October 31, 2024 | 12:00am
MANILA, Philippines — Earnings of state-run Philippine Amusement and Gaming Corp. (PAGCOR) almost doubled to P10 billion from January to September, driven by the electronic games sector.
Data from PAGCOR showed that its net income surged by 98.5 percent to P9.63 billion from January to September compared to P4.85 billion in the same period last year.
This came after revenues jumped by more than 40 percent to P79.43 billion from P55.95 billion. These included service and business income from its gaming operations and other revenues.
Gaming operations accounted for the bulk of the nine-month earnings or 88 percent of the total equivalent to P69.88 billion.
Of this, about 40 percent or P28.22 billion came from the online gaming sector including e-games, e-bingo and bingo grantees.
PAGCOR’s licensed casinos and integrated resorts brought in P24.5 billion, cornering 35 percent of the aggregate.
Other revenues came from related services at P6.43 billion and other income at P3.11 billion.
PAGCOR chairman and CEO Alejandro Tengco said the gaming agency is on track to hit the record P100-billion revenue target for the year.
“Our end-third quarter performance is a strong indication that in spite of President Marcos’ decision to ban offshore gaming operations in the country, we can meet our revenue target,” Tengco said.
Further, Tengco said earnings for the period bode well for the government’s various socio-civic programs.
As such, PAGCOR remitted P48.88 billion in dividends to the Bureau of the Treasury during the nine-month period.
This is 40 percent higher than the P34.82 billion in remittances for the end-September period of 2023.
As mandated by law, the bulk of PAGCOR’s earnings should go back to nation building.
This includes funding the Universal Healthcare Law, incentives for athletes and coaches who won in international sports competitions, socio-civic projects, compensation to victims of unjust imprisonment and contribution to the Renewable Energy Trust Fund.
PAGCOR is the third biggest contributor to the Treasury, next to the Bureau of Internal Revenue and the Bureau of Customs.
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