Online gambling provider 1888BET’s decision to move its operations back to the Philippines is a "vote of confidence" in the country’s iGaming framework and growth potential, the head of the Philippine gaming regulator said.

"188BET’s move is a very positive response to our call for gaming investors to come to the Philippines," Philippine Amusement and Gaming Corporation (Pagcor) Chairman and CEO Alejandro Tengco said in a statement on Friday.

The online gaming provider announced earlier this week its decision to move its operations and licenses from the Isle of Man in Europe to the Philippines.

Online brand 188BET is currently operated by Cube Ltd and is licensed by the Isle of Man Gambling Regulatory Commission. On March 19, "Cube Ltd will relinquish" its license in the Isle of Man and "188BET's operations will be operated by a new company based in the Philippines," the provider said in a press release.

The new operating entity, BestCommerce Corp, is authorized and regulated by Pagcor. 188BET was once headquartered in Manila, the capital of the Philippines, but moved out of the country during the previous administration.

Pagcor's statement quoted Mr Tengco as saying 188BET's return was "a huge vote of confidence in the country as a regulatory haven, which is what Pagcor is working towards."

"We would like to assure 188BET and other potential investors that PAGCOR will continue to be fair to all and there will be a level playing field and a predictable and reliable regulatory framework," the Pagcor CEO added.

Mr. Tengco also said the Philippine gaming industry is "expected to continue growing over the next five years, with at least one integrated resort (IR) opening in Quezon City every year starting this year, followed by new ones in Cebu, Clark and other areas resort". Same strategic location. "

"We will also continue to reduce license fees and modernize the system to help realize our vision of making the Philippines the gold standard for gaming in the Asia-Pacific region," he said.

Mr. Tengco also reiterated that the process for the Philippine Amusement and Gaming Corp. to terminate its casino operations function and focus on regulatory work will be completed within five years, with the agency becoming "an entity dedicated to overseeing the growth of the industry and attracting additional investments."