The Philippines recognised Pagcor, the state’s gaming authority, for its significant contribution to the national coffers in 2024. On September 16th, the body received a special certificate from the country’s Department of Finance at the famous Malacañang Palace.
About an Economic Breakthrough
Let us list the major figures:
- Last year, Pagcor generated ₱12.7 billion (approximately $219 million) for the Philippine treasury.
- The corporation became the 3rd-largest source of budget revenue after the local Landbank and Central Bank, with ₱33.5 billion and ₱18.9 billion, respectively.
- The GGR of the gaming sphere in 2024 accounted for ₱112 billion. Niche experts attribute this rapid growth to the development of the online vertical.
Pagcor’s Chairman and Chief Executive noted that the achievement reaffirmed the body’s unwavering dedication to covering fiscal and social duties. In Alejandro Tengco's opinion, every peso generated for the national coffers reflects his employees' devotion and is a reward for the Filipino people’s trust.
The ₱8.45 billion is a portion of the regulator’s entire dividends that yields 50% of its net profits. The rest, ₱4.2 billion (¼), is planned to be used as an advance payment to cover future liabilities. The Ministry of Finance has asked state-operated organisations to raise their contributions by 25% to grow non-tax revenue.
Combating Illegal Gambling: Funding
A significant part of the regulator’s investments will be used to strengthen efforts to confront the shadow sector. Other local gaming representatives are also supporting this program.
At the end of September, Mr Tengco revealed a check for ₱25 million to the National Bureau of Investigation (NBI). The agency has committed to combating unlicensed companies and shutting down POGOs. The allocated funds will be used to support detained foreigners who await deportation.
Pagcor’s CEO noted that his team fully supports the promotion of legal, fair, and responsible entertainment in the country. Offshore brands ignore the laws, harm citizens, and put local cultural groups at risk. Cooperating with like-minded partners like the NBI, the regulator plans to completely eradicate the shadow sector and make gaming safe and transparent.
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