Philippine gaming regulator PAGCOR said Tuesday that it had generated revenue of Php79.43 billion (US$1.36 billion) for the first nine months of 2024 combined, representing a 42% increase over the same period last year.
Based on previous figures, it also means revenues for the third quarter of 2024 reached their highest of the year at Php27.7 billion (US$475 million), up from Php26.5 billion (US$455 million) in Q2 and from Php25.2 billion (US$432 million) in Q1.
Net income for the first nine months of the year reached Php9.63 billion (US$165 million), nearly double last year’s Php4.85 billion (US$83.2 million), the regulator added.
“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,” said PAGCOR Chairman and CEO, Alejandro Tengco.
The country’s surging e-Games sector now contributes the most to PAGCOR’s coffers, generating Php28.2 billion (US$484 million) or 35.5% of the nine-month revenue total, while licensed casinos added another Php24.5 billion (US$420 million) or 30.8%.
In total, Php69.9 billion (US$1.20 billion) came from gaming operations and license fees, Php6.43 billion (US$110 million) from other related services and Php3.11 billion (US$53.4 million) from “other income”.
PAGCOR also revealed a 40.4% increase in contributions to nation-building to Php48.9 billion (US$839 million).
“From our total contributions to nation-building, Php33.2 billion (US$570 million) went to the National Treasury as 50% government share,” Tengco said. “Half of the remittances to the national coffers, or Php16.6 billion (US$285 million), has been earmarked for PhilHealth to fund the Universal Healthcare Law.”
Aside from remittances to the National Treasury, PAGCOR said it also paid a total of Php3.49 billion (US$59.9 million) in franchise taxes and Php421.4 million (US$7.2 million) in Corporate Income Taxes to the Bureau of Internal Revenue.
The Philippine Sports Commission (PSC) received Php1.65 billion (US$28.3 million) as 5% PSC share while Php90.7 million (US$1.6 million) was released as incentives for athletes and coaches who won in international sports competitions.
