State-run Philippine Amusement and Gaming Corp. (PAGCOR) said Wednesday its revenues in the first nine months of 2024 reached P79.43 billion, up 42 percent from P55.95 billion a year ago.
PAGCOR chairman and chief executive Alejandro Tengco said the growth was driven by the robust electronic games sector, followed by the country’s licensed casinos and integrated resorts.
“The electronic games sector alone contributed P28.22 billion or 35.52 percent to the gaming revenue pie, followed by the licensed casino sector which chipped in 30.84 percent or P24.50 billion from licensee fees,” he said.
Net income in the first nine months amounted to P9.63 billion, nearly double last year’s P4.85 billion.
“Our third-quarter performance is a strong indication that in spite of the President’s decision to ban offshore gaming operations in the country, we are still on track to meet our P100-billion revenue target by yearend,” Tengco said.
PAGCOR said of the total revenues, P69.88 billion came from gaming operations and license fees; P6.43 billion from other related services; and P3.11 billion from other income.
Tengco said bigger revenues means PAGCOR’s contributions to nation-building also increased by 40.39 percent to P48.88 billion from last year’s P34.82 billion.
“From our total contributions to nation-building, P33.19 billion went to the National Treasury as 50 percent government share,” he said.
“Half of the remittances to the national coffers — or P16.59 billion – has been earmarked for PhilHealth to fund the Universal Healthcare Law,” Tengco said.
Aside from remittances to the National Treasury, PAGCOR also paid P3.49 billion in franchise taxes and P421.35 million in corporate income taxes to the Bureau of Internal Revenue.
The Philippine Sports Commission (PSC) received P1.65 billion as 5 percent PSC share, while P90.68 million was released as incentives for athletes and coaches who won in international sports competitions.
PAGCOR also continued to fund significant programs under the Office of the President totaling P9.26 billion for the OP’s socio-civic projects in the first nine months.
Other recipients of PAGCOR’s mandated contributions are the cities that host Casino Filipino branches (P525.95 million); the Board of Claims under the Department of Justice (P99.08 million) to compensate victims of unjust imprisonment; and the Renewable Energy Trust Fund which was earmarked P140.20 million.
