The Philippine Amusement and Gaming Corporation (PAGCOR) has disclosed an impressive financial performance for the first nine months of 2024, with revenues reaching Php79.43 billion (US$1.36 billion). This figure marks a 42% increase compared to the same period last year, showcasing a robust growth trajectory for the regulator.
Record-breaking quarterly revenues:
Significantly, the third quarter of 2024 saw PAGCOR achieving its highest quarterly revenue for the year, totaling Php27.7 billion (US$475 million). This is a notable rise from the Php26.5 billion (US$455 million) recorded in the second quarter and Php25.2 billion (US$432 million) in the first quarter. The consistent upward trend underscores the effective management and operational strategies employed by PAGCOR.
PAGCOR’s net income for this period was particularly striking, nearly doubling to Php9.63 billion (US$165 million) from last year’s Php4.85 billion (US$83.2 million). Alejandro Tengco, PAGCOR’s Chairman and CEO, attributed this financial success to the vibrant performance of the e-Games sector despite the recent governmental ban on offshore gaming operations. He expressed confidence in achieving the year-end revenue target of Php100 billion.
The gaming operations and license fees were the primary revenue drivers, contributing Php69.9 billion (US$1.20 billion) to the total. As Inside Asian Gaming reports, of this, the e-Games sector alone generated Php28.2 billion (US$484 million), accounting for 35.5% of the nine-month revenue. Licensed casinos also played a significant role, adding Php24.5 billion (US$420 million) or 30.8% to the revenue pool.
Mr Tengco said: “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 PHP100 billion revenue target by year-end.”
Enhanced support for national development:
PAGCOR’s contributions to nation-building significantly increased by 40.4% to Php48.9 billion (US$839 million). Half of this amount, Php33.2 billion (US$570 million), was allocated to the National Treasury, with a substantial portion earmarked for funding the Universal Healthcare Law through PhilHealth. Additionally, the agency fulfilled its tax obligations, paying Php3.49 billion (US$59.9 million) in franchise taxes and Php421.4 million (US$7.2 million) in Corporate Income Taxes to the Bureau of Internal Revenue.
The Philippine Sports Commission (PSC) received Php1.65 billion (US$28.3 million) as its share, enhancing support for athletes and coaches. This funding boost is intended to elevate the performance of Filipino athletes in international competitions, with Php90.7 million (US$1.6 million) allocated as incentives for their achievements abroad.
PAGCOR’s robust financial results and strategic contributions underscore its pivotal role in boosting the Philippine economy and supporting community development. As the agency looks to the future, it remains committed to leveraging its resources for the betterment of the nation while ensuring the sustainable growth of the gaming sector.
