Key points:
- Net income almost doubled to PHP 9.63bn
- PAGCOR made PHP 48.9bn in ‘nation-building’ contributions
- Despite banning POGOs, revenue is still on track to reach PHP 100bn by the end of the year
The Philippine Amusement and Gaming Corporation (PAGCOR) has published its Q3 report for the first nine months of 2024.
Revenue for this period was PHP 79.4bn ($1.39bn), which marks a 42% increase when compared to the figures during the same time last year.
Out of this, PHP 69.9bn came from gaming operations and licence fees from operators and providers in the jurisdiction.
The net income almost doubled from PHP 4.85bn to PHP 9.63bn with a jump of 98.3%.
Alejandro Tengco, PAGCOR Chairman and CEO, said: “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 PHP 100bn revenue target by the end of the year.”
In total, PHP 48.9bn was made in contributions towards ‘nation-building’ payments and projects, which are a combination of taxes and donations.
During this time, PAGCOR paid PHP 33.2bn towards the National Treasure as part of the 50% government share, along with an additional PHP 3.5bn in franchise taxes and PHP 421.4m in corporate income taxes.
Good to know: A total of PHP 25.5bn came from licensing fees, which accounted for almost a third of the total revenue
A further PHP 9.3bn was given to socio-civic projects, PHP 140.2m to the Renewable Energy Trust Fund and PHP 90.7m to sports incentives and benefits.
The Philippine Sports Commission (PSC) received PHP 1.6bn, while PHP 90.7m was released as incentives for athletes and coaches who won international sports competitions.
Tengco continued: “Half of the remittances to the national coffers -- or Php16.59 billion – has been earmarked for PhilHealth to fund the Universal Healthcare Law.”
Only yesterday, PAGCOR announced its plans for its flagship infrastructure project, which will build 1,200 classrooms and several medical facilities.
