THE Philippine Amusement and Gaming Corp. (Pagcor) earned P79.43 billion in the first nine months of 2024, or 42 percent higher than the P55.95 billion in the same period last year.
Its net income nearly doubled to P9.63 billion from P4.85 billion a year ago.
Pagcor Chairman and Chief Executive Officer Alejandro Tengco attributed the agency’s high revenues to electronic games, which yielded P28.22 billion, or 35.52 percent of total gaming income.
Licensed casinos and integrated resorts added P24.50 billion, or 30.84 percent of revenues, through license fees.
“Our third quarter performance is a strong indication that, in spite of President Marcos’ decision to ban offshore gaming operations (POGOs) in the country, we are still on track to meet our P100 billion revenue target by yearend,” Tengco said.
From the P79.43 billion total revenues, P69.88 billion was from gaming and license fees, P6.43 billion from related services, and P3.11 billion from other income streams.
Pagcor’s contributions to the government increased by 40.39 percent at P48.88 billion — of which P33.19 billion went to the National Treasury and P16.59 billion allocated to PhilHealth under the Universal Healthcare Law.
The state-owned gaming firm likewise paid P3.49 billion in franchise taxes, P421.35 million in corporate income taxes, P1.65 billion to the Philippine Sports Commission and P90.68 million in incentives for athletes and coaches excelling in international competitions.
Tengco said Pagcor also released P9.26 billion to socio-civic projects under the Office of the President, among other funds to local governments, the Department of Justice and the Renewable Energy Trust Fund.
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