The government recorded a rise in revenue stemming from the operations of the Philippine Amusement and Gaming Corp. (Pagcor), surpassing the levels seen prior to the pandemic-induced lockdowns.

Data from the Bureau of the Treasury indicated that the government's gaming regulator and operator contributed P7.02 billion to the state coffers between January and February 2024.

According to the Treasury, the end-February remittance represents a 28 percent growth compared to the P5.46 billion remitted the previous year.

This also marks the first time where the government's share of Pagcor's revenue in the first two months of the year has exceeded the P6.46 billion recorded during the same period in 2020.

Recall that the government implemented stringent lockdown measures in response to the Covid-19 pandemic, beginning on March 16, 2020, and lasting for two years, making it one of the longest lockdowns in world.

The Philippine gaming industry faced setbacks during the prolonged pandemic, with casino venues operating at reduced capacity and restrictions on the entry of foreign gamblers into the country.

Meanwhile, Pagcor sent P3.51 billion to the Treasury bureau in Febraury alone to meet the mandated 50 percent of the state-owned firm’s net revenue.

According to the Treasury report, Pagcor's remittance during the month rose by 26 percent compared to the P2.82 billion figure reported for the same month in 2022.

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.