The head of the Philippines’ gaming regulator (PAGCOR) is following through on the promise to further lower taxation rates for the growing eGames sector, noting that a new 30 percent rate would come into effect by January 1st of 2025 and serve to boost investment in the country’s gaming sector.
In his keynote address on the final day of G2E Asia 2024 in Macau, Alejandro H. Tengco, Chairman of PAGCOR (Philippine Amusement and Gaming Corporation) noted that “we are confident that the said lower rates will attract more companies to conduct business and invest in the Philippine gaming industry […] be assured that we at PAGCOR are more than willing to support you and help protect your investments in the gaming industry in the Philippines”.
This follows a previous relaxation of fees for the sector to 35 percent, in April of this year, which was lauded by the industry.
The Chairman also highlighted how rates were as high as “55 percent when I set foot in PAGCOR”.
“The eGames revenue performance continues to exceed our expectations,” the Chairman told conference attendees, noting it “reflects the growing influence of gaming technology and innovation along with the ready availability of mobile devices in how people work, live, and play today.
“The future of gaming is very clear, and we are placing our big bet on the eGames sector,” stated the Chairman.
During his Keynote Speech, Tengco also furthered the group’s plans to remove itself from the Financial Action Task Force’s (FATF) grey list – by tackling junket operations and risk-based supervision.
The official also doubled down on the group’s efforts to privatize its Casino Filipino operations – hopefully by the last quarter of 2025, and the “first quarter of 2026 at the latest”, noting that this would “give enough time to complete the upgrade” of the current facilities.
The official noted that once PAGCOR is purely a regulatory entity, to “expect a more dynamic and more lucrative Philippine gaming industry”.
