The entire Philippine Amusement and Gaming Corporation (PAGCOR) senior leadership team has stepped down.
The move comes as the current president, President Ferdinand Marcos Jr, and the government’s stance on those in senior leadership positions in government-owned and controlled corporations (GOCCs) is to step down.
PAGCOR heads step down
Onlookers believe the move was made by President Marcos Jr to win back public trust, but this has left a potential leadership hole in one of the nation’s biggest money-making sectors.
The government is yet to comment, but outgoing PAGCOR Chairman and CEO Alejandro H. Tengco said, “We serve at the pleasure of the President, and we will accept whatever the Chief Executive’s decision will be.”
Tenco makes way alongside President and COO Wilma Eisma and Directors Jose Maria Ortega, Francis Democrito Concordia, and Gilbert Cesar Remulla.
PAGCOR contributed Gross Gaming Revenue (GGR) of PHP 410 billion ($7.15 billion) to the coffers of the Philippines from Q1 2024 until the latest Q1 2025 reports. This would be a 25% improvement on the mandated amount that is projected from the administration of licensed premises within the nation, according to a recent report.
As we reported, Q1 2025 figures improved further on the year prior, with PAGCOR stating that the administrator oversaw “PHP28 billion ($502.9 million) in earnings for Q1 2025—an 11.2% year-on-year increase—surpassing government targets by 4.45%. Gaming operations and license fees drove 91% of this revenue, while cost-cutting measures reduced expenses by 15.5%, boosting net income to PHP4.22 billion ($75.9 million).”
These courtesy resignations in the Philippines are a respectful tradition that some believe will be rejected after a review of the financial windfall that the outgoing leadership team has achieved across the last financial year.
PAGCOR is a crown jewel for the Philippines’ tourism and entertainment sectors, and as the report shows, is a huge contributor to the nation’s financial health.
Until the fates of Tenco, Eisma, Ortega, Concordia, and Remulla are decided, all leaders will continue in their roles at the helm of the successful entity.
Featured image: Pexels
