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Online game operators and service providers are also facing higher capital requirements in the face of the Philippines’ new PAGCOR framework
In addition to requiring Internet game operators and service providers to reapply for licenses, PAGCOR requires a higher authorized capital of 100 million pesos, 85% higher than the previous framework.
Philippine Amuse and Gaming Corporation (PAGCOR), a game regulator in the Philippines, has tightened rules on online gaming with the aim of maintaining the highest level of integrity.
PAGCOR said in its July 10 memorandum that the board has approved new rules governing the issuance of licenses for Internet games and operations.
The stricter rules require higher capital requirements and provisions requiring all existing Internet game operators and service providers to reapply for new licenses from July 17, 2023.
All license renewals are subject to the Licensee’s continuous compliance with all rules, regulations, and other applicable laws.
There are also comprehensive provisions that prohibit licensees from engaging in activities other than games on production sites or in activities that threaten the integrity of PAGCOR.
PAGCOR’s new Internet gaming licensing rules require Internet gaming licensees, in particular, to hold at least 100 million pounds of authorized capital, of which 25 million pounds must be paid.
This is higher than the previous capital requirements of 15 million P and 3 million P.
Licenses are valid for two years only and vary from site to site. In other words, licenses other than the exact address shown are not valid.
Offshore game operators in the country have faced some crime-related problems this year.
Police also rescued about 3,000 Filipino and foreign workers earlier this year, with search warrants issued for the Las Pinhas city-fogo company allegedly involved in human trafficking and other illegal activities.
Just last week, authorities raided POGO and suspected ‘cyber crime hubs’ in Pasai City, a constituent city in Metro Manila. A total of 650 workers were detained, including 464 Filipinos and 186 foreigners of various nationalities.
National figures weighed on the nature of the declaration. One senator has taken a stand against other senators calling for a total ban. While other senators cited the declaration as a conduit for human trafficking and other crimes, the country’s finance minister earlier this year said the revenues it earned were not large.