PAGCOR posts income of US$1.08bn for 2022

PAGCOR has reported that income grew 66.2 per cent on year-on-year terms to PHP58.96bn.

The Philippines.- The Philippine Amusement and Gaming Corp (PAGCOR) has reported income of PHP58.96bn (US$1.08bn) for the year 2022. The figure was up 66.2 per cent when compared to the previous year.

The dual regulator and operator reported PHP55.05bn (US$1bn) in income from gaming operations, up 68.7 per cent yearly. Meanwhile, its expenses increased by 61.4 per cent year-on-year to PHP22.59bn. PAGCOR had to withdraw nearly PHP31.65bn in subsidies, financial aid and other contributions to the government.

It reported net revenue of nearly PHP4.45bn in 2022, compared to PHP203.57m in 2021. The 2021 results were affected by multiple countermeasures associated with the Covid-19 pandemic. However, 2022 performance was still only half of the PHP9.01bn reported in 2019 before the pandemic.

The financial report comes amid new calls to privatise PAGCOR’s gaming operations to fund the Maharlika Investment Fund (MIF). Former senate president Franklin Drilon said the privatisation of PAGCOR’s gaming and the Philippine Charity Sweepstakes Office (PCSO) would generate up to PHP300bn (US$5.5bn) a year that could fund the government’s proposed sovereign investment fund.

PAGCOR currently contributes 10 per cent of gross gaming revenue (GGR) to the MIF. The main contributor to the fund is the Land Bank of the Philippines (LBP), set to contribute some PHP50bn (US$917.59m).

If PAGCOR’s gaming operations are privatised, Drilon said that the government would not need to use the dividends generated by the LBP and government financial institutions such as the Bangko Sentral ng Pilipinas (BSP), Development Bank of the Philippines (DBP) and Land Bank of the Philippines (LBP) to fund the MIF.