THE Philippine Amusement and Gaming Corp. (PAGCOR) said it more than doubled its net income for 2024 to P16.76 billion from P6.81 billion in 2023, driven by growth in the e-gaming sector.
“The continuous growth of the e-games sector is the key driver of PAGCOR’s record-breaking performance,” PAGCOR Chairman and Chief Executive Alejandro H. Tengco said in a statement.
“It reflects the increasing popularity of digital gaming platforms and the transformative impact of technology on the industry.”
PAGCOR data showed gaming operations and license fees stood at P97.52 billion.
The e-games and e-bingo sectors accounted for 50.03% of gaming revenues, equivalent to P48.79 billion.
Meanwhile, PAGCOR revenues jumped by 41% to a record-high P112 billion in 2024 from P79 billion a year ago.
“Although the Philippine Offshore Gaming Operations (POGOs) ceased in December 2024 on orders of the President, the sector still contributed P2.99 billion, or 3.07%, to gaming revenues.”
During his State of the Nation Address in July, President Ferdinand R. Marcos, Jr. ordered that all POGOs be shuttered by end-2024.
“Our 2024 revenues allowed us to support more government programs and other nation-building initiatives,” Mr. Tengco said.
PAGCOR’s contribution to nation-building also rose by 37.61% to P68.2 billion from P49.56 billion in 2023.
It also remitted P46.32 billion to the Bureau of the Treasury, which was 33.39% higher than its remittance in 2023. — Aubrey Rose A. Inosante
