Pagcor 2023 revenues up 35% to P79.4B, also shares earnings to PSC, DOJ

THE Philippine Amusement and Gaming Corp. (Pagcor) said it booked P79.37 billion in revenues in 2023, up 34.63 percent from last year’s P58.96 billion, driven mainly by robust earnings from licensed casinos and the rising electronic games sector.

Gaming operations remain the main source of Pagcor revenues with P73.11 billion while other sources such as services, business income, gains and nonoperating income contributed P6.26 billion.

Net income was at P6.81 billion, a 53.27 percent increase from the agency’s P4.44 billion profit in 2022.

Pagcor Chairman and CEO Alejandro Tengco said the higher earnings enabled the state gaming firm to increase its contribution to nationbuilding (CNB) to P49.56 billion, which is 43 percent higher than the P34.67 billion CNB the previous year.

“Our robust revenue generation in 2023 allowed us to remit more funds to the government to finance various services, including funding for the Universal Health Care program, also known as PhilHealth,” the Pagcor chief said.

The CNB, amounting to P34.72 billion, has been remitted to the National Treasury, with half or P17.36 billion going to PhilHealth to provide free health care coverage to millions of poor Filipinos.

Pagcor also remitted P3.65 billion to the Bureau of Internal Revenue as 5 percent franchise tax and another P285.20 million for corporate income tax.

Other recipients of Pagcor’s 2023 earnings include the Philippine Sports Commission (P1.73 billion), while a separate P92.58 million was given to athletes and coaches who won in international competitions as mandated by the Sports Incentives and Benefits Act.

The Board of Claims under the Department of Justice will also receive P63.12 million to compensate persons who have been wrongly imprisoned.

“With the Philippine gaming industry’s full recovery from the impact of the pandemic, we are optimistic that Pagcor will sustain this growth momentum in the coming years,” Tengco said.