompted some illegal operators to move to register with the government.
"In the last 45 days, three large companies that have been involved in or not registered in illegal operations have already shown up, indicating they already want to register," CEO Pagcor said.
BY: 카지노사이트