The Philippine Amusement and Gaming Corp. (PAGCOR) reported a significant increase in earnings, almost doubling its net income to P9.63 billion from January to September. This marks a 98.5 percent surge compared to the P4.85 billion recorded during the same period last year, largely propelled by the booming electronic gaming sector.
According to a PhilStar Global, revenue for the nine-month period rose by over 40 percent, reaching P79.43 billion, up from P55.95 billion. PAGCOR’s gaming operations, including e-games, e-bingo, and bingo grantees, contributed the lion’s share, comprising 88 percent or P69.88 billion of the total revenue. Nearly 40 percent of these earnings, or P28.22 billion, came directly from online gaming operations.
Licensed casinos and integrated resorts brought in an additional P24.5 billion, making up 35 percent of the revenue, while services and other income streams added P9.54 billion.
PAGCOR chairman and CEO Alejandro Tengco expressed confidence in reaching the agency’s record-breaking target of P100 billion in revenue by year-end, despite the recent ban on offshore gaming operations imposed by President Marcos. According to Tengco, these gains are pivotal for funding the government’s socio-civic programs.
From its earnings, PAGCOR remitted P48.88 billion to the Bureau of the Treasury, up 40 percent from the P34.82 billion it contributed by the end of September last year. The law mandates PAGCOR to allocate a portion of its income to national initiatives such as the Universal Healthcare Law, sports incentives, and the Renewable Energy Trust Fund. PAGCOR stands as the third largest contributor to the Treasury, following the Bureau of Internal Revenue and the Bureau of Customs.
