PAGCOR to reduce online casino tax share to fight illegal gambling
PAGCOR’s chairman believes that illegal gambling has grown because of high taxes charged by the regulator.
The Philippines.- Alejandro Tengco, chairman and CEO of the Philippine Amusement and Gaming Corp (PAGCOR), has revealed plans to reduce the government’s share in casino revenues from the current 42.5 per cent to 37.5 per cent by March, with a target of 30 to 32 per cent by next year.
During an interview with The Inquirer, Tengo said the aims was to enhance competitiveness and curb the rise of illegal gambling. The regulator estimates monthly losses of about PHP1bn (US$17.8m) to unlicensed online casinos.
Tengco said that since PAGCOR reduced its share of revenue from online casinos to 42.5 per cent there have been fewer closures in the sector. Tengco also said he believes the ban on online cockfighting (esabong) should be lifted and the activity properly regulated.
Tengco said last week he expects Philippine gross gaming revenue (GGR), including non-casino operations, to reach PHP336.38bn in 2024. PAGCOR’s chairman said e-gaming is expected to contribute PHP61.75bn this year. PAGCOR is preparing to launch its own online casino, casinofilipino.com, in the second half of this year.
