New regulations for Philippines iGaming could trigger a wave of mergers and acquisitions as lesser operators are absorbed.
In a 15 December memo, the Philippine Amusement and Gaming Corp (PAGCOR) announced new minimum guaranteed fees based on gross gaming revenues. Starting in April, all licensed Philippines gaming operators and administrators must generate at least PHP30 billion (US$506.1 million) in GGR per month and pay minimum monthly fees of PHP9 billion.
Jessa Mariz Fernandez, head of PAGCOR’s e-games licensing, said the requirements will “address the gaps in the current fee structure and uphold the principles of fairness, accountability and fiscal responsibility”.
Anthony Manguiat, CEO of e-games software and services firm HHR Philippines, told the Manila Standard that industry consolidation could reduce the number of active licensed iGaming operators by more than half, from 33 to 15. He said stricter regulations could inhibit demand in the short term but benefit the sector long term, in part by bringing unlicensed operators into the fold.
Speaking at ICE Barcelona on Tuesday, PAGCOR chief Alejandro Tengco said the new fees will also support nation-building and promote transparency. “Regulation is not about avoiding discomfort,” Tengco said in a keynote address. “It is about building a system that is resilient, accountable and worthy of public trust.”
PAGCOR proposes to reinstate e-wallets in iGaming
In related news, the PAGCOR is lobbying for a change that would restore the use of e-wallets to fund online gambling transactions.
Last August, the Philippines Central Bank (BSP) ordered e-wallets like GCash and Maya to immediately remove in-app links directing users to gambling sites. The restriction suppressed e-games’ performance for the third quarter of 2025. Even so, the sector saw growth of 17.4% for the period, contributing 44.4% of PAGCOR GGR.
Speaking on the sidelines at ICE, Tengco said stronger player safeguards should convince the BSP “to allow linking once again of payment providers to eGaming operators”. The new minimum guaranteed fees “hopefully strengthen the industry”, he added.