The Philippine Amusement and Gaming Corporation (PAGCOR) released statistical data on July 9, 2024, which stated that in May 2024 Monthly remittances to the national treasury were 3.27 billion Philippine pesos (51.6 million euros), an increase of 25% from the 2.6 billion Philippine pesos (41 million euros) in May 2023.
The Ministry of Finance reported that PAGCOR’s remittances in the first five months of 2024 totaled 17.38 billion Philippine pesos (274.3 million euros), This represents an increase of 31% from 13.25 billion Philippine pesos (209 million euros) in the same period last year, exceeding the pre-pandemic level.
The Philippine gaming industry is facing challenges during the epidemic. A two-year blockade was implemented on March 16, 2020, which seriously affected Casinos operate and restrict foreign gamblers. Despite these setbacks, PAGCOR's latest data shows that the industry is recovering strongly.
As the government's third largest revenue-generating agency, PAGCOR distributes 50% of its net income to the national government in accordance with the law. The Department of Finance expects PAGCOR’s contribution to reach Php 29.87 billion (EUR 471.4 million) in 2024.
Video Game Industry Performance
PAGCOR Chairman and CEO Alejandro Tengco highlighted the outstanding performance of the video game industry, which in the first quarter of 2024 Revenues of Php22.5 billion were generated, more than six times last year's Php3.5 billion. Tengco said the growth in video game revenue exceeded the agency's expectations and showed the impact of technology on entertainment.
2024 Prediction
Gross gaming revenue (GGR) in the first quarter of 2024 reached Php 81.7 billion (€1.3 billion), higher than the same period last year of 68.92 billion Philippine pesos (1 billion euros), an increase of 18.5%. PAGCOR expects total gross gaming revenue to reach Php 336.38 billion (€5.3 billion) in 2024, a 17.9% increase from the 2023 figure.
In an interview with SiGMA News, Tenko expressed confidence that the Philippines can achieve its gross gaming revenue target this year. He said that this year and the next few years, new integrated resorts (IR) and conventional casinos will be opened in the Philippines. Forecasts for casinos operated by PAGCOR are also very optimistic, with revenue expected to reach Php 81.27 billion (EUR 1.28 billion) by the end of this year, an increase of 2.39% from Php 79.37 billion (EUR 1.25 billion) in 2023.
The agency’s contribution to the state coffers and its optimistic revenue forecast for 2024 highlight the Philippine gaming industry’s post-pandemic recovery and growth .
