The Philippine Amusement and Gaming Corporation (PAGCOR) reported that its revenue surged in the first nine months, thanks to the robust performance of electronic gaming and physical casinos.
A statement released by the government gaming regulatory body and operator indicated that Pagcor's revenue from January to September reached 79.43 billion pesos, a 42% increase from the 55.95 billion pesos recorded in the same period last year.
Pagcor Chairman and CEO Alejandro H. Tengco attributed this strong performance to the vigorous electronic gaming sector and the continued growth of the country's licensed casinos and integrated resorts. "The electronic gaming sector alone contributed 28.22 billion pesos to the gaming revenue, accounting for 35.52%, followed by the licensed casino industry, which contributed 30.84% or 24.5 billion pesos from franchise fees," he said.
The state gaming agency's net income also doubled, reaching 9.63 billion pesos.
Despite the government's decision to ban offshore gaming operations, Pagcor remains optimistic about achieving its revenue target of 100 billion pesos for the year.
Pagcor's revenue increase directly translates into more contributions to national development. The agency remitted 33.19 billion pesos to the Treasury, half of which was allocated to the Philippine Health Insurance Corporation to fund the Universal Health Care Law.
Other beneficiaries of Pagcor's donations include the Philippine Sports Commission, the Bureau of Internal Revenue, and various socio-civic projects under the Office of the President.
