The budget includes PHP12.1bn (US$214m) for socio-civic projects.<\/p>\n\n\n\n\n\n\n\n
The Philippines.-\u00a0The Philippine Amusement and Gaming Corporation (PAGCOR)\u00a0<\/strong>has earmarked PHP56.2bn (US$992m) for nation-building initiatives in 2024. This allocation reflects\u00a0an increase of PHP8bn (US$141m)<\/strong>\u00a0compared to the current year.<\/p>\n\n\n\n The 2024 budget includes PHP12.1bn (US$214m) for socio-civic projects, including the construction of school buildings, e-learning centres, and community wellness facilities.<\/p>\n\n\n\n PAGCOR<\/a> chairman and CEO Alejandro Tengco <\/strong>said: “We are pleased to say that PAGCOR shall again contribute to nation-building in a major way next year with the gaming industry\u2019s completely recovery and return to growth that was halted by the pandemic.”<\/p>\n\n\n\n This announcement followed the approval of PAGCOR’s 2024 revenue projections during the annual planning conference held in Baguio City. The agency expects net operating income to hit PHP61.5bn (US$1.1bn) in the coming year. The 50 per cent government share of its operating income is estimated at PHP37.5bn (US$662m).<\/p>\n\n\n\n PAGCOR will also contribute PHP3.95bn (US$70m) in the form of a 5 per cent franchise tax and provide the Philippine Sports Commission with PHP1.87bn (US$33m).\u00a0Cities hosting casinos will receive PHP451m (US$8m), while sports incentives and benefits will receive PHP100m (US$1.8m).<\/p>\n\n\n\n Tengco said PAGCOR will launch new flagship socio-civic projects in January, focusing on underprivileged and remote communities in the Visayas and Mindanao.\u00a0The projects will involve the construction of new school buildings, e-learning centres, community wellness facilities, and socio-civic centres.\u00a0<\/p>\n\n\n\n He said \u201cLet us be inspired that we are truly part of nation-building. As government workers, we are duty-bound to serve our country but as Filipinos, we are foremost called to help lay the foundations of a better nation.\u201d<\/p>\n\n\n\n In July, Tengco said\u00a0PAGCOR would surpass pre-pandemic revenue<\/a>\u00a0by the end of 2023. He also said that PAGCOR is committed to shifting to a purely regulatory role and that the\u00a0process would take place by the third quarter of 2025<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":" The budget includes PHP12.1bn (US$214m) for socio-civic projects.<\/p>\n","protected":false},"author":176,"featured_media":777008355,"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 Philippine Amusement and Gaming Corporation (PAGCOR) has allocated PHP56.2bn (US$992m) for 2024 nation-building initiatives, reflecting a significant increase and projecting PHP61.5bn (US$1.1bn) in net operating income. This financial commitment underscores the gaming industry's post-pandemic recovery and growth. Concurrently, PAGCOR reiterated its strategic intent to transition to a purely regulatory role by Q3 2025, signaling a fundamental shift in its operational model and governance framework.","focusai_entities":"PAGCOR, Philippine Amusement and Gaming Corporation, Alejandro Tengco, Philippine Sports Commission","focusai_location":"The Philippines, Baguio City, Visayas, Mindanao","focusai_target_profile":"ceo_executive (0.9), regulator (1.0), compliance_legal (0.85), operator_casino (0.9), affiliate_publisher (0.7), marketing_crm (0.7), payments_fraud_aml (0.7), investor_analyst (0.95), supplier_vendor (0.85), journalist_researcher (0.9)","focusai_suggestions":[{"label":"Regulatory Transition Impact","query":"What specific legislative or executive actions are anticipated to facilitate PAGCOR's transition to a purely regulatory role by Q3 2025, and how will this impact existing B2B\/B2C licensing frameworks?"},{"label":"Market Divestment Strategy","query":"What is PAGCOR's projected timeline and strategy for divesting its operational assets, and what mechanisms will be employed to ensure a transparent and competitive process for potential acquirers?"}],"footnotes":""},"categories":[157,16333],"tags":[405],"class_list":["post-777010828","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business-news","category-south-east-asia-news","tag-pagcor"],"_links":{"self":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777010828","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=777010828"}],"version-history":[{"count":3,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777010828\/revisions"}],"predecessor-version":[{"id":777041023,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777010828\/revisions\/777041023"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media\/777008355"}],"wp:attachment":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media?parent=777010828"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/categories?post=777010828"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/tags?post=777010828"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}