The Commission on Audit (COA) has revealed that PAGCOR has to collect receivables of nearly PHP1.37bn (US$27.3m) from 15 Philippine offshore gaming operators (POGOs).
The Philippines.- The Commission on Audit has revealed in its annual 2020 report on PAGCOR that the regulator has failed to collect nearly PHP1.37bn (US$27.3m) from 15 Philippine offshore gaming operators (POGOs).
According to the report, some of the receivables were already one or three years past due and there are also uncollected revenues from operators of poker, traditional, electronic, and rapid bingo, and other electronic games.
Auditors said: “Further verification revealed that the past due receivables from offshore gaming were the accounts of the POGOs with cancelled operating sites and some with approved payment restructuring that have been already endorsed to the legal department for appropriate action, among others.”
Of the 15 POGOs that failed to pay, eight had their licences revoked, one was suspended and three were under review. The remaining three operators were still working as of January 12, 2021.
PAGCOR revenue could return to pre-Covid-19 levels by the end of 2022
Andrea Domingo, PAGCOR chairman, has said the casino industry in the Philippines could return to pre-pandemic levels by the end of next year if the country achieves herd immunity and borders restrictions are lifted. She also predicted PAGCOR’s revenues could reach between PHP35bn (US$701.6m) to PHP38bn in 2021.
The regulator has revealed that gaming income for the first half fell by 20 per cent year-on-year to PHP14.7bn (US$293.1m). For the first six months, the regulator made a profit of PHP79m.
PAGCOR previously reported that gaming revenue fell by 51.4 per cent year-on-year to PHP8.36bn (US$172.8m) in the first quarter of 2021, compared to nearly PHP17.22bn (US$339.8m) in the first quarter of 2020. Net income reached PHP152.6m (US$3.2m), down 80 per cent from Php777.4m (US$15.3m).