PAGCOR’s H1 2024 remittance to Philippine Treasury hits €51.6 million

Jenny Ortiz July 9, 2024

SiGMA news

PAGCOR’s H1 2024 remittance to Philippine Treasury hits €51.6 million

The Philippine Amusement and Gaming Corporation (PAGCOR) remitted PHP3.27 billion (€51.6 million) to the national treasury in May 2024, a 25 percent increase from the PHP2.6 billion (€41 million) recorded in May 2023.

The Bureau of the Treasury reported that PAGCOR’s total remittance for the first five months of 2024 reached PHP17.38 billion (€274.3 million), up 31 percent from PHP13.25 billion (€209 million) in the same period last year, surpassing pre-pandemic levels.

The Philippine gaming industry faced challenges during the pandemic, with two-year lockdowns starting on March 16, 2020, severely affecting casino operations and limiting foreign gamblers. Despite these setbacks, PAGCOR’s recent figures indicate a strong recovery.

As the third-largest revenue-generating agency for the government, PAGCOR is required by law to allocate 50 percent of its net revenue to the national government. The Treasury expects PAGCOR’s contribution to reach PHP29.87 billion (€471.4 million) in 2024.

E-games sector performance

PAGCOR Chairman and CEO Alejandro Tengco highlighted the electronic games sector’s exceptional performance, which generated PHP22.5 billion in the first quarter of 2024, over six times the PHP3.5 billion recorded last year. Tengco said the rise in e-games revenue exceeds the agency’s expectations, showing the impact of technology on entertainment.

2024 projections

Gross gaming revenues (GGR) in the first quarter of 2024 reached PHP81.70 billion (€1.3 billion), an 18.5 percent increase from PHP68.92 billion (€1 billion) in the same quarter last year. PAGCOR anticipates the total GGR for 2024 to hit PHP336.38 billion (€5.3 billion), a 17.9 percent increase from 2023’s figures.

In an interview with SiGMA News, Tengco expressed his confidence that the Philippines could achieve its target GGR this year. He said that this year and the coming years, the country will see the opening of new integrated resorts (IRs) and regular casinos. Projections for PAGCOR-operated casinos are also positive, with expected revenues reaching PHP81.27 billion (€1.28 billion) by the end of the year, a 2.39 percent growth from 2023’s PHP79.37 billion (€1.25 billion).

The agency’s contributions to the national treasury and its optimistic revenue projections for 2024 underscore the resilience and growth of the Philippine gaming industry post-pandemic.

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