The Philippine Amusement and Gaming Corporation (PAGCOR) has reported a 42 percent revenue increase for the first nine months of 2024, reaching PHP79.43 billion (€1.26 billion), compared to PHP55.95 billion (€887.9 million) during the same period last year. PAGCOR Chairman and CEO Alejandro Tengco attributes this growth to a thriving Electronic Games (e-games) sector and consistent contributions from licensed casinos and integrated resorts.??
According to PAGCOR, the e-games sector contributed PHP28.22 billion (€447.8 million), accounting for 35.52 percent of total revenue. Licenced casinos followed closely, adding PHP24.50 billion (€388.8 million), or 30.84 percent, primarily from licence fees. Together, these sectors have bolstered PAGCOR’s performance amid?regulatory shifts in the country.??
PAGCOR’s net income soared to PHP9.63 billion (€152.8 million), almost double last year’s PHP4.85 billion (€76.9 million). Tengco stated, “Our third quarter performance is a strong indication that in spite of the President’s decision to ban offshore gaming operations in the country, we are still on track to meet our Php100 billion revenue target by yearend.”
In July, President Ferdinand Marcos Jr. ordered PAGCOR to wind down and cease the operations of POGOs by the end of the year.??
Contributions to nation-building increased by over 40%
Reflecting PAGCOR’s strong financial performance, contributions to public welfare increased by 40.39 percent, totalling PHP48.88 billion (€712.2 million). Of this amount, PHP33.19 billion (€526.7 million) went directly to the National Treasury, covering a 50 percent government share. Additionally, half of these contributions, amounting to PHP16.59 billion (€263.3 million), have been allocated to the Philippine Health Insurance Corporation (PhilHealth) to support the Universal Healthcare Law.
Additional tax, franchise payments bolster national programmes
PAGCOR further supported national initiatives with PHP3.49 billion (€55.4 million) in franchise taxes and PHP421.35 million (€6.7 million) in corporate income tax payments to the Bureau of Internal Revenue. The Philippine Sports Commission (PSC) received PHP1.65 billion as its 5% share, alongside PHP90.68 million in incentives for Filipino athletes and coaches who excelled in international competitions.
Funding for presidential, civic projects
PAGCOR also committed PHP9.26 billion (€146.9 million) to various socio-civic projects through the Office of the President, supporting critical community initiatives. Other recipients of PAGCOR’s mandated contributions included host cities of Casino Filipino branches, which received PHP525.95 million (€8.3 million); the Department of Justice’s Board of Claims, with PHP99.08 million (€1.6 million) to aid victims of unjust imprisonment; and the Renewable Energy Trust Fund, allocated PHP140.20 million (€2.2 million) to support sustainable energy development.
