The Philippine Amusement and Gaming Corporation (PAGCOR) has reported Philippines gross gaming revenue (GGR) for the second quarter of 2024: total revenue amounted to PHP89.23bn (US$1.56bn).
This was 32.3% higher year-on-yera and a 9.21% increase compared to this year’s first quarter revenue of PHP81.70bn.
PAGCOR Chairman and CEO Alejandro H. Tengco said: “The e-games sector recorded an impressive 525% increase from the PHP4.93bn record year-on-year.
“This sector continues to surpass targets and should help cover up for any shortfall resulting from the President’s order banning offshore gaming operations or POGOs by the end of the year.”
Licensed casinos brought in PHP49.48bn and remained the largest contributor of GGR, despite the sum being an approximate 4% yearly decrease.
PAGCOR-operated casinos under Casino Filipino contributed PHP4.2bn, a 14.8% fall and a 10.41% quarterly drop.
Bingo operations also saw an overall decrease, bringing in only PHP4.69bn.
After the announcement of the POGO ban, there were concerns regarding potential revenue losses up to PHP7bn, which might negatively affect the country’s GGR.
However, time will tell whether Senator Arsenio Balisacan’s findings are actually correct: that the POGO ban does not heavily impact the Philippines’ national GDP.
