Pacific Online Systems Corporation (POSC) is carefully reevaluating its plans to further invest in online gaming due to regulatory uncertainty.
POSC chairman Willy Ocier said in an interview at the sidelines of SM Prime Holdings Inc.’s annual stock holders meeting the company is rethinking plans to pursue its planned investment on online gaming due to planned ban on Philippine Inland Gaming Operators (PIGOs).
“We’re rethinking because there’s that uncertainty,” Ocier said.
The government earlier said it is studying the potential impact of banning PIGO after banning Philippine offshore gaming operators (POGOs) due to links to criminal activities.
Despite recently acquiring 37.5 percent stake in HHR Philippines Inc. (HHRPI). Ocier said the group is not aggressively looking into increasing its stake in the company.
HHRPI operates the “Buenas” e-Casino platform and holds a Philippine Amusement and Gaming Corporation (PAGCOR) license for online gaming.
Ocier said the initial investment, which was worth P150 million, was intended to explore the online gaming market.
“We wanted to get our feet wet. Just to get a feel of it,” Ocier said.
He admitted that it will be hard to compete with DigiPlus Interactive Corp., one of the leading online gaming firms in the country, which has been in the industry for the three years.
POSC is engaged in the development and management of online computer systems, terminals, and software for the Philippine lottery industry.
It provides technical and market expertise for the distribution of lottery products in the country in partnership with the state-run Philippine Charity Sweepstakes Office (PCSO).
POSC is 50.1 percent owned by Sy-led Belle Corp.
Casino and hotel operator Bloomberry Resorts Corp. of business tycoon Enrique Razon last week reported plans to launch its online gaming app within the second quarter of the year.
Bloomberry owns two hotel casino, Solaire Resort and Casino in Paranaque City and Solaire North in Quezon City.
