The Philippine Amusement and Gaming Corporation (PAGCOR) has released the latest earnings report, with revenue having risen by 11.2% in the first quarter of the year.
Between January and March, the revenue rose to P28.07 billion (roughly $506,029,118) which is a rise from last year’s P25.24 billion (around $455,011,576.)
The results show that the actual data is 4.45% higher than what the government target was set at too, with this being P26.88 billion.
A large portion of the revenue came from gaming operations and license fees with this contributing to a massive Php25.2 billion. While these were the primary revenue sources, other streams included business income and service fees.
PAGCOR is a 100 per cent government-owned and controlled corporation which sits under the Office of the President of the Republic of the Philippines. It was set up to put a stop to the growing proliferation of illegal casino operations in various parts of the country.
PAGCOR CEO cites improved operational efficiency in latest report
The chairman and CEO, Alejandro H. Tengco, attributed the recent strong performance to improved operational efficiency and the strategic reforms which had taken place within the agency.
“This solid performance reflects PAGCOR’s commitment to responsible governance and fiscal discipline,” he said in the news release.
“The gains we have made in the first quarter will allow us to contribute even more to nation-building for the rest of the year.”
Along with the growth in revenue, the operating expenses for PAGCOR were also down as they were ‘slashed by 15.54% to Php6.21 billion, down from Php7.36 billion in the same period last year.’
As a result, the agency saw a net income of Php4.22 billion which is up 23% from what was seen in the first quarter of 2024.
Tengco continued to state the gaming agency will continue to innovate and strengthen regulatory oversight to ensure that the agency’s revenues directly benefit the Filipino people through its nation-building and corporate social responsibility programs.
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