The Market Monitor Minding the Nation's Business
The Philippine Amusement and Gaming Corporation (PAGCOR) has expressed support for the country’s startup sector, highlighting its role in creating jobs, fostering innovation, and strengthening the Philippine investment ecosystem.
PAGCOR Chairman and CEO Alejandro H. Tengco underscored this during the 10th anniversary celebration of the Manila Angel Investors Network (MAIN) at the Manila Polo Club in Makati City on October 8.
“Startups, as we all know, create businesses and jobs, introduce new products and services, and give Filipino entrepreneurs the opportunity to turn ideas into viable enterprises,” Mr. Tengco said in his keynote address.
He noted that several Filipino startups have grown into successful businesses competing in regional and international markets, demonstrating the talent, creativity, and ingenuity of Filipino entrepreneurs.
Mr. Tengco also recognized MAIN’s contribution to developing the country’s startup and investment ecosystem by connecting early-stage entrepreneurs with investors who can provide not only capital but also business expertise and industry networks.
“As investors, you provide more than funding. You bring experience, knowledge, and connections to help entrepreneurs make sound decisions, navigate challenges, and prepare their businesses for growth,” he said.
He added that such support is particularly valuable to entrepreneurs who have viable business ideas or products but lack the resources and market access needed to expand.
While PAGCOR’s primary mandate is to regulate the gaming industry, Mr. Tengco said the agency also works with the private sector and other stakeholders to support nation-building and economic development.
“PAGCOR was created not only to legalize gambling, but its main purpose is to contribute to nation-building. We at PAGCOR remit close to 70% of our gross earnings to government,” he said.
Mr. Tengco also reaffirmed PAGCOR’s commitment to supporting initiatives that benefit Filipinos, emphasizing the value of cooperation between government and the private sector.
“Our partnership with MAIN also reflects our belief that government and the private sector can achieve more when we work together,” he said.
During the event, Mr. Tengco received a Certificate of Appreciation recognizing PAGCOR’s support and partnership in advancing MAIN’s mission and strengthening the country’s startup ecosystem.