Pagcor revenue tops PHP79.43 billion in opening nine months
The Philippine Amusement and Gaming Corporation (Pagcor) has announced a 42.0% year-on-year increase in revenue to PHP79.43 billion (Ā£1.05 billion/ā¬1.26 billion/$1.36 billion) for the first nine months of 2024.
Data released by Pagcor on Tuesday (29 October) shows PHP69.88 billion of all revenue came from gaming operations and licence fees. Other related services contributed PHP6.43 billion and other income PHP3.11 billion.
Pagcor did not set out the full details of revenue for the period. It did, however, reveal that the electronic games sector generated some PHP28.22 billion, or 35.5%, of revenue. On top of this, the licensed casino market drew PHP24.50 billion, or 30.8%, of total revenue.
The increase in revenue also meant net income for the period was higher. During the nine months, net income topped PHP9.63 billion, surpassing last yearās total (PHP4.85 billion) by 98.6%.
Higher revenue and net income comes despite the decision to ban all Philippine Offshore Gaming Operators (POGOs). President Ferdinand Marcos Jr announced the measure in July, accusing the sector of facilitating illicit activities. These include financial scamming, money laundering, prostitution, human trafficking, kidnapping, torture and murder.
āOur performance is a strong indication that in spite of the decision to ban offshore gaming operations in the country, we are still on track to meet our PHP100 billion revenue target by yearend,ā Pagcor chairman Alejandro Tengco said.
Pagcor nation-building contributions rise 40.4%
The rise in revenue allowed Pagcor to increase its contributions to nation-building in the Philippines. For the nine-month period, this totalled PHP48.88 billion, up 40.4% from last year.
āFrom our total contributions to nation-building, PHP33.19 billion went to the National Treasury as 50% government share,āĀ Tengco said. āHalf of the remittances to the national coffers, or PHP16.59 billion, has been earmarked for PhilHealth to fund the Universal Healthcare Law.ā
Pagcor paid PHP3.49 billion in franchise tax and PHP421.35 million in corporate income taxes to the Bureau of Internal Revenue.
Meanwhile, the Philippine Sports Commission (PSC) received a 5% share (PHP1.65 billion). In addition, PHP9.26 billion went to socio-civic projects.
Pagcor casino sale pushed to 2026
The latest data comes in the wake of Pagcor announcing an update on its planned casinos sale. Last month, Tengco said the process will commence in 2026.
This comes in response to demand from some lawmakers. Pagcor has faced criticism over its dual role as an operator and regulator, with claims of a conflict of interest.
Its portfolio includes 45 gaming halls, including nine under the Casino Filipino brand. Tengco expects the body to reapĀ PHP50 billionĀ from the sale.
