In the first quarter of 2024, the Philippine gaming industry’s gross gaming revenue (GGR) reached 81.7 billion pesos ($1.42 billion), breaking all previous records, growing 18.5% year-on-year and 2% quarter-on-quarter.
Exponential growth in the video game sector was behind GGR's performance, which increased to 22.5 billion pesos ($391 million) from 3.5 billion pesos ($60.9 million) a year ago.
Alejandro H. Tengco, CEO of PAGCOR, explained that mobile devices and gaming technology are increasingly influencing people’s entertainment choices.
"There is no doubt that this industry has the future of gaming," Tengco said, highlighting the potential of the new regulations to attract more foreign investment.
Although traditional casinos continued to contribute the largest amount, they fell 8.2% to 49.7 billion pesos. This pattern is consistent with the shift to online platforms, as seen in the decline of PAGCOR-operated casino and bingo operations.
