After two years into the pandemic, the Philippine Amusement and Gaming Corporation (PAGCOR) has shown signs of recovery with its 68.11% year-on-year revenue increase for the first half of 2022.
The state-run gaming firm posted P26.70 billion in total income from January to June, a significant leap from the P15.88 billion revenues during the same period last year. Said amount was also 9.39% higher than the agency’s revenue target of P24.40 billion for the first six months of this year.
Meanwhile, PAGCOR’s net income (after tax) also grew by 2,630.51% or P2.15 billion compared to the P79.07 million net income in the first semester of 2021.
The promising gaming outlook in the country was fueled by the easing of community quarantine and travel restrictions, increased vaccination rate among gaming personnel and guests, and implementation of strict health protocols in all PAGCOR-operated and regulated gaming venues.
Because of improved gaming revenues in the first half of the year, PAGCOR’s contributions to nation-building significantly increased by 62.69% — from P13.05 billion in the first six months of 2021 to P21.23 billion this year.
Of the P21.23 billion contributions to nation-building, the lion’s share of P11.71 billion went to the National Treasury as a 50% government share; P6 billion also went to the national coffers as cash dividends (for the dividend year 2021); while P1.23 billion went to the Bureau of Internal Revenue as a franchise tax.
This year, PAGCOR has also remitted significant contributions to the Philippine Sports Commission (P587.18 million); Dangerous Drugs Board (P30 million); Board of Claims under the Department of Justice (P22.70 million); and National Government Agencies (P52.39 million). Likewise, the agency allocated P1.23 billion to fund the government’s socio-civic programs as well as PAGCOR’s own corporate social responsibility projects.
Earlier this year, outgoing PAGCOR Chairman and CEO Andrea Domingo said that the gaming industry is poised for growth after the country eased movement restrictions and prompted pandemic-affected businesses to re-open.”
