Philippines gaming regulator PAGCOR says it expects to achieve revenue of Php75.1 billion (US$1.43 billion) in 2020.
PAGCOR Vice President James Patrick Bondoc presented the forecast – which exceeds the Php73.8 billion revenue estimate for 2019 – at a budget briefing of the House Committee on Appropriations, with next year’s figure to include Php73.6 billion from gaming operations and Php1.5 billion from related services and other income, according to BusinessMirror.
However, an expected 16.7% increase in operating expenses to Php19.7 billion will see the regulator’s contributions to nation-building fall from Php51.5 billion this year to Php49.7 billion in 2020. As mandated by Philippines law, PAGCOR must pay a range of taxes and contributions to the government each year including a 5% franchise tax and 50% share of gaming income.
Contributions to nation-building for the first half of 2019 totaled Php27.6 billion, Bondoc said.
PAGCOR recently reported income from gaming operations of Php36.57 billion (US$714.5 million) for the six months to 30 June 2019, up 9.3% year-on-year.
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