At a critical moment when the Philippine gaming industry faces tightening policies and stricter regulation, former Congressman Mike Defensor is entering the market against the trend. He announced a preliminary agreement with the Hong Kong-listed company "Century Entertainment International Holdings Limited" to establish a joint venture in the Philippines, venturing into the gaming platform and content development sectors.
According to the Hong Kong Stock Exchange announcement, Century Entertainment has reached a cooperation intention with a local company holding a legal license from PAGCOR (Philippine Amusement and Gaming Corporation). Although the announcement did not disclose the company's name, multiple documents confirm that the partner is World Platinum Technologies Inc. (WPT), in which Defensor himself holds a 5% share.
The shareholding structure of WPT is complex, with the largest shareholder being Filipino Lamberto V. Lauengco (55%), followed by the Chinese company China Grace Worldwide registered in the British Virgin Islands (40%), and other shareholders including the nephew of the wife of Filipino boxing champion Manny Pacquiao, Seth Shannon Jamora, and local businessmen Antonio P. Hernandez, Jimmy L. Co, among others.
The agreement indicates that the parties will finalize the details of the joint venture within the next 30 days. The new company will be registered in Hong Kong, with Century Entertainment holding 51% of the shares, while WPT will provide the gaming platform and content resources, and Century Entertainment will be responsible for technology, system maintenance, and core operations such as marketing.
This cooperation announcement comes at a time when the Philippines is strengthening online gaming regulation, amid ongoing public skepticism about the gaming industry. However, PAGCOR Chairman Alejandro Tengco recently stated that he does not support a complete ban, emphasizing that the industry brings in over 100 billion pesos in revenue each year and creates 32,000 direct jobs.
According to statistics, in 2024 alone, legal gaming enterprises will pay license fees amounting to 50 billion pesos, while also contributing billions in taxes. Defensor's partnership with Century Entertainment not only demonstrates his judgment on the flexibility of gaming industry policies but also reflects that some capital still views the Philippines as a potential hotbed for gaming.
