PAGCOR announces additional PHP 8 billion for nation-building initiatives in 2024

November 3, 2023 Philippines Events & Announcements Industry Updates

The Philippines gaming regulator, PAGCOR, increased its total contributions to PHP 56.2 billion (approximately US$991 million) in 2024 by pledging an additional PHP 8 billion (about US$141 million) for nation-building initiatives. This increase is because the agency anticipates higher earnings in the next year, which would be closer to pre-pandemic levels given the recent rebound in the gaming industry in the Philippines. Moreover, other projects, such as Quezon City’s Solaire North, are scheduled to open in 2024.

The 2024 budget of PAGCOR includes PHP 12.1 billion (about US$213 million) for socio-civic projects such community wellness centers, e-learning centers, school building construction, and mandatory dividends to the national government.

“We are pleased to say that PAGCOR will again contribute to nation-building in a major way next year with the gaming industry’s complete recovery and return to growth that was halted by the pandemic,” Alejandro Tengco, chairman and CEO of PAGCOR,

During its annual planning conference, the PAGCOR board approved the 2024 allocation and revenue forecasts. The agency anticipates net operating income to reach PHP 61.5 billion (about US$1.08 billion) in the following year.

The government’s 50% part of PAGCOR’s operating income, estimated at PHP 37.5 billion (about US$661 million), would make up the bulk of its contributions in 2024 if the projections prove accurate. The socio-civic component, estimated at PHP 12.12 billion, would come in second.

The Philippine Sports Commission’s PHP 1.87 billion (about US$33.0 million) share and the 5% franchise tax of PHP 3.95 billion (roughly US$69.7 million) would both significantly boost national finances. While sports incentives and bonuses will get PHP 100 million (about $1.8 million), cities that host PAGCOR casinos would receive PHP 451 million (approximately $8.0 million).

“Let us be inspired that we are truly part of nation-building. As government workers, we are duty-bound to serve our country but as Filipinos, we are foremost called to help lay the foundations of a better nation,” Tengco said.