The government's share of the Philippine Amusement and Gaming Corp. (Pagcor) income remained below its pre-pandemic levels last year, data from the Bureau of the Treasury indicated.
According to the Treasury report, the national government received P33.85 billion from Pagcor's income from January to December 2023, which constituted the mandated 50 percent of the gaming regulator and operator's net revenue.
However, this amount was 4.5 percent lower than the P35.46 billion contribution in 2019, prior to the onset of the Covid-19 pandemic in 2020.
Despite the shortfall, the total government share last year registered a substantial 36 percent increase compared to P24.86 billion in 2022.
In addition, the Treasury's share for the full year of 2023 more than doubled the target of P15.03 billion set by the Treasury.
In December alone, Pagcor remitted P3.27 billion to the government coffers, showing a notable 32 percent growth from P2.48 billion in the same month a year earlier.
Under the law, Pagcor, the government's third largest revenue-generating agency, is compelled to allocate 50 percent of its net revenue to the national government.
In 2024, the Treasury is expecting an income share of P29.87 billion from Pagcor.
Earlier, Pagcor reported that the gross gaming revenues (GGR) from gambling operations in the country have exceeded their pre-pandemic levels in the first nine-months of the year.
However, the agency also reported that it generated P79.37 billion in revenues last year, a 35 percent increase compared to the P58.96 billion recorded in the previous year.
Nevertheless, Pagcor's full-year tally still fell below the P81.97 billion income in 2019, which was before the Covid-19 health crisis.