The Philippine Amusement and Gaming Corporation (PAGCOR) saw its income nearly double yearly during the first nine months of the year, with electronic games the strongest contributor.
Net income for the period was PHP9.63 billion ($165 million), compared to the PHP4.85 billion ($83 million) recorded between January and end-September of 2023.
Revenue for the first nine months of the year reached PHP79.43 billion ($1.36 billion), up 42 percent from PHP55.95 billion ($960 million) in the same period lst year.
The state gaming regulator’s notable performance, according to PAGCOR Chairman and CEO Alejandro H. Tengco, was driven by the robust Electronic Games sector, followed by the country’s licensed casinos and integrated resorts.
“The Electronic Games sector alone contributed PHP28.22 billion, or 35.52 percent, to the gaming revenue pie, followed by the licensed casino sector, which contributed 30.84 percent, or PHP24.50 billion ($420 million), from licensee fees,” stated the official.
“Our third-quarter performance is a strong indication that, despite the President’s decision to ban offshore gaming operations in the country, we are still on track to meet our PHP100 billion ($1.72 billion) revenue target by year-end,” Chairman Tengco stated.
Philippine President Ferdinand Marcos Jr. announced a ban on Philippine offshore gaming operators (POGOs) in July, ordering the wind-down of all POGO operations until year-end.
In Tuesday’s press release, PAGCOR revealed its total revenue of PHP79.43 billion ($1.36 billion), with PHP69.88 billion ($1.20 billion) generated from gaming operations and license fees, PHP6.43 billion ($110 million) from other related services, and PHP3.11 billion ($53 million) from other income.
Tengco noted that larger revenues mean PAGCOR’s contributions to nation-building also increased by 40.39 percent to PHP48.88 billion ($838 million), compared to last year’s PHP34.82 billion ($597 million).
“From our total contributions to nation-building, PHP33.19 billion ($569 million) went to the National Treasury as the government’s 50 percent share,” he said. “Half of the remittances to the national coffers—PHP16.59 billion ($285 million)—has been earmarked for PhilHealth to fund the Universal Healthcare Law,” Tengco added.
Aside from remittances to the National Treasury, PAGCOR also paid a total of PHP3.49 billion ($59.87 million) in franchise taxes and PHP421.35 million ($7.23 million) in corporate income taxes to the Bureau of Internal Revenue. The Philippine Sports Commission (PSC) received PHP1.65 billion ($28 million) as its 5 percent share, while PHP90.68 million ($1.56 million) was allocated as incentives for athletes and coaches who excelled in international sports competitions.
PAGCOR also continued to fund significant programs under the Office of the President, totaling PHP9.26 billion ($159 million) for socio-civic projects in the first nine months.
Other recipients of PAGCOR’s mandated contributions include the cities that host Casino Filipino branches (PHP525.95 million), the Board of Claims under the Department of Justice – (PHP99.08 million) to compensate victims of unjust imprisonment, and the Renewable Energy Trust Fund, which was allocated PHP140.2 million ($2.4 million).
