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Manila Bulletin devider Business devider Pagcor remits P3.8 bilion to Treasury in May

Pagcor remits P3.8 bilion to Treasury in May

Published Jul 7, 2024 11:23 am

The government’s share of the Philippine Amusement and Gaming Corp. (Pagcor) income increased by a quarter in May amid the gaming industry’s sustained resurgence.

According to data from the Bureau of the Treasury, the gaming regulator and operator remitted P3.27 billion to state coffers in May 2024, a 25 percent increase from the P2.6 billion recorded in the same month last year.

This latest remittance in May brought Pagcor's total for the first five months of the year to P17.38 billion, a 31 percent jump from the P13.25 billion in the same period last year.

Moreover, Pagcor's end-May contributions to the Treasury exceeded the pre-pandemic levels of P13.25 billion in 2019, signaling the recovery and resilience of the gaming sector following the challenges posed by the Covid-19 pandemic.

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 the 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.

Under the law, Pagcor, the government's third-largest revenue-generating agency, must allocate 50 percent of its net revenue to the national government.

In 2024, the Treasury expects an income share of P29.87 billion from Pagcor.

Earlier, Pagcor reported that the country’s gross gaming revenues (GGR) in the first quarter of the year reached P81.70 billion, an 18.5 percent increase from P68.92 billion in the same quarter last year.

Alejandro H. Tengco, Pagcor chairman and chief executive, said the electronic games sector continues its record-breaking performance, bringing in P22.5 billion or more than six times the 2023 first quarter revenues of P3.5 billion.

“The E-Games revenue performance continues to exceed our projections, and this reflects how gaming technology and the proliferation of mobile devices is influencing not only our daily lives but our entertainment choices as well,” Tengco said.

“With the way technology is constantly shaping our lives and the way we do business, and even the way we choose to be entertained, the future of gaming clearly lies in this sector,” he added.

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Philippine Amusement and Gaming Corp.
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