Philippines gaming regulator PAGCOR said Thursday it has allotted an additional Php8 billion (US$141 million) towards nation-building initiatives in 2024, taking its total contributions to Php56.2 billion (US$991 million).
The increase is due to the agency anticipating its earnings next year will exceed pre-pandemic levels, with the Philippines’ gaming industry enjoying a recent resurgence. A handful of new properties, such as Solaire North in Quezon City, are also scheduled to open in 2024.
According to PAGCOR, its 2024 allotment includes Php12.1 billion (US$213 million) for socio-civic projects comprising the construction of school buildings, e-learning centers and community wellness centers as well as its mandatory dividends to the national government.
“We are pleased to say that PAGCOR shall again contribute to nation-building in a major way next year with the gaming industry’s complete recovery and return to growth that was halted by the pandemic,” said PAGCOR Chairman and CEO Alejandro Tengco.
The 2024 allotment and revenue projections were approved by the PAGCOR board during its annual planning conference in Baguio City, where the agency said it expects net operating income to hit Php61.5 billion (US$1.08 billion) in the coming year.
Should it realize its projections, the biggest slice of PAGCOR’s contributions for 2024 will be the 50% government share from its operating income, estimated at Php37.5 billion (US$661 million), followed by the socio-civic component at Php12.12 billion.
Another major contribution to the national coffers will be the 5% franchise tax amounting to Php3.95 billion (US$69.7 million) and the share of the Philippine Sports Commission of Php1.87 billion (US$33.0 million). Cities that host PAGCOR casinos will get Php451 million (US$8.0 million) while sports incentives and benefits will receive Php100 million (US$1.8 million).
“Let us be inspired that we are truly part of nation-building,” said Tengco. “As government workers, we are duty-bound to serve our country but as Filipinos, we are foremost called to help lay the foundations of a better nation.”
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