Philippine gaming regulator PAGCOR announced on Tuesday that it generated revenue of PHP 79.43 billion ($1.36 billion) for the first nine months of 2024, a figure that marks a 42% increase over the same period last year.
According to the report, revenue for the third quarter reached its highest for the year at PHP 27.7 billion ($475 million), up from PHP 26.5 billion ($455 million) in Q2 and from PHP 25.2 billion ($432 million) in Q1.
Furthermore, net income for the first nine months of the year reached PHP9.63 billion ($165 million), almost double the prior year’s PHP 4.85 billion ($83.2 million), the regulator detailed.
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 PHP100 billion revenue target by year-end.”
Alejandro Tengco
As per the report, the country’s eGaming sector is now the biggest contributor to PAGCOR’s coffers, generating PHP 28.2 billion (U$484 million), which accounts for 35.5% of the nine-month revenue total. Meanwhile, licensed casinos added another PHP 24.5 billion ($420 million) or 30.8%.
In total, PHP 69.9 billion ($1.20 billion) came from gaming operations and license fees, PHP 6.43 billion ($110 million) from other related services, and PHP 3.11 billion ($53.4 million) from “other income”. Additionally, the regulator also reported a 40.4% increase in contributions to nation-building to PHP 48.9 billion ($839 million).
“From our total contributions to nation-building, PHP 33.2 billion ($570 million) went to the National Treasury as 50% government share,” Tengco said. “Half of the remittances to the national coffers, or PHP 16.6 billion ($285 million), has been earmarked for PhilHealth to fund the Universal Healthcare Law.”
The regulator further said it also paid a total of PHP 3.49 billion ($59.9 million) in franchise taxes and PHP 421.4 million ($7.2 million) in Corporate Income Taxes to the Bureau of Internal Revenue.
Meanwhile, the Philippine Sports Commission (PSC) received PHP 1.65 billion ($28.3 million) as a 5% PSC share while PHP 90.7 million ($1.6 million) was released as incentives for athletes and coaches who won in international sports competitions.
Original article: https://www.yogonet.com/international/noticias/2024/10/29/83557-pagcor-reports-42-increase-in-revenue-to-136b-for-first-nine-months-of-the-year
