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These investments often refer to large “bets” that are typically high risk, with an anticipated high potential reward outcome. Investors then place money, sign contracts of loan for a lock-in period of twelve (12) months or more, and get postdated checks. This is a kind of Ponzi scheme wherein the money of the new investors is used to pay off the investments of the earlier investors.
Ms. Eisma said PAGCOR has introduced reforms such as stricter advertising rules, stronger financial safeguards, and expanded responsible gaming programs but noted that the greater challenge lies in keeping pace with the rapid evolution of online and remote gaming. “There are three forces – technology as the tool, the criminal divide as the motive, and social impact as the public outcry – that create a perfect storm which threatens the integrity of the legal gaming industry,” he said. Twelve local government units (LGUs) across the country received a timely boost in emergency health services after receiving brand-new Patient Transport Vehicles (PTVs) from the Philippine Amusement and Gaming Corporation on Tuesday, October 21. Total revenues from January to September was at Php84.09 billion, rising 5.87% year-on-year from Php79.43 billion. Gaming operations accounted for Php75.93 billion of the total revenues while other related services and other income contributed Php8.16 billion.
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