Many people probably don’t know this, but the Philippines are an island nation and has almost 100 million citizens living in it. The Philippines the location in which one of the less well-known gambling jurisdictions resides; The First Cagayan Leisure and Resort Corporation. Also known as the FCLRC, it was first established during 2003 and was put to the task of regulating the bookmakers that were both online and land-based, the ones that would offer the sports betting and casino games to those that reside within the Eastern Asia location. This region holds around 2 billion individuals although the corporation is not able to regulate the betting of those located in the Philippine Islands. The reasoning behind them not being able to that is simple, the state holds a monopoly over the gambling that takes place within the nation. Over the period of a couple months, there has been a lot of concern coming from individuals regarding the future of those that are licensed by the corporation of the FCLRC. This is because the president of the Philippines has been attempting to gain hold over any of the betting/gambling taking place that is illegal.
26th Floor West Tower, Philippine Stock Exchange Center
Exchange Road, Ortigas Center, Pasig City
Tel. No. (632) 638-55-56
Fax: (632) 635-09-93
While the First Cagayan Leisure and Resort Corporation is ultimately owned by the government, they are under strict obligations to run their corporation under mass levels of autonomy. Every decision that was made previously about the Cagayan Freeport was decided upon solely by the FCLRC and the CEZA alone, until recently. There are some main points to what the FCLRC does and they are supposed to manage, establish, operate and so much more. They certainly do have a lot of work on their hands. One of the things that the Cagayan Freeport Zone offers is taxes that are very low, for any companies that are foreign investment companies and at the exact same time that they are doing this, they are supposed to hold a free port status. What is a free port status? It is a status that basically means that they do not have any fees that are imposed when it comes to importing. All of this is what lets the FCLRC be the main regulator of the casino gambling and betting for the CEZA, in terms of the whole area of Freeport.
There are some very confusing aspects of the regulation of the local gaming market, however. One of the confusing aspects of the market is that the PAGCOR, which is operated by the government is the operation that enforces a specific legal framework for the casinos and the gaming terminals that are land-based within the area of the Philippines. However, the citizens that are located within the area of the Philippines are not able to gamble/bet in any casino, online or off, this means that the foreign casinos are not able to give the players of the location access to their services. Thanks to the many decrees of the president, many things have taken a pretty harsh turn, such as the casinos that were previously able to work from the Cagayan Freeport, because they were told that they must close their places to all business coming and going. There were, of course, a lot of individuals that had problems with this, and there were a lot of problems that first arose when all of this went down. However, in the end, the president won over the people.
The First Cagayan Leisure and Resort Corporation certainly does aid those that need specific licenses, however, they are a little bit blocked by the government from offering too much. There are some individuals that disagree with the fact that the casinos and bookmakers are not able to get licenses that allow them to get customers that would be coming from the Philippines, however, there really is nothing that can be done about that and there is nothing that the FCLRC is able to do about any of it. All in all, though, they are a great corporation that helps many casinos and bookmakers tap into areas of great profit.
The First Cagayan Leisure and Resort Corporation certainly does aid those that are in need of specific licenses, however, they are a little bit blocked by the government from offering too much. All in all, though, they are a pretty great corporation that helps out many casinos and bookmakers tap into areas of great profit.
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