The Philippine Amusement and Gaming Corp. (PAGCOR) has increased its remittance to the country in the first 11 months of 2023, according to the Bureau of the Treasury. The amount totaled P30.58 billion, representing a 37% increase from the same period in 2022. This figure was twice the entire-year program of P15.03 billion established by the Department of Finance, but it fell short of pre-pandemic levels, which reached P32.3 billion in the same time frame in 2019.
In November alone, PAGCOR remitted P3.4 billion to the Bureau of the Treasury, a 42% increase from November 2022. The Department of Finance expects the National Government’s share of profits from PAGCOR to reach P29.87 billion in the ongoing year. By law, PAGCOR must hand out 50% of its net income to the Bureau of the Treasury.
Additionally, the CEO and President of PAGCOR, Alejandro Tengco, estimated that the gross gaming income (GGR) of the Philippines in 2024 is expected to reach PHP336.38 billion, which is approximately US$6.03 billion. He mentioned that the gross profits of the local gaming industry jumped 33% to hit P285.27 billion during 2023, exceeding the PAGCOR’s target of P273 billion for the same year.
In the third quarter of 2023, the gross gaming revenues of the Philippine gaming industry reached PHP68.8 billion (US$1.24 billion), marking a 20.1% increase compared to the third quarter of 2022. These figures show a positive trend for the gaming industry despite the challenges posed by the COVID-19 pandemic.