PAGCOR Income for Q3 is up to $700 Million

The Philippine Amusement and Gaming Corporation, or PAGCOR, is the country’s state regulator for gambling. They have reported an income of Php 37.6 billion, which is around $699 million for 2018’s third quarter. This is a huge jump in numbers, especially compared to the same period in last year. The year-on-year growth is at 762.9%. That was not a typo. The income from gaming operators are 18.7% higher than last year with Php 50.3 billion, or $935.3 million. These numbers are 9.3% higher than PAGCOR has in their projections.

As for gaming taxes and contributions, income was Php 26.4 billion, or $490.9 million, and other income reports Php 33.8 billion, or $628.5 million. As for the expenses, the agency’s reports for the quarter are: Php 9.4 billion or $174.8 million for corporate social responsibility, plus an additional Php 2 billion, or $37.2 million for national endowment for the culture and arts, early childhood care, and more.

PAGCOR Performance

The gambling industry in the Philippines has been growing steadily. Ironically, the country’s President, Rodrigo Duterte, has stated his opposition towards gambling. One particular situation, was the reopening of Boracay Island, but without the casino operators that were previously given licenses to operate.

And to comply with the government’s aim to decrease budget gaps, they will also auction off casinos run by PAGCOR. They will, however, continue to manage the operations for these, since they do still generate taxes that will benefit the government. But so far, there have been no discussions on privatizing the casinos. PAGCOR still fulfills its primary role as regulator for gambling, without issues on conflict of interest.

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