PAGCOR on track to hit gaming revenue target
THE Philippine Amusement and Gaming Corp. (PAGCOR) said gross gaming revenue (GGR) is on track to hit the $7-billion target for 2025 despite restrictions imposed on online gambling.
鈥淭hese numbers affirm the Philippines鈥 place as one of the fastest-growing and most important gaming markets in Asia,鈥 PAGCOR Chairman and Chief Executive Officer Alejandro H. Tengco said.
PAGCOR said in a statement on Tuesday that it booked GGR of $3.8 billion in the first half, keeping it on pace to beat the full-year target.
Mr. Tengco cited the rapid rise of electronic gaming as a driver of growth but added that 鈥渙versight must evolve to ensure integrity and player protection.鈥
The online gambling industry is under intense public scrutiny, leaving the government weighing options like an outright ban or higher taxation.
Finance Secretary Ralph G. Recto said last week that the government is proposing an online gaming tax, alongside policy options to limit access to gambling platforms.
PAGCOR has said that it generated P41 billion from electronics games and P28 billion from other online betting platforms between January and July.聽
PAGCOR鈥檚 measures to address concerns about regulating the industry include a ban on betting using credit cards or cryptocurrency.
Mr. Tengco reiterated his position of shedding the regulator鈥檚 role as a casino operator.
鈥淧AGCOR鈥檚 dual role has served its purpose, but as the industry matured, it became clear that鈥 a referee cannot also be a player on the same field,鈥 he said.
PAGCOR noted that such a decoupling will require approval from the Governance Commission for Government-Owned and -Controlled Corporations (GCG), which is now reviewing such a restructuring.
The GCG has said that results of the study will be presented to the GCG sitting En Banc within the year.
Once approved, the study will be submitted to the Office of the President, it added.
Mr. Tengco said employees of PAGCOR-run Casino Filipino will be protected through redeployment or hiring by privatized operators. Otherwise, he promised competitive retirement benefits once Casino Filipino is privatized.
He noted a 鈥渟erious problem鈥 with Casino Filipino, which is projected to incur losses of more than P5 billion. 鈥 Aubrey Rose A. Inosante
