Reading Time: 3 minutes
The Philippine Amusement and Gaming Corporation, or PAGCOR, has continued to exceed its revenue goals. It recorded P36.21 Billion in total income for the first half 2023. This is a 35.64 % increase from P26.70 Billion.
PAGCOR revenues in the first half 2023 were just P2.59billion or 6.68% less than its output before the pandemic of P38.81billion in 2019.
PAGCOR’s Chairman and CEO Alejandro Tengco said that with PAGCOR’s upward trend in revenue, the agency could reach or surpass its income before the pandemic by the end 2023.
“PAGCOR is certain to ride the wave of our country’s growth in economic terms. We are confident that as economic activity reaches pre-pandemic level, we can maintain the growth momentum of the gaming industry by strengthening our regulatory policies in order to attract more foreign investors.
PAGCOR’s revenue from January to June showed that gaming revenues and regulatory fees collected from licensees, which totalled P34.12billion, were the main contributors to the remarkable performance of the agency. This amount was 38.03 % higher than the P24.72 Billion earned in the previous fiscal year.
The increase in gross gaming revenues (GGR) for the industry was the main reason behind the higher gaming income during the first half of this year. GGR for January to June of 2023 was P136.37 Billion, 48.68% more than the first-semester record set last year.
Tengco added, “With the fine-tuning of regulatory policies, the Philippines is expected to become an attractive gaming and entertainment destination for both investors and guests.”
PAGCOR’s chief said that the gaming company is independent of any government subsidy or appropriation, as it is one of the largest contributors to the national coffers.
He said that in reality, PAGCOR pays close to 70% in direct payments to the national coffers as well as through other mandated contributions.
PAGCOR’s contribution to nation-building has also increased by 48.50%, from P15.23bn in the first six months of 2022 to a total of P22.62bn this year.
P16.20billion of the P22.62billion contributions to nation-building went directly to National Treasury at 50% government share. PAGCOR will transfer P8 billion, or 50% of its first-semester remittances into the national coffers from PAGCOR to the Philippine Health Insurance Corporation in order to fund Universal Healthcare.
PAGCOR, in addition to its contributions to National Treasury allocated P3.61billion for the government’s social-civic programmes. The Bureau of Internal Revenue received P1.70 billion as 5% Franchise Tax, and the Board of Claims of the Department of Justice P19.92 millions.
The Philippine Sports Commission (PSC) also received P810.47 millions from the state-run gaming, regulatory and gambling firm. PSC received an additional P17.97million as sports incentives and benefits for athletes and coaches from the Philippines who have won international competitions. Cities that host PAGCOR Casino Filipino branches received an additional P225.86 millions.
Tengco stated that PAGCOR has performed well in the first six months of the year and the agency projects revenues of at least P272.74 by the end 2023.
We have already reached approximately P136.37 Billion Gross Gaming Revenue (GGR) in the first half. We are optimistic that with the current favorable business climate, we will be able to reach or even exceed our revenue targets.
