The Philippines Department of Finance (DOF) has recognised the state-run gaming regulator for its economic contributions in 2024.
Last year, the Philippine Amusement and Gaming Corp added PHP12.7 billion (US$219 billion) to government coffers. That made PAGCOR the third largest contributor to the national budget after the Landbank of the Philippines (PHP33.5 billion) and the Philippines Central Bank (PHP18.9 billion).
On 16 September, the DOF honoured government-controlled or government-operated corporations with certificates of recognition. At a ceremony at Malacañang Palace, Finance Secretary Ralph Recto thanked the regulator for helping to “improve public services without asking ordinary Filipinos to carry the burden of new taxes. When we set a higher bar for dividend remittances, you not only responded, but exceeded expectations.”
Last year, PAGCOR posted a record PHP112 billion in gaming revenue, spurred by the growth of online gambling.
PAGCOR Chairman and CEO Alejandro Tengco called the award “a meaningful affirmation of PAGCOR’s steadfast commitment to nation-building and fiscal responsibility. Each peso we remit to the national treasury reflects the dedication of our workforce and the trust placed in us by the Filipino people.”
He called PAGCOR “a reliable partner … in strengthening our country’s fiscal position”.
Funding the fight against illegal iGaming
PAGCOR has already earmarked millions of pesos to the war on illegal gaming.
On 29 September, Tengco presented a PHP25 million promissory check to the National Bureau of Investigation, which leads the fight against black-market providers including Philippine Offshore Gaming Operations. In July 2024, President Ferdinand Marcos Jr banned POGOs for fronting online scams. POGOs were also implicated in money laundering and human trafficking.
The Philippine SunStar called Tengco’s “mock check” the first tranche of an annual PHP50 million commitment to the National Bureau of Investigation. It “underscores the shared responsibility of PAGCOR and the NBI in promoting lawful, fair and responsible gaming in the Philippines”, said Tengco. “Illegal gambling operators undermine our laws, exploit our people and put our communities at risk. Working hand in hand with the NBI, we are sending a strong message. We will not allow unlawful gaming practises to persist.”
NBI Director Jaime Santiago said the funds “will defray the cost of food and expenses for POGO detainees”, foreign workers still awaiting deportation. The allocation will also “support the bureau’s legitimate operations against illegal gaming activities”.
Of PAGCOR’s total dividends, PHP8.45 billion represents the required 50% government share of the body’s net income. The remaining PHP4.22 billion represents a 25% advance that may be applied to future obligations. The DOF has also asked government-operated corporations to increase their dividends by 25% to increase non-tax revenues.
The Philippines government credits the state-run gaming regulator with adding PHP12.7 billion to the budget in 2024.