PAGCOR Reports 42% Revenue Surge in Q3 Amid Offshore Gaming Ban

Impressive Revenue Growth Amid Regulatory Changes

PAGCOR reported a total revenue of PHP 79.4 billion (approximately $1.39 billion) for the period, marking a 42% rise compared to the same timeframe last year. Of this amount, PHP 69.9 billion was generated from gaming operations and license fees collected from operators and providers within the jurisdiction.

The corporation’s net income saw a remarkable jump of 98.3%, climbing from PHP 4.85 billion to PHP 9.63 billion. This substantial growth indicates strong operational efficiency and effective cost management during the period.

Alejandro Tengco, PAGCOR Chairman and CEO, emphasized the organization’s robust performance despite challenges. He stated, “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 100 billion revenue target by the end of the year.”

Contributions to National Development

PAGCOR made significant contributions totaling PHP 48.9 billion towards nation-building efforts, including taxes and donations. This includes PHP 33.2 billion paid to the National Treasury as part of the government’s 50% share, an additional PHP 3.5 billion in franchise taxes, and PHP 421.4 million in corporate income taxes.

The corporation allocated PHP 9.3 billion to socio-civic projects, PHP 140.2 million to the Renewable Energy Trust Fund, and PHP 90.7 million for sports incentives and benefits. The Philippine Sports Commission received PHP 1.6 billion, with PHP 90.7 million distributed as incentives to athletes and coaches who excelled in international competitions.

Funding Universal Healthcare

Tengco highlighted the impact of PAGCOR’s remittances on public health initiatives, stating, “Half of the remittances to the national coffers—or PHP 16.59 billion—has been earmarked for PhilHealth to fund the Universal Healthcare Law.”

PAGCOR recently announced plans for a flagship infrastructure project. The initiative aims to construct 1,200 classrooms and several medical facilities, further contributing to the nation’s educational and healthcare systems.