The Philippines must find the right balance between regulating its growing iGaming industry and keeping the legal market competitive as illegal and unregulated operators remain a threat, industry leaders said Monday.

During a panel discussion at the inaugural CiG iDEA Summit of Inside Asian Gaming (IAG) Expo 2026, industry executives said regulations should protect players while encouraging gaming companies and customers to stay within the legal market.

Marie Antonette Quiogue, founder and CEO of Arden Consult, warned that imposing too many restrictions could hurt the regulated market while illegal operators remain active.

“There is also, I mean, I know we’re talking about regulations, but there is also a real threat of over-regulating, right?” Quiogue said.

“So the threat of the illegal and unregulated market is still there,” she stressed.

Quiogue said this creates a continuing challenge for regulators as they decide how far rules should go without making it harder for legal operators to compete.

“There is a constant balance between what has to be done and what will allow the market to achieve the best level of capitalization that it can so that the protection is still viable and safe,” she said.

The panel also discussed efforts by the Philippine Amusement and Gaming Corporation to “channelize,” or move gaming activity from illegal and unregulated platforms into the legal market.

“It started really with how they lowered the access to allow for channelization to happen,” Quiogue highlighted.

She said the direction taken by regulators also gave her confidence that the country could eventually bring its rules together under a more stable system.

“It gave me confidence to tell clients, most particularly international clients, that the country is going to at some point consolidate all of its rules and we will have rules for that and a sustainable framework,” Quiogue said.

She also said frequent changes in Philippine gaming rules should not always be viewed negatively, as these could show that regulators are responding to developments in the market.

“I know that it’s quite confusing, but I think you should see that as a good sign that the regulator listens,” Quiogue said.

“They’re not afraid to adjust. So there is a level of flexibility and openness that any investor would have to appreciate in the Philippines,” she added.

Richard Howarth, managing director for Asia Pacific, meanwhile, stressed that keeping the legal market competitive should still go hand in hand with strong compliance.

He warned against treating compliance as simply checking boxes, stressing the need for companies to work with regulators and testing laboratories.

“A lack of commitment to that compliance and a lack of engagement can lead to, at best, multiple submissions, multiple re-reports, et cetera, and not really getting anywhere,” Howarth explained.