Revenues of the Philippine Amusement and Gaming Corp. (Pagcor) jumped 68 percent in the first six months of the year on the back of strong gambling income fueled by the relaxation of mobility restrictions in the country.

Based on Pagcor’s financial statement posted on its website on Thursday, July 28, the state-owned company generated P26.7 billion in revenues from January to June, up 68 percent from P15.88 billion in the period in 2021.

Pagcor’s end-June income also exceeded by nine percent its P24.41 billion target.

In the first semester, Pagcor raised P24.7 billion from gaming operations, an increase of 67 percent compared with P14.77 billion a year earlier. Likewise, this amount surpassed the P24.21 billion target.

Income from other services and business also improved, registering P890 million. This was 18 percent higher than the previous year’s P753.63 million and more than the P191.34 million goal.

Pagcor also booked P1.03 billion gains and P56.73 million from other non-operating income in the first half of the year.

Meanwhile, expenses also rose by 62 percent to P10.5 billion from P6.49 billion last year, which also more than the P9.91 billion target.

Bulk of Pagcor’s expenditures went to personnel services with P7 billion, as well as maintenance and other operating expenses with P2.3 billion.

At end June, Pagcor posted P2.16 billion net income, jumping from only P79 million a year earlier and way above the P107.1 million target.

Last April 27, Andrea D. Domingo, Pagcor chair and chief executive officer admitted that they had a “bad start” this year due to the surge of Covid-19 cases that forced gaming venues to temporarily closed shop.

However, Domingo said Pagcor was on track to hit its revenue targets, driven by much improved economic environment in the country amid the prolonged pandemic.

In 2021, Pagcor net income dropped nearly 87 percent to P203.6 million from P1.55 billion in the previous year.