The Philippines to Reduce Gambling License Fees
Alejandro Tengco, the chairman and CEO of PAGCOR, revealed the changes this week, stating that the fee reduction could attract more investments into the burgeoning sector. He also highlighted that the Philippine gaming industry generated a record 280 billion pesos (approximately $5 billion) in 2023.
Tengco noted that when he took office in 2023, the offshore market was performing significantly better than the regulated PAGCOR sector, with licensed companies struggling to compete. He asserted that lower fees would help the Philippines align with global industry standards, thereby attracting and retaining more investors. This move is also expected to lower barriers for brands looking to enter the legal gambling market.
Earlier this year, PAGCOR reduced the tax on gross gaming revenue from 55% to 35%. Nevertheless, Tengco anticipates that the industry will reach a target of 335 billion pesos (around $6 billion) by the end of 2024. If this forecast holds true, it would represent a 17.91% increase over the 2023 figures.
Last month, the regulator reported that the iGaming sector remained the leader in the gaming market during the second quarter of the year, with online platforms generating 30.85 billion pesos (about $550 million). "Electronic gaming is impacting land-based casinos, which is why integrated resorts are also keeping pace with the times," Tengco remarked.
Notably, PAGCOR's net profit for the first half of 2024 reached 6.56 billion pesos.
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