PAGCOR remits US$55.9bn to Philippine National Treasury

PAGCOR remits US$55.9bn to Philippine National Treasury

PAGCOR’s contribution to the government was up 25 per cent year-on-year.

The Philippines.- The Philippine Amusement and Gaming Corp. (PAGCOR) remitted PHP3.27bn (US$55.9m) to the National Treasury in May. The figure was up 25 per cent when compared to the previous year.

The total remitted in the first five months of the year was PHP17.38bn (US$297m), up 31 per cent from PHP13.25bn (US$226.5m) in the same period last year. PAGCOR’s contributions to the Treasury during the first five months of this year have surpassed pre-pandemic levels (PHP13.25bn) in 2019. PAGCOR is expected to contribute PHP29.87bn (US$511m) to the Treasury this year.

The regulator reported that gross gaming revenue (GGR) was PHP81.70bn (US$1.4bn) for the first quarter, up 2 per cent sequentially and 18.54 per cent year-on-year. Although land-based casino GGR was down year-on-year, total GGR was up because electronic games revenue rose six fold to PHP22.5bn.

The forecast for full-year GGR is PHP336bn (US$5.84bn). The first quarter total surpassed 24 per cent of the target. Gaming revenues are typically highest in the last quarter of the year, but first quarter GGR surpasses the record PHP80.12bn (US$1.39bn) seen in the last quarter of 2023. Full-year GGR for 2023 reached PHP285.27bn (US$4.95bn).

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