Philippine gaming regulator PAGCOR will reduce the gross gaming revenue (GGR) remittance rate for online and on-site betting platforms as of 1 April 2024, with the goal of attracting more gaming investments in the Philippines, the agency has announced.
In a statement, PAGCOR Chairman and CEO Alejandro Tengco said the rates for online and onsite betting platforms will be lowered by an average of 5% from current levels.
“The remittance rates should then average around 35% [of GGR], which is quite significant because when we assumed office in August 2022, the prevailing remittance rate was over 50%,” Tengco said.
“We have gradually lowered them so that by 1 April, our rates will be at par with global industry standards.”
Tengco explained that the reduction in rates should encourage even those who are now operating illegally to consider securing licenses from PAGCOR, which in turn should further boost PAGCOR’s licensing and regulatory revenues.
He also expressed his confidence in the upward trajectory of the Philippine gaming industry, having earlier predicted that industry-wide GGR would reach Php336.4 billion (US$6 billion) in 2024.
“We expect gaming revenues to sustain growth this year and beyond with the increasing demand for leisure, travel and entertainment from both local and foreign tourists,” he said.
“We will also have at least one new IR opening every other year starting with Solaire North in Quezon City which will open its doors in the first half of 2024, followed by another new IR in Clark, with several more in the pipeline including one in Cebu.”
