Philippines gaming regulator PAGCOR remitted 43% more revenue to the government’s coffers in the first seven months of the year than during the same period in 2022, according to a Bureau of the Treasury report, although this is still 6% lower than pre-pandemic levels.
As per the Manila Bulletin, total remittance between 1 January and 31 July 2023 reached Php18.84 billion (US$331 million), compared with Php13.12 billion (US$231 million) in the 2022 period and Php20.13 billion (US$354 million) from January to July 2019. The Php2.83 billion (US$49.8 million) remitted in July alone was 26% higher year-on-year.
The figures correspond to the gaming regulator’s revenue recovery, with Philippine law mandating it remit 50% of its revenues to the government each year to aid nation building.
As noted by the Manila Bulletin, PAGCOR revenue from January to June 2023 increased by 35.6% year-on-year to Php36.21 billion (US$637 million), with Chairman and CEO Alejandro Tengco expecting industry-wide GGR to exceed 2019 levels by the end of the year.
“Pagcor will certainly ride on the tide of our country’s economic growth,” Tengco said previously.
“As economic activities reach pre-pandemic levels, we are optimistic that we can sustain the gaming industry’s growth momentum as we fortify our regulatory policies to attract more investors in the Philippines.”
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