The Philippine Amusement and Gaming Corporation (Pagcor) has declared that its earnings for the initial six months of 2023 have nearly returned to pre-pandemic levels.
Pagcor’s income in the first half of the year reached 36.21 billion pesos (513.73 million pounds/592.64 million euros/664.11 million dollars) in the initial six months to June 30. This signifies a 35.6% rise from the same period in 2022 and is only 6.7% less than the 38.81 billion pesos recorded in the first half of 2019 – the year before the pandemic started.
Pagcor highlighted that the increase in the H1 total was driven by the rise in gaming operations and licensee regulatory fees. This portion of revenue reached 34.12 billion pesos, a 38.0% increase year-on-year.
Based on its H1 performance, Pagcor Chairman and CEO Alejandro Tengco stated that the organization is on track to reach or exceed pre-pandemic revenue levels by the end of 2023.
Tengco stated: “Pagcor will ride the wave of our nation’s economic growth.” “As economic activity returns to pre-pandemic levels, we are confident that we can maintain the momentum in the gaming sector while strengthening our regulatory policies to attract more investors to the Philippines.”
Contribution to the Philippines
Pagcor stated that the increase in total revenue was driven by the growth in the total gaming revenue of the Philippine gaming industry. In the first half of the year, this figure reached 136.37 billion pesos, a 48.7% increase from 91.72 billion pesos in the same period last year.
This signifies that the organization can designate more resources to bolster the Philippines’ national advancement. Contributions escalated by 48.5% annually, reaching 22.62 billion pesos.
Of this sum, 16.2 billion pesos were channeled to the national exchequer as the government’s 50% share. An additional 3.61 billion pesos were utilized for the government’s social welfare endeavors, while 1.7 billion pesos were paid as a 5% franchise levy. The Department of Justice also received an investment of 19.9 million pesos.
Other contributions encompass a donation of 810.5 million pesos to the Philippine Sports Commission (PSC), and an extra 18 million pesos for incentives and benefits to compensate national athletes and coaches who triumphed in international competitions.
Furthermore, cities hosting branches of the Philippine Amusement and Gaming Corporation (PAGCOR) Casino Filipino received 225.8 million pesos.
Tengco stated: “Nearly 70% of PAGCOR’s income is transferred to the government in the form of direct transfers to the national exchequer and through other statutory donations.”
PAGCOR adjusts regulatory measures
Tengco proceeded to say that the regulatory modifications will aid in further amplifying revenue in the forthcoming months and years.
Recent alterations at PAGCOR include joining the new Clark Security Advisory Council. This is to support its endeavors to combat illicit gambling.
PAGCOR has been cracking down on unlawful offshore operations. Last month, PAGCOR raided New Creation Network Technology Co. Ltd. (Pogo).
The team chose to go incognito at the establishment after receiving a tip about potential unlawful actions taking place.
“As we refine our regulations, we are confident that the Philippines will become a more attractive destination for gambling and entertainment for individuals seeking to invest and visit,” Tenco stated.
Subscribe to the iGaming News Bulletin.