{"id":777001116,"date":"2022-12-16T13:06:46","date_gmt":"2022-12-16T16:06:46","guid":{"rendered":"https:\/\/focusgn.com\/asia-pacific\/?p=777001116"},"modified":"2026-04-23T01:58:39","modified_gmt":"2026-04-23T04:58:39","slug":"pagcor-to-contribute-10-ggr-to-maharlika-investment-fund","status":"publish","type":"post","link":"https:\/\/focusgn.com\/asia-pacific\/pagcor-to-contribute-10-ggr-to-maharlika-investment-fund","title":{"rendered":"PAGCOR to contribute 10% GGR to Maharlika Investment Fund"},"content":{"rendered":"\n

The creation of the Maharlika Investment Fund as a new sovereign wealth fund was approved this week.<\/p>\n\n\n\n\n\n\n\n

The Philippines.- The Philippine Amusement and Gaming Corporation <\/strong>(PAGCOR) will have to contribute 10 per cent of gross gaming revenue (GGR) to the recently created Maharlika Investment Fund (MIF). The creation of the fund was approved by the House of Representatives on Thursday night (December 15) by 279 votes against six and no abstentions.<\/p>\n\n\n\n

The Land Bank of the Philippines (LBP), Development Bank of the Philippines (DBP), Bangko Sentral ng Pilipinas (BSP) will also contribute to the MIF. The Government Service Insurance System (GSIS) and the Social Security System (SSS) have been removed from the fund\u2019s list of contributors.<\/p>\n\n\n\n

The move has rekindled the debate on whether to separate PAGCOR’s dual functions<\/a>. Earlier this week, the Philippine finance secretary Benjamin E. Diokno <\/strong>said it should be a regulator only<\/a>. <\/p>\n\n\n\n

Diokno said: \u201cPAGCOR is a regulator but at the same time it operates gambling companies. That\u2019s wrong. If you\u2019re a regulator, stick to that. You cannot run gambling casinos. It\u2019s like saying that you have a central bank and yet you\u2019re also running a bank. That cannot work.\u201d<\/p>\n\n\n\n

The Governance Commission for GOCCs (GCG)<\/a> is evaluating the decoupling of the functions of the regulator. <\/p>\n\n\n\n

Philippines GGR up 110.4% for Q3<\/h2>\n\n\n\n

PAGCOR has reported that gross gaming revenue in the third quarter of the year came to PHP49.36bn (US$860.7m). That\u2019s a rise of 7.6 per cent quarter-on-quarter<\/a> and 110.4 per cent year-on-year.<\/p>\n\n\n\n

Private casino resorts, including those located in Manila\u2019s Entertainment City, produced about 90.7 per cent of all GGR (PHP44.75bn). This was up by 6 per cent quarter-on-quarter and 105 per cent when compared to last year. Revenue from bingo, electronic games parlours and e-sabong are not included in casino GGR figures.<\/p>\n\n\n\n

PAGCOR-owned casinos generated PHP4.63bn, up 21.6 per cent. This excludes bingo revenue at in-house venues.<\/p>\n","protected":false},"excerpt":{"rendered":"

The creation of the Maharlika Investment Fund as a new sovereign wealth fund was approved this week.<\/p>\n","protected":false},"author":176,"featured_media":29533,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"is_press_release":false,"is_interview":false,"is_opinion":false,"focusai_summary":"The Philippines has approved the Maharlika Investment Fund (MIF), mandating the Philippine Amusement and Gaming Corporation (PAGCOR) to contribute 10% of its Gross Gaming Revenue (GGR). This development has reignited the debate over separating PAGCOR's dual functions as both a regulator and an operator, with the Governance Commission for GOCCs (GCG) currently evaluating the decoupling. Concurrently, PAGCOR reported a robust Q3 GGR of PHP49.36bn (US$860.7m), marking a 110.4% year-on-year increase.","focusai_entities":"Maharlika Investment Fund, Philippine Amusement and Gaming Corporation, House of Representatives, Land Bank of the Philippines, Development Bank of the Philippines, Bangko Sentral ng Pilipinas, Government Service Insurance System, Social Security System, Benjamin E. Diokno, Governance Commission for GOCCs","focusai_location":"Philippines, Manila","focusai_target_profile":"ceo_executive (0.95), regulator (0.98), compliance_legal (0.9), operator_casino (0.97), investor_analyst (0.96), supplier_vendor (0.75), journalist_researcher (0.98)","focusai_suggestions":[{"label":"MIF GGR Impact","query":"What are the projected long-term financial implications for PAGCOR's operational budget and capital expenditure plans resulting from the mandatory 10% GGR contribution to the Maharlika Investment Fund?"},{"label":"PAGCOR Decoupling Timeline","query":"What is the anticipated timeline for the Governance Commission for GOCCs (GCG) to finalize its evaluation and implement the proposed decoupling of PAGCOR's regulatory and operational functions, and what specific governance frameworks are being considered?"}],"footnotes":""},"categories":[23876,16333],"tags":[405],"class_list":["post-777001116","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-social-news","category-south-east-asia-news","tag-pagcor"],"_links":{"self":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777001116","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=777001116"}],"version-history":[{"count":4,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777001116\/revisions"}],"predecessor-version":[{"id":777001148,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777001116\/revisions\/777001148"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media\/29533"}],"wp:attachment":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media?parent=777001116"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/categories?post=777001116"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/tags?post=777001116"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}