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Manila Bulletin devider Business devider The Stock Market devider E-wallet delinking halts Philippine gaming growth—Pagcor

E-wallet delinking halts Philippine gaming growth—Pagcor

Published Nov 11, 2025 04:58 pm
The Philippine gaming sector’s high-speed growth was decelerated sharply in the third quarter, with industry-wide gaming revenue (GGR) plateauing at ₱94.51 billion, a nominal decline from ₱94.61 billion a year earlier.
In a statement on Tuesday, Nov. 11, Alejandro H. Tengco, Pagcor chairman and chief executive officer, said the slowdown was due to new central bank-led reforms that mandated the delinking of e-wallets from licensed online gaming platforms.
Tengco said Bangko Sentral ng Pilipinas’ (BSP) order severely affected the country’s most vibrant segment, Electronic Games (E-Games), which saw its momentum arrested late in the quarter. While E-Games gross gaming revenue (GGR) still grew 17.4 percent year-on-year to ₱41.95 billion, Tengco noted that revenues in August and September dropped following the implementation of the stricter digital payment rules.
“The delinking of e-wallets resulted in a short-term decline in activity toward the latter part of the quarter,” Tengco said, framing the measures as “vital to protect players and ensure secure, transparent transactions.”
The regulatory squeeze quickly rippled through the sector, most notably hitting the Philippines’ largest online gaming operator, DigiPlus Interactive Corp.
The company recently disclosed that its third-quarter net income plunged 59 percent and revenues contracted 23 percent, despite a strong nine-month performance, underscoring the severity of the payment disruption on the E-Games ecosystem, which contributes 44.4 percent of the total GGR.
Outside of E-Games, the more traditional gaming categories were already trending downward. Licensed casinos saw GGR fall 10.2 percent to ₱45.56 billion, while Pagcor-operated casinos declined 11.6 percent to ₱3.22 billion.
Bingo operations also slid 16.2 percent to ₱3.79 billion. Integrated resorts, like Okada Manila, have separately reported their own quarterly declines, often citing weakness in the VIP segment.
The chief concern for Pagcor remains the unintended consequence of the regulation. Tengco warned that illegal online gaming sites are expanding aggressively, posing risks to players who are migrating from the now-inconvenient regulated platforms. These unauthorized sites do not pay taxes or comply with responsible gaming standards.
Despite the quarterly turbulence, Tengco maintained confidence in a rebound as players adapt to new e-wallet protocols and as authorities increase enforcement against illegal portals.
The central bank is expected to roll out further measures, including limits on betting amounts and time-based restrictions on deposits, signaling a continued regulatory trade-off between social protection and industry growth.

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Philippine Amusement and Gaming Corp. (PAGCOR) Bangko Sentral ng Pilipinas (BSP) GCash Maya
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