Join us to learn more about gambling revenues’ impact on growth and development in the Philippines and the year-on-year success of the regulated market.
Earlier this month, the Philippine Amusement and Gaming Corporation (PAGCOR) made a significant contribution to the country’s economy. The gaming regulator turned over P1.95 billion (just over €32.4 million) to the National Treasury.
Welcome to the Billionaires Club
Over the past few years, PACGOR has achieved the status of an elite Philippine revenue agency, or "Billionaires Club". These government-owned and controlled corporations (GOCCs) contribute more than 1 billion Pesos (€166 million) annually to the country’s coffers.
PAGCOR Chairman and CEO Alejandro Tengco said:
Quote"With the resurgence of the local gaming industry in 2022, we were able to come up with another banner year as far as revenue-generation is concerned, thus this substantial contribution to the National Treasury.”
Deputy Treasurer Gisela Lood added:
Quote“With this latest dividends remittance from PAGCOR, the government will be more financially capable of setting into action many undertakings that will further the country’s economic growth.”
According to the country's Dividend Law, Republic Act (RA) No. 7656, all GOCCS are required to submit at least half their net annual revenue to the treasury. This ensures that essential government programs are funded, and high-value agencies receive the support they need to maintain and grow their economic contribution.
Gambling in the Philippines Breaks Records
The nation’s gambling regulator has been able to maintain its position as an elite agency by fostering a well-managed but growth-friendly gambling jurisdiction. In a recent Q1 2022 versus Q1 2023 comparative report, the PAGCOR Chairman revealed that the sector had shown incredible year-on-year growth.
He commented on this, saying:
Quote“The local gaming industry picked up from where it left off in 2022, and this is good news for our mandated beneficiaries as it means bigger remittances from us this year.”
The report showed that PACGOR posted a Q1 2023 gambling-related income of P16.87 billion (€280 million). This is a nearly 50% increase on the Q1 2022 income of P11.29 billion (€187 million).
Philippine Gambling Funds Local Development Programs
With how GOCC revenues are channelled into grassroots programs, the income generated by the regulated gambling market is an integral part of the country's future.
Alejandro Tengco confirmed this, saying:
Quote“The local gaming industry picked up from where it left off in 2022, and this is good news for our mandated beneficiaries as it means bigger remittances from us this year.”
Some of the local programs receiving financial aid are:
✓ The National Building fund.
✓ The Dangerous Drugs Board.
✓ The Philippine Sports Commission.
These programs all address the overall health and safety of the Philippines as they deal with infrastructure, addiction, and promoting sports and athleticism as a healthy lifestyle.
PACGOR also makes sizeable contributions to the region’s Board of Claims under the Department of Justice, local socio-civic programs, and its internal social responsibility projects.
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