PAGCOR CEO: Philippine gaming sector likely to surpass pre-pandemic earnings
Alejandro Tengco, PAGCOR’s chairman and CEO, is optimistic that the gaming industry will continue to grow.
The Philippines.- Alejandro Tengco, the chairman and CEO of Philippine Amusement and Gaming Corporation (PAGCOR), has expressed optimism regarding the continued growth of the gaming industry.
Tengco said: “Considering the upward trend of PAGCOR’s revenue from the first quarter of 2022 to the end of the year, and the recovery path of other gaming hubs in Asia such as Singapore and Macau, we are confident that the Philippine gaming industry will soon fully recover and even likely to exceed pre-pandemic gains.”
The regulator has reported an income of PHP58.96bn (US$1.08bn) for the year 2022, up 66.2 per cent when compared to the previous year. It reported a 20-fold increase in profit at PHP4.44bn (US$81.4m). This marks its highest earnings since the start of the pandemic, although it still falls short of the US$176.77m and US$581.96m recorded in 2019 and 2018, respectively.
Tengco’s optimism comes after senator Sherwin Gatchalian called for a senate investigation of PAGCOR’s agreement with Global ComRCI, the audit firm it hired to look at POGO finances. A recent hearing of the Senate Ways and Means Committee found that Global ComRCI had been awarded the contract based on questionable bank certifications.