THE Philippine Amusement and Gaming Corp. (PAGCOR) said it more than doubled its net income for 2024 to P16.76 billion from P6.81 billion in 2023, driven by growth in the e-gaming sector.
鈥淭he continuous growth of the e-games sector is the key driver of PAGCOR鈥檚 record-breaking performance,鈥 PAGCOR Chairman and Chief Executive Alejandro H. Tengco said in a statement.
鈥淚t reflects the increasing popularity of digital gaming platforms and the transformative impact of technology on the industry.鈥
PAGCOR data showed gaming operations and license fees stood at P97.52 billion.
The e-games and e-bingo sectors accounted for 50.03% of gaming revenues, equivalent to P48.79 billion.
Meanwhile, PAGCOR revenues jumped by 41% to a record-high P112 billion in 2024 from P79 billion a year ago.
鈥淎lthough the Philippine Offshore Gaming Operations (POGOs) ceased in December 2024 on orders of the President, the sector still contributed P2.99 billion, or 3.07%, to gaming revenues.鈥
During his State of the Nation Address in July, President Ferdinand R. Marcos, Jr. ordered that all POGOs be shuttered by end-2024.
鈥淥ur 2024 revenues allowed us to support more government programs and other nation-building initiatives,鈥 Mr. Tengco said.
PAGCOR鈥檚 contribution to nation-building also rose by 37.61% to P68.2 billion from P49.56 billion in 2023.
It also remitted P46.32 billion to the Bureau of the Treasury, which was 33.39% higher than its remittance in 2023. 鈥 Aubrey Rose A. Inosante
