MANILA, Philippines — Earnings of state-run Philippine Amusement and Gaming Corp. (PAGCOR) more than doubled to P6.56 billion in the first half of the year, driven by the electronic games sector.
Data from PAGCOR showed that its net income surged by 121 percent to P6.56 billion in January to June from P2.96 billion in the same period last year.
This came after revenues jumped by a little over 40 percent to P51.76 billion from P36.21 billion.
These included service and business income from its gaming operations and other revenues.
Gaming operations accounted for the bulk of first semester earnings or 88 percent of the total equivalent to P45.39 billion.
Of this, about 45 percent or P20.66 billion came from the online gaming sector including e-games, e-bingo and bingo grantees.
Pagcor’s licensed casinos and integrated resorts brought in P16.06 billion, cornering 35 percent of the aggregate.
Other revenues came from PAGCOR-operated casinos under the Casino Filipino brand, which chipped in P6.93 billion.
With the first half performance, PAGCOR chairman and CEO Alejandro Tengco said the gaming agency is on track to hit or even breach the record P100-billion revenue target for the year.
“Given the revenue increase in the e-games sector and with more players and investors signifying their intent to enter the Philippine market, we are confident that 2024 will be another banner year for Pagcor,” Tengco said.
“This is also due to enhanced regulations being implemented,” he said.
Tengco noted that earnings for the period bode well for the government’s various socio-civic programs.
PAGCOR remitted P31.82 billion in dividends to the Bureau of the Treasury (BTr)during the six-month period. The amount is 41 percent higher than the P22.62 billion in remittances for the first half of 2023.
As mandated by law, the bulk of PAGCOR’s earnings should go back to nation building.
These include the 50-percent government share, five-percent franchise tax, five-percent share to fund the country’s sports sector, as well as share to local government units hosting Pagcor casinos.
PAGCOR is the third biggest contributor to the BTr, next to the Bureau of Internal Revenue and the Bureau of Customs.
Be the first to comment