PAGCOR posts 42% revenue growth for Q3

The Philippine Amusement and Gaming Corporation (PAGCOR) achieved a revenue surge in the first nine months of the year, reaching P79.43 billion, a 42% increase from last year’s P55.95 billion.

PAGCOR Chairman and CEO Alejandro Tengco attributed this growth largely to the electronic games sector.

“The electronic games sector alone contributed P28.22 billion or 35.52 percent to the gaming revenue pie, followed by the licensed casino sector, which chipped in 30.84 percent or P24.50 billion from licensee fees,” Tengco stated in a news release on Thursday.

The state-owned gaming firm reported a net income of PHP9.63 billion for the same period, almost double the previous year’s P4.85 billion.

“Our third quarter performance is a strong indication that in spite of the President’s decision to ban offshore gaming operations in the country, we are still on track to meet our P100 billion revenue target by yearend,” Tengco added.

Of the total revenues, P69.88 billion was generated from gaming operations and license fees. Other related services contributed PHP6.43 billion, and additional income streams brought in P3.11 billion.

PAGCOR’s contributions to nation-building also rose by 40.39%, totaling P48.88 billion compared to P34.82 billion last year.

“From our total contributions to nation-building, P33.19 billion went to the National Treasury as the 50 percent government share,” Tengco said.

“Half of the remittances to the national coffers, or P16.59 billion, has been earmarked for PhilHealth to fund the Universal Healthcare Law,” he added.

Beyond these remittances, PAGCOR paid a total of P3.49 billion in franchise taxes and P421.35 million in corporate income taxes to the Bureau of Internal Revenue. The Philippine Sports Commission also received its mandated five percent share amounting to P1.65 billion.

PAGCOR allocated P90.68 million as incentives for athletes and coaches who excelled in international competitions and provided P9.26 billion to fund socio-civic projects under the Office of the President. Cities hosting Casino Filipino branches received P525.95 million, while P99.08 million was directed to the Department of Justice’s Board of Claims to compensate victims of unjust imprisonment.

In line with environmental sustainability, PAGCOR also contributed P140.20 million to the Renewable Energy Trust Fund.