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Manila Bulletin devider Business devider Pagcor pushes regulations for financiers in casinos

Pagcor pushes regulations for financiers in casinos

Published Aug 29, 2019 12:00 am
By Chino S. Leyco The Philippine Amusement and Gaming Corp. (Pagcor) wants to expand its power by covering the casino financiers operating in the country to better protect the gamblers against loan sharks. Pagcor logo mb In a statement, the government’s gaming regulator said yesterday that the agency now plans to accredit and regulate casino financiers to address the recent reports about an increase in kidnapping cases of casino players perpetuated mostly by loan sharks. The proposal, however, is subject to the implementing rules and regulations on lending companies by the Bangko Sentral ng Pilipinas (BSP), Securities and Exchange Commission (SEC) and other regulatory agencies, Pagcor said. “Pagcor believes that while gaming contributes significantly to government revenues, it must not be used as a vehicle for abuse and injustices,” the agency said. Meanwhile, Pagcor said it is condemning the “dreadful acts” perpetuated mostly by loan sharks in the casinos, while reassuring “we will ensure that the local gaming industry will maintain the integrity of its operations.” According to Pagcor, it already organized a meeting with licensed casino operators in the Entertainment City and Clark as well with the representatives of the Philippine National Police (PNP) Anti-Kidnapping Group (AKG) and the Bureau of Immigration (BI) to address these casino-related kidnappings. “Pagcor and the major players in the local gaming industry denounce these criminal acts and we will not sit idly in the face of these injustices,” it said. To safeguard the integrity of gaming and entertainment business in the country, Pagcor said the agency along with its casino licensees, will strengthen the security protocols by enhancing casino surveillance facilities. Among the securing measures they want to install are facial recognition cameras; information sharing among casino operators on suspected criminals; augment security personnel; and constantly coordinate with concerned government authorities.
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