Philippines Casino Regulator Submits Six Billion Pesos to National Government

PAGCOR, a gaming regulator and operator, this week announced it directed PHP6 billion (US$120 million) to the Philippines Bureau of the Treasury. The funds are net earnings collected by the gaming agency for 2021.

Before the pandemic, PAGCOR was one of the Philippines’ largest tax revenue generators. The gaming corporation traditionally trails only the Internal Revenue and Customs bureaus in terms of annual tax revenue for the republic’s government.

The roughly $120 million remitted this week from PAGCOR represents 50% of the agency’s 2021 earnings. Under Filipino law, PAGCOR is required to submit half of its annual net revenue to the national government.

Source: https://www.casino.org/news/philippines-casino-regulator-submits-six-billion-pesos-to-government/