PAGCOR Board Resigns Early, Clearing Marcos Jr.’s Path

An entire gaming regulator just walked away.
PAGCOR’s chairman and board resigned before the Palace even asked.
Their exit opens billion-peso opportunities—and equally big risks—for casinos and investors.
Discover why this shake-up matters right now.

Shock Exit at PAGCOR: Entire Board Steps Down, Igniting the Biggest Shake-Up in Philippine Gaming

Key points

• Chairman Alejandro H. Tengco and four directors filed courtesy resignations last week.
• The move beat a May 26 directive ordering resignations across all GOCCs.
• PAGCOR earned ₱16.76 billion in 2024 and remitted 75 % of profits to the Treasury.

The Philippine Amusement and Gaming Corporation (PAGCOR) shook the region’s gaming scene this week. Chairman Alejandro H. Tengco confirmed that he and the entire board submitted courtesy resignations a week earlier. They said they “serve at the pleasure of the President” and will await his decision.

Their proactive exit preceded a May 26 notice from the Governance Commission for GOCCs. The circular ordered every chair, CEO, and appointed director of government-owned firms to quit. By acting first, PAGCOR gave President Ferdinand Marcos Jr. a clear slate to rebuild the regulator.

PAGCOR’s balance sheet adds urgency. The agency reported ₱16.76 billion net income in 2024, up 146 % year on year. Earlier this month it remitted ₱12.67 billion—75 % of profit—to the Treasury, smashing the 50 % legal minimum.

Those profits flowed from surging e-gaming demand. Digital bingo and casino platforms delivered half of PAGCOR’s ₱112 billion 2024 gaming revenue. Consequently, the agency ranked among the country’s top GOCC contributors.

Even as the resignations landed, Tengco stood with army cadets at Camp O’Donnell. He pledged new barracks, a gym, and an auditorium for 400 trainees. “When we invest in the Armed Forces, we invest in peace,” he said.

Strategic projects extend beyond the barracks. PAGCOR is upgrading 41 Casino Filipino properties ahead of a 2026 privatization expected to raise ₱60–80 billion. A fresh board could accelerate that sale or rewrite its terms.

Market growth also beckons. Tengco told Reuters in February that gross gaming revenue could jump 17 % this year. The projection reaches ₱480 billion, driven by electronic gaming and new resorts. He added that online play could offset losses from offshore operators ordered to wind down.

Policy stakes remain huge. PAGCOR still wears two hats as casino operator and regulator, yet Marcos Jr. backs a pure-regulator model. New directors will set licence fees and tax tiers. They will also tighten rules on Philippine Offshore Gaming Operators, now under Senate glare.

Operational continuity is assured for now. The Palace instructed all GOCC heads to keep working until resignations are accepted or rejected. Still, 11,000 PAGCOR employees and dozens of licence holders want swift clarity.

Broader reforms are gathering pace. Marcos Jr. seeks a “dynamic, accountable, and responsive” bureaucracy. Therefore, PAGCOR’s shake-up could set the template for other cash-rich state firms.

History offers useful context. Marcos Jr. appointed Tengco in August 2022, replacing Andrea Domingo a month after winning office. The swift hand-over then suggests fresh names could surface within weeks.

Public pressure for clean governance also intensified recently. On May 10 the Sandiganbayan convicted former PAGCOR chair Efraim Genuino and four co-accused of graft. The combined penalties exceed 100 years. That verdict amplified calls for stricter oversight and transparent spending.

Given these factors, analysts expect the Palace to announce a new board before the end of June. Until that moment, casinos, bettors, and investors will monitor every move coming out of Malacañang.

PAGCOR Chairman Alejandro H. Tengco and the full board have voluntarily resigned, pre-empting a wider government shake-up. Their move hands President Marcos Jr. full control over the future leadership of the Philippines’ lucrative gaming sector. All eyes now turn to Malacañang as the industry waits for the next roll of the dice.