Philippines — PAGCOR licence.

Following President Marcos Jr.'s August 2024 executive order banning POGOs (Philippine Offshore Gaming Operators), PAGCOR replaced the POGO framework with the Internet Gaming Licence (IGL). The IGL retains PAGCOR as the direct licensing authority and imposes stricter substance requirements — two resident founders, a physical Manila office, and robust AML/AMLC compliance — but continues to permit offshore iGaming operations targeting players outside the Philippines under PAGCOR supervision.

Yes. 100% foreign ownership is permitted for offshore gaming operations under the IGL framework, provided the operating entity is a Philippines-incorporated Domestic Corporation. Foreign shareholders own the Philippine company directly. This differs from many Philippine business sectors that restrict foreign equity.

PAGCOR requires a minimum of two resident founders — individuals who are residents of the Philippines — for the IGL application. This is a substantive requirement, not a nominee arrangement. Resident founders must participate in the fit-and-proper assessment and cannot be passive figureheads.

PAGCOR delivers materially stronger correspondent banking. The physical Philippine entity, PAGCOR oversight, and onshore substance satisfy the due-diligence requirements of Asian and international banks that routinely reject Caribbean-licensed operators. Curaçao is faster and cheaper to obtain but with weaker bank rails. Many established operators run both — Curaçao for speed to market and PAGCOR for banking and B2B credibility.

Ongoing obligations include: monthly PAGCOR supervisory fee, 5% GGR franchise tax (payable quarterly), quarterly compliance reporting to PAGCOR, annual external financial audit, AML/AMLC reporting obligations, annual licence renewal (including renewal fee), and maintenance of the physical Manila office and resident founder requirements.