PAGCOR Continues to Defy Opposition and Posts Record Revenue

Amid calls to change the structure and reach of PAGCOR, the Philippines gaming regulator and gaming operator, the watchdog has been able to defy criticisms demonstrating, time and again, that it’s a force for good in the economy and that under its control, the gambling industry continues to be an important driver of revenue. While enemies may be bidding their time and waiting for PAGCOR to flag, this will not be in the third quarter of 2022 it seems.

Gaming Revenue Climbs Up to Record Levels under PAGCOR

PAGCOR has been able to report its income from gaming operations increased by 50% year-over-year. The reported amount as of the end of September 30 and encompassing the three months ending on the date, amounted to PHP14.5 billion (approximately $249.8 million). This amount was higher than the PHP7.1 billion (approximately $122.3 million) posted for the same period last year. The trend this year as well remains upward, as PAGCOR reported that it had improved on Q2 results by 8.2%.

PAGCOR’s financial result has given it a strong bargaining chip against efforts to privatize the regulator and its operations or dismantle the POGO industry, which has been a hot-button topic. Most recently, a number of Philippines business groups called for the government to shutter POGOs as the sector added tensions with China, an important regional partner, the appellants argued.

So far this year, PAGCOR has contributed PHP39.2 billion ($675.4 million) over the first nine months. Net profit alone reached PHP3.48 billion or ($60 million), marking a whopping 1,790% increase over the first months of 2021. Overall, the budget has been exceeded by 2,062% as well. PAGCOR is showing resilience despite the lingering impact of the COVID-19 pandemic, reduced tourist flow from China and overseas countries, and growing hostility towards the gambling sector.

Private Appetites Try to Encroach on PAGCOR’s Territory

The Philippines has recently lifted the requirement for mandatory vaccination proofs upon entering the country as well and eased any associated checks that can now be done upon entry. PAGCOR is keen to continue driving results for the Philippines and contribute to the state budget.

However, the regulator is equally determined to stave off, for as long as it can, any attempts to encroach on its model and alter its structure without sufficient evidence that said the change would benefit society at large as opposed to clandestine private interests.