Manila, Philippines – PAGCOR showed an impressive 9-month run on earnings for 2022. So far, the total has reached PHP3.48 Billion. It is an impressive feat for it’s nearly a 1,800 percent leap compared to last year’s results. This is believed to be triggered and driven by the progressively forward move to have things back to nearly as they were in pre-pandemic conditions.
Data gathered from the latest reports show that PAGCOR has its net income surging to PHP 3.48 billion from January to September. Comparing the figures from last year for the same months covered, it only was able to earn PHP 183.92 million. Needless to say, the PHP3.48 billion was far more than the intended target of PHP160.75 million — a very conservative figure coming from the pandemic drivers that have activity on all levels restricted.
The revenues also show it picked up by 74 percent to PHP 42.27 billion from last year’s PHP 24.36 billion. This covers service and business income from its gaming operations and other sources of revenue.
It is truly looking at the better times ahead when the conditions of pandemic restrictions are finally relaxed at the level where there are still precautions and health protocols but the boost of freer movement on all parties — especially tourism — has PAGCOR earning the benefits at a greater level.
PAGCOR’s financial performance on other fronts
Currently, the more relaxed pandemic restrictions have greatly enabled all parties involved in PAGCOR’s area of businesses, licensure and regulation to reach unexpected levels of income. Especially with the casinos and offshore gaming operations, the capacity is now at an ideal level and almost as expected pre-pandemic-wise. It’s also a great help that there are established casino resorts that continue to draw visitors both local and international at a year-long pace.
Looking at the other fields of PAGCOR’s financial aspects, the expenses increased by 64.7 percent to PHP16.09 billion as against PHP 9.77 billion last year. It’s important to also note that this is also higher than the target of PHP 14.84 billion.
Expenses were investments and the bulk of which was to personnel services, maintenance and other operating expenses.
Recent events have also placed PAGCOR under the scrutiny of the government and lawmakers aiming to close down Philippine offshore gaming operations (POGOs) completely in the country. This can have a potentially negative effect on future stats of earned income should the move be hastily executed.
You might also want to read: 23,000 Jobs and Up To ₱61 Billion in Taxes Lost Once POGOs Leave
PAGCOR’s role in the country revisited
PAGCOR still maintains its role since its inception as it regulates, authorizes and licenses games of chance, games of cards, and games of numbers — focusing largely on casinos, online gaming and other legitimate gaming venues. Uncannily, it also has its own chain of casinos which are found all over the country and currently number 40 in total.
There is talk within government bodies of privatizing all entities in the gaming industry. This could potentially yield PHP300 billion in additional income annually. PAGCOR is currently tasked to provide portions of its earnings to the Bureau of Treasury, Bureau of Internal Revenue, the Philippine Sports Commission and local governments hosting PAGCOR casinos, and the like.
PAGCOR also provides funds for the implementation of vital laws such as the Early Childhood Care and Development program, the Sports Incentives and Benefits Act, the National Cultural Heritage Act, and the Renewable Energy Act. They also contribute funding during emergencies and calamities.
It’s great how PAGCOR is finally seeing good times. This also means that they are able to provide more support to their employees as well as the causes that they are involved in that are critical to nation-building. Looking at the expenses though, it seems better if PAGCOR finally lets go of Casino Filipino so they can focus on more meaningful tasks as well as strengthen revenue collection.
Comment down below if you also share the same vantage point or otherwise. We always read up on your opinions.