PAGCOR Sees 42% Rise In Revenues To PHP79.43 Billion

The Philippine Amusement and Gaming Corporation (PAGCOR) announced today that its revenues for the first nine months of the year reached PHP79.43 billion, marking a 42% increase from PHP55.95 billion during the same period last year.

PAGCOR's strong performance was primarily driven by the robust growth of the Electronic Games sector, followed by licensed casinos and integrated resorts in the country.

According to PAGCOR Chairman and CEO Alejandro H. Tengco, this strong performance was primarily driven by the robust growth of the Electronic Games sector, followed by licensed casinos and integrated resorts in the country.

“The Electronic Games sector alone contributed PHP28.22 billion, accounting for 35.52% of total gaming revenues, while the licensed casino sector contributed 30.84% or PHP24.50 billion from licensee fees,” Tengco noted.

Net income for the first nine months nearly doubled, reaching PHP9.63 billion compared to last year’s PHP4.85 billion.

“Our third-quarter performance strongly indicates that, despite the President’s decision to ban offshore gaming operations in the country, we remain on track to meet our PHP100 billion revenue target by yearend,” Chairman Tengco said.

Out of PAGCOR’s PHP79.43 billion in revenues, PHP69.88 billion came from gaming operations and license fees, PHP6.43 billion from other related services, and PHP3.11 billion from other income sources.

With increased revenue, PAGCOR’s contributions to nation-building also rose by 40.39%, totaling PHP48.88 billion compared to last year’s PHP34.82 billion.

“From our total contributions, PHP33.19 billion was remitted to the National Treasury as the government’s 50% share,” said Tengco. Half of these remittances to the national treasury—PHP16.59 billion—has been allocated to PhilHealth to fund the Universal Healthcare Law, Tengco added.

In addition to remittances to the National Treasury, PAGCOR paid PHP3.49 billion in franchise taxes and PHP421.35 million in corporate income taxes to the Bureau of Internal Revenue.

The Philippine Sports Commission (PSC) received PHP1.65 billion, representing a 5% PSC share, while PHP90.68 million was released as incentives for athletes and coaches who excelled in international competitions.

PAGCOR has also continued to fund significant programs under the Office of the President, with a total of PHP9.26 billion allocated to socio-civic projects in the first nine months of the year.

Other recipients of PAGCOR’s mandated contributions include cities hosting Casino Filipino branches (PHP525.95 million); the Department of Justice’s Board of Claims (PHP99.08 million) for compensating victims of unjust imprisonment; and the Renewable Energy Trust Fund, which received PHP140.20 million.