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Don’t believe #Robredo, Pagcor chief tells ASEAN gaming summit

MAR 21, 2017

CHRISEE DELA PAZ

The #Philippines is one of the best places to invest in, Andrea Domingo tells potential investors. Ignore the noise, she adds.

MANILA, Philippines – The chief of the country’s gaming regulator asked potential foreign and local investors to ignore the “political noise” surrounding the government’s war on drugs, offering a more optimistic lens for the Philippine business environment.

“I can say with a lot of confidence that the Philippines is one of the best places to invest [in] now, to go to. It is safe now,” Andrea Domingo, chief of the Philippine Amusement and Gaming Corporation (Pagcor), told the Association of Southeast Asian Nations (ASEAN) Gaming Summit in Pasay City on Tuesday, March 21.

Domingo asked investors not to believe Vice President Maria Leonor “Leni” #Robredo’s claims on police abuses in the current campaign against illegal drugs.

“Please do not believe Leni Robredo. She has maligned our country and our people and I feel very badly about this,” Domingo said.

She was referring to a video message of Robredo to the UN Commission on Narcotics Drugs in February, where she raised concern over police abuse in the government’s war on illegal drugs.

“Our country is being portrayed as a 4th-world country – that there is no law. That there is a Tonton Macoute running around, shooting people around,” Domingo told a press conference when asked to elaborate on her speech that hit the Vice President. “I mean, it is where we live, it is where my grandchildren live, and great grandchildren will live. I mean, I haven’t seen these things they were talking about.”

‘It is just noise’

Since Duterte launched his war on drugs in July, there have been over 7,000 deaths documented both from legitimate police operations and vigilante-style or unexplained killings.

Local and international groups have criticized the Duterte administration for this. But Domingo assured investors that this “is just noise.”

“There is someone who has a portfolio of around $3 billion in the Philippines and other Southeast Asian countries and he is asking about this (war on drugs) and I said look for yourself and go around. We have a more friendly environment compared to other ASEAN countries,” Domingo said. “It is just noise. I think it will die down soon – anything that’s propaganda.”

Better gaming climate

Domingo said the local gaming market should still see revenue growth this year amid stiffer competition from other Asia-Pacific economies.

Her revenue target for the Philippine gaming industry is between P155 billion and P160 billion for 2017. This is a bit higher from 2016’s P149 billion.

“2017 is even better. What we earned in the last two months in gross revenue has amounted to P9.71 billion already. March looks like it is going to be better. For the whole year, for all prioperties, including the private ones, it is about P155 billion-P160 billion,” Domingo told a press conference.

Domingo said Pagcor has approved a $500-million casino in Cebu. “We have approved a new license in Mactan. They gave us a proposal for a $500-million complex and this is in Lapu-Lapu City,” she added.

With the country’s crackdown on online gaming, the Philippines is also turning to offshore gaming to make up for lost revenue. 

To offset the foregone annual revenue of P10 billion due to the non-renewal of online gaming licenses, Pagcor created the Philippine offshore gaming operations (POGO) last September.

In 2016, Pagcor issued 35 offshore gaming licenses. For this year, Domingo said her office is evaluating a total of 75 applications so far. (READ: Offshore gaming boosts growth of Metro Manila office rentals)

Asked what will be the growth drivers for the year, Domingo replied: “We are more friendly than other ASEAN countries. We have a very safe country to go to. We have a lovely people, hospitable people. We have a very strong president who does what he preaches and makes good on his promises.” 

Fitch Ratings had earlier said the Philippine gaming sector could see stiffer competition from Asia-Pacific economies. The debt watcher also cited some “risks and constraints” for the Philippine gaming industry due to the geopolitical tension with China, where many high-rollers entering the country come from. – Rappler.com