PAGCOR has reported that net income plunged nearly 87 per cent from PHP1.55m (US$307.4m) to PHP203.6m (US$4.0m) in 2021.<\/p>\n\n\n\n\n\n\n\n
The Philippines.-\u00a0The Philippine Amusement and Gaming Corp (PAGCOR)\u00a0<\/strong>has reported that net income for the year 2021 was down 86.9 per cent year-on-year to\u00a0PHP203.6m (US$4.0m)<\/strong>. According to the regulator, the drop was mainly due to multiple countermeasures and lockdowns associated with the Covid-19 pandemic.<\/p>\n\n\n\n The government decided to keep the country\u00a0under Alert Level 2<\/a>\u00a0until the end of the year due to the new Omicron strain and casinos operated on a limited basis throughout most of 2021. Pagcor\u2019s gross gaming revenue excluding taxes and donations was down 9.4 per cent from PHP20.26bn in 2020 to PHP18.35bn in 2021.<\/p>\n\n\n\n PAGCOR Chairman and CEO\u00a0Andrea Domingo<\/strong>\u00a0told Business Mirror that the closure of some Philippine offshore gaming operators (POGOs) has partly contributed to a drop in PAGCOR’s net income. Meanwhile,\u00a0expenditures including donations to the national government\u00a0<\/strong>reached PHP17.86bn, down 4.48 per cent from the previous year’s PHP18.7bn.<\/p>\n\n\n\n Last October,\u00a0Carlos G. Dominguez, the Philippines\u2019 finance secretary\u00a0<\/strong>said just\u00a040 POGO licence holders were operating<\/a>, compared with 61 before the Covid-19 pandemic. Dominguez associated this with China\u2019s crackdown on cross-border gaming as well as budget shortfalls.<\/p>\n\n\n\n Last year, the Philippines\u2019 president\u00a0signed a new tax bill into law<\/a>, obliging\u00a0Philippine offshore gaming operators (POGOs)<\/a>\u00a0to pay\u00a0a 5 per cent tax on their gross gaming revenue<\/strong>.<\/p>\n","protected":false},"excerpt":{"rendered":" PAGCOR has reported that net income plunged nearly 87 per cent from PHP1.55m (US$307.4m) to PHP203.6m (US$4.0m) in 2021.<\/p>\n","protected":false},"author":176,"featured_media":26853,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"is_press_release":false,"is_interview":false,"is_opinion":false,"focusai_summary":"PAGCOR reported an 86.9% year-on-year plunge in net income to PHP203.6m in 2021, primarily attributed to COVID-19 lockdowns and limited casino operations. Gross Gaming Revenue also declined by 9.4%, exacerbated by the closure of numerous Philippine Offshore Gaming Operators (POGOs) and the implementation of a new 5% GGR tax on POGOs.","focusai_entities":"PAGCOR, Andrea Domingo, Business Mirror, Carlos G. Dominguez","focusai_location":"Philippines","focusai_target_profile":"ceo_executive (0.9), regulator (1.0), compliance_legal (0.85), operator_casino (0.9), investor_analyst (0.95), supplier_vendor (0.8), journalist_researcher (0.9)","focusai_suggestions":[{"label":"POGO Market Outlook","query":"What is PAGCOR's projected timeline for the recovery of the POGO sector, considering China's ongoing crackdown and the new tax regime?"},{"label":"Regulatory Impact Assessment","query":"How does PAGCOR plan to mitigate the financial impact of future public health crises on its revenue streams and the broader gaming industry?"}],"footnotes":""},"categories":[163,16333],"tags":[229,405],"class_list":["post-26832","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance-news","category-south-east-asia-news","tag-gambling","tag-pagcor"],"_links":{"self":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/26832","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/users\/176"}],"replies":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/comments?post=26832"}],"version-history":[{"count":2,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/26832\/revisions"}],"predecessor-version":[{"id":26860,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/26832\/revisions\/26860"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media\/26853"}],"wp:attachment":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media?parent=26832"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/categories?post=26832"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/tags?post=26832"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}