{"id":777007453,"date":"2023-07-20T06:46:35","date_gmt":"2023-07-20T09:46:35","guid":{"rendered":"https:\/\/focusgn.com\/asia-pacific\/?p=777007453"},"modified":"2026-04-22T19:50:39","modified_gmt":"2026-04-22T22:50:39","slug":"pagcor-reports-net-income-of-us662m-for-h1","status":"publish","type":"post","link":"https:\/\/focusgn.com\/asia-pacific\/pagcor-reports-net-income-of-us662m-for-h1","title":{"rendered":"PAGCOR reports net income of US$662m for H1"},"content":{"rendered":"\n

PAGCOR’s income in the first half of 2023 was up 35.64 per cent.<\/p>\n\n\n\n\n\n\n\n

The Philippines.-\u00a0The Philippines Amusement and Gaming Corp (PAGCOR)\u00a0<\/strong>has shared its financial results for the first half of the year. Income was up 35.64 per cent\u00a0in year-on-year terms<\/a>\u00a0from PHP26.7bn to PHP36.21bn (US$662m).<\/p>\n\n\n\n

The regulator reported\u00a0revenue of PHP2.59bn (US$47m)<\/strong>, 6.68 per cent short of its pre-pandemic of PHP38.81bn (US$710m) in 2019. The majority of PAGCOR’s revenue growth came from gaming operations and regulatory fees from licensees. These two sources accounted for PHP34.12bn, or 94.3 per cent of PAGCOR’s revenue and rose 38.03 per cent when compared to last year.<\/p>\n\n\n\n

PAGCOR chairman and CEO\u00a0Alejandro Tengco\u00a0<\/strong>said PAGCOR would surpass its pre-pandemic revenue by the end of 2023.\u00a0<\/p>\n\n\n\n

He said: “PAGCOR will certainly ride on the tide of our country\u2019s economic growth. As economic activities reach pre-pandemic levels, we are optimistic that we can sustain the gaming industry\u2019s growth momentum as we fortify our regulatory policies to attract more investors in the Philippines.”<\/p>\n\n\n\n

The increase in gaming operations revenue was driven by the growth in industry gross gaming revenue (GGR). GGR in the first half of 2023 reached PHP136.37bn (US$2.5bn), which is 48.68 per cent higher than GGR in the first half of 2022.<\/p>\n\n\n\n

In the first half of 2023, PAGCOR remitted PHP22.62bn to the government<\/strong>, which is 48.50 per cent higher than the amount remitted in the first half of 2022. Of the total, PHP16.20bn went to the National Treasury while PHP8bn will be transferred to the Philippine Health Insurance Corporation to fund universal healthcare.<\/p>\n\n\n\n

The remaining PHP6.42bn was remitted to other government agencies, including the Bureau of Internal Revenue, the Board of Claims, the Philippine Sports Commission and cities hosting PAGCOR’s Casino Filipino branches.<\/p>\n\n\n\n

A week ago, speaking at\u00a0the Global Gaming Expo (G2E) Asia in Macau<\/a>, Tengco said that PAGCOR is committed to shifting to a purely regulatory role. PAGCOR currently regulates, authorises and licenses gaming in the Philippines but\u00a0it also operates over 40 casinos itself<\/strong>. However, this dual role has been seen as a conflict of interests and a potentially unfair advantage over private-sector licensees.<\/p>\n\n\n\n

Tengco said that privatisation would bring new capital, advanced technologies and expertise into the Philippine gaming market. He also said the move would streamline PAGCOR\u2019s processes, stimulate expansions and innovations and generate additional revenues for high-impact government projects.<\/p>\n","protected":false},"excerpt":{"rendered":"

PAGCOR’s income in the first half of 2023 was up 35.64 per cent.<\/p>\n","protected":false},"author":176,"featured_media":32940,"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 a 35.64% year-on-year income increase to PHP36.21bn in H1 2023, primarily driven by gaming operations and regulatory fees, with industry GGR up 48.68%. Concurrently, PAGCOR Chairman Alejandro Tengco reiterated the agency's commitment to divest its operational assets and transition to a purely regulatory function, aiming to attract new capital and expertise to the Philippine gaming market. This strategic pivot is expected to streamline processes, stimulate industry growth, and enhance government revenue generation.","focusai_entities":"PAGCOR, Alejandro Tengco, National Treasury, Philippine Health Insurance Corporation, Bureau of Internal Revenue, Board of Claims, Philippine Sports Commission, Global Gaming Expo (G2E) Asia","focusai_location":"Philippines, Macau","focusai_target_profile":"ceo_executive (0.95), regulator (1.0), compliance_legal (0.85), operator_casino (0.95), affiliate_publisher (0.7), tech_data (0.7), marketing_crm (0.7), investor_analyst (0.98), supplier_vendor (0.85), journalist_researcher (0.95)","focusai_suggestions":[{"label":"Privatization Timeline","query":"What is the projected timeline and specific divestment strategy for PAGCOR's operational assets, and how will this impact the B2B\/B2C licensing process for new entrants?"},{"label":"GGR Growth Drivers","query":"Beyond the reported GGR increase, what specific gaming verticals or market segments are primarily driving the robust growth in the Philippine iGaming and land-based casino sectors?"}],"footnotes":""},"categories":[163,158,16333],"tags":[405],"class_list":["post-777007453","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance-news","category-slider-home","category-south-east-asia-news","tag-pagcor"],"_links":{"self":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777007453","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=777007453"}],"version-history":[{"count":2,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777007453\/revisions"}],"predecessor-version":[{"id":777007477,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777007453\/revisions\/777007477"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media\/32940"}],"wp:attachment":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media?parent=777007453"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/categories?post=777007453"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/tags?post=777007453"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}