MANILA, Philippines — The local gambling industry is expected to rake in some P245 billion in revenues this year as the economy continues to reopen, allowing greater operational capacity of the sector.
Data from state-run Philippine Amusement and Gaming Corp. (PAGCOR) show that the agency is targeting a 14 percent increase in gross gaming revenue (GGR) to P244.84 billion this year from the P214.34 billion generated last year.
PAGCOR chairman and CEO Alejandro Tengco said the improvement in revenues this year would be driven by the continued momentum of the local gaming industry.
PAGCOR is also banking on last year’s robust performance to be sustained on the back of the opening of Philippine borders to local and foreign tourists.
“Since the lockdowns were eased in the country late last year and gaming venues reopened, customer confidence slowly returned and the attendance in our owned casinos slowly improved,” Tengco said.
The government continues to allow casinos and other games to return to their operations at much bigger capacities as COVID cases continue to drop, and as the population gets more vaccines.
Further, PAGCOR is looking at 100 percent payment of its mandatory contributions to recipient agencies and 98 percent collection efficiency of license and regulatory fees.
As mandated by law, PAGCOR is tasked to provide portions of its earnings to the Bureau of the Treasury, the Bureau of Internal Revenue, the Philippine Sports Commission, and local governments hosting PAGCOR casinos, among others.
PAGCOR is also being tapped to provide funds for the implementation of vital laws, such as the Early Childhood Care and Development program, the Sports Incentives and Benefits Act, the National Cultural Heritage Act, and the Renewable Energy Act.
PAGCOR, likewise, targets to fully complete its transactions within the prescribed period, revise its competency framework, and establish a competency baseline for employees.
To achieve this year’s goals, Tengco said PAGCOR is moving to improve its regulatory functions and business operations.
“We will ensure that our plans and programs for 2023 will be generally beneficial to our industries, putting foremost the interests of responsible gaming and of nation-building,” Tengco said.