written and last updated by
Sam Smith at
08 Jul 2024
Journalist, Editorial Department
The Philippine gaming regulator, PAGCOR, has transferred 17.38 billion pesos (approximately $317 million) to the national treasury in the first five months of 2024. This figure represents a 31.2% increase compared to the same period in 2023.
The data was released by the Bureau of the Treasury in its latest cash operations report. It was noted that the government received 23.3% more from the regulator than in 2019, before the COVID-19 pandemic, when PAGCOR contributed 14.1 billion pesos (around $260 million) to the treasury.
In terms of the most recent monthly transfer, PAGCOR sent 3.27 billion pesos (about $60 million) in May 2024. This amount was 26.1% higher than the 2.6 billion pesos (approximately $47 million) transferred in May 2023.
In the Philippines, state-owned or controlled corporations are required to remit at least 50% of their net income to the government, as mandated by Republic Act No. 7656, also known as the Dividend Law.
PAGCOR regulates and licenses private casinos, including major resorts in the Entertainment City complex in Manila, and also operates gaming establishments under the Casino Filipino brand. However, the corporation has recently expressed a growing intention to focus solely on its regulatory functions.
Earlier, Congressman Jonathan Keith Flores proposed replacing PAGCOR with a new government agency, the Philippine Amusement and Gaming Commission (PAGCOM). This initiative is outlined in House Bill No. 3559 and calls for a complete transfer of regulatory powers to the new commission. It is expected that all casinos currently managed by PAGCOR will be sold to private companies.
Meanwhile, PAGCOR has announced the launch of a Gaming Academy for individuals interested in building a career in the gaming industry.
