PAGCOR Increases Contributions to National Government, But Still Below Pre-Pandemic Levels
According to the Bureau of the Treasury’s data, the Philippine Amusement and Gaming Corp. (PAGCOR) increased its realized income contributed to the National Government by 37% to P30.58 billion in the first 11 months of 2023. This is compared to P22.38 billion during the same period in 2022. While this represents a significant increase, it still falls short of the P32.3 billion contributed in the same time frame in 2019, before the COVID-19 pandemic.
In November 2023 alone, PAGCOR remitted P3.4 billion to the Bureau of the Treasury, a 42% increase from November 2022. The Department of Finance (DOF) expects the National Government’s share of profits from PAGCOR to reach P29.87 billion by the end of the year.
By law, PAGCOR is required to hand out 50% of its net income to the Bureau of the Treasury, making it the government’s third biggest income-generating agency.
In a related development, Alejandro Tengco, CEO and President of PAGCOR, estimated that the gross gaming income (GGR) of the Philippines in 2024 is likely to reach PHP336.38 billion, approximately US$6.03 billion. This follows a 33% increase in gross profits of the local gaming industry in 2023, reaching P285.27 billion, which exceeded the PAGCOR’s target of P273 billion for the year.
In the third quarter of 2023, the gross gaming revenues of the Philippine gaming industry reached PHP68.8 billion (US$1.24 billion), representing a 20.1% increase compared to the same period in 2022.
These figures indicate a strong recovery for the gaming industry in the Philippines, despite still being below pre-pandemic levels. PAGCOR remains optimistic about reaching its targets for contributions to the National Government and achieving its goals for gaming revenues in the coming year.