The Philippine Amusement and Gaming Corporation (PAGCOR) recently announced that it has extended invitations to external companies interested in tendering offers for the development of an intermediary platform for the gaming regulator’s Philippine Offshore Gaming Operator (POGO) licensees.
Citing the Philippine regulator, Asia Gaming Brief reports that the system will be developed, maintained, and managed by the winning bidder for 10 years to ensure that the requirements set forth in the POGO legislation are met.
Other details of the bidding process include that the winning bidder will be paid 10 percent of PAGCOR’s quarterly net revenue earned from its offshore licensees effective from the project’s commencement date.
In the confirming document, the Philippine regulator said: “In carrying out the project, PAGCOR requires the engagement of the services of an experienced and qualified consultant that possesses the requisite knowledge, expertise and background, specifically in the field of the development, operation and management of any audit program/intermediary platform to guarantee the successful execution of the project,” as reported by the news agency.
PAGCOR has reportedly also confirmed via the document confirming the opening of the bidding process that every year for a period of ten years it will ring fence PHP6bn to cover development and maintenance costs, with the aforementioned allocation to commence later this year.
A June 20 deadline has been established in which companies interested in tendering for the online casino project have until to submit their tender offers. According to the report, interest has already been registered from several companies from Malta and the Isle of Man.
PAGCOR began the process of awarding offshore gaming licenses in September, and earlier this month revealed that it intends to limit such authorizations to around 50 in order to avoid a possible oversaturation of the market.