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Manila Bulletin devider Business devider Pagcor's profit more than doubles to P16.7 billion on e-games boom in 2024

Pagcor's profit more than doubles to P16.7 billion on e-games boom in 2024

Published Jan 30, 2025 06:43 am

Sustained robust performance of the electronic games sector drove the Philippine Amusement and Gaming Corporation’s (Pagcor) net income by more than double its earnings in 2023. 

Pagcor announced on Thursday, Jan. 30, that its net income more than doubled (146 percent) from P6.81 billion in 2023 to P16.76 billion in 2024. It stood at almost P17 billion last year after deducting its P68.21 billion contributions to the national government.

Alongside this, data from Pagcor also revealed that revenues of the government-owned company reached a new record high of P112 billion in 2024, nearly 41 percent more than the P79 billion in the previous year. 

Alejandro H. Tengco, Pagcor chairman and CEO, attributed the agency’s remarkable financial performance to the E-Games and E-Bingo sectors, contributing P48.79 billion or 50.03 percent of the 2024 gaming revenues. 

“The continuous growth of the E-Games sector is the key driver of PAGCOR’s record-breaking performance,” Tengco said, noting that this is reflective of the “increasing popularity of digital gaming platforms and the transformative impact of technology on the industry.”

Net operating income stood at P84.97 billion, or 51 percent higher than the year-ago level of P56.38 billion.

“We are proud to announce that our 2024 financial performance is the best so far in the history of PAGCOR, and we thank our employees and stakeholders for making such achievement possible,” Tengco said.

Prior to 2024, records showed that Pagcor’s gross operating revenue was highest before the pandemic (2019)—the time when the state gaming company generated P81.98 billion.

Gaming operations and license fees generated P97.52 billion, while business income and service fees contributed P14.18 billion.

Licensed casinos also contributed 33.91 percent (P33.07 billion) to Pagcor’s 2024 revenue, while Casino Filipino venues added 12.99 percent (P12.67 billion).

Pagcor noted in a Jan. 30 statement that although the Philippine Offshore Gaming Operations (POGOs) ceased in December last year due to its banning, the sector still contributed P2.99 billion (3.07 percent), to gaming revenues.

With higher revenues, Pagcor boosted its contributions to nation-building by 37.61 percent to P68.20 billion from P49.56 billion in the previous year.

Additionally, Pagcor remitted P46.32 billion to the national treasury, up 33.39 percent from 2023, along with P4.87 billion in franchise taxes and P1.09 billion in corporate income taxes.

The Philippine Sports Commission received P2.31 billion, with P91.88 million for athlete incentives, while Pagcor allocated P12.37 billion for socio-civic programs under the president’s office.

Likewise, the agency’s revenues supported host cities (P698.60M), the Department of Justice’s (DOJ) Board of Claims (P178.80M), and the Renewable Energy Trust Fund (P248.01M).

Pagcor surpassed the P100 billion revenue mark once in 2018 with P104.12 billion, which included a one-time property sale of P32.71 billion.

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Pagcor chair and CEO Philippine Amusement and Gaming Corp. Alejandro H. Tengco
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