The Philippine Amusement and Gaming Corporation (PAGCOR) has revealed plans to lower gross gaming revenue (GGR) remittance rates for casinos.
The remittance rates will be lowered by 5% across both online and on-site casinos and will be effective from 1 April 2024.
Alejandro Tengco, PAGCOR Chairman and CEO, said: “The remittance rates should then average around 35% of GGR, which is quite significant because when we assumed office in August 2022, the prevailing remittance rate was over 50%.
“We have gradually lowered them so that by 1 April, our rates will be at par with global industry standards.”
Tengco has explained that this is part of a wider initiative to attract greater gaming investment into the Philippines, as well as to encourage illegal casinos to secure a licence.
He also continued to emphasise the three major factors he hopes will contribute to a stable, long-term industry.
Tengco said: “These are the entry and operations of more integrated casinos, the strong performance of the Electronic Games sector, and the benefits from the planned privatisation of PAGCOR casinos.”
According to the most recent PAGCOR reports, the authority anticipates the regulated casino industry to generate PHP$336.38bn (US$6bn) in GGR.
Tengco continued: “We expect gaming revenues to sustain growth this year and beyond with the increasing demand for leisure, travel and entertainment from both local and foreign tourists.
“We will also have at least one new integrated resort opening every other year starting with Solaire North in Quezon City which will open its doors in the first half of 2024, followed by another one in Clark, with several more in the pipeline, including one in Cebu.
“At the same time, this will allow us to ensure safe and responsible gaming while sustaining our contributions to nation-building.”
This isn't the only recent financial move from PAGCOR either, as the Corporation recently appealed to the Government regarding pay changes to its staff.
