The Philippines Amusement & Gaming Corporation (PAGCOR), the gaming regulator of the country, enjoyed an impressive increase in its total profit in the first half (H1) of this year, thanks to overall growth in the national economic activity that reached pre-pandemic levels.

PAGCOR announced that its total profit increased 35.6 per cent year-over-year to settle at Php36.21 billion (US$662 million) in the January through June period of 2023. The profit was mainly driven by an increase of 48.7 per cent in gross gaming revenue (GGR) to Php136.37 billion (US$2.50 billion).

However, revenues for the first six months of the year remained 6.7 per cent lower than their pre-pandemic levels of Php38.8 billion (US$710 million) in the first half of 2019.

In the first quarter, the regulator pocketed an income of Php17.7 billion (US$324 million). In the second quarter, income reached Php18.5 billion (US$339 million) across numerous operations.

PAGCOR President & Chief executive Officer (CEO) Alejandro Tengco said in a statement that the gaming regulator will continue to reap benefits from the country’s ongoing economic growth.

Speaking on the topic, Tengco said, “PAGCOR will certainly ride on the tide of our country’s economic growth. As economic activities reach pre-pandemic levels, we are optimistic that we can sustain the gaming industry’s growth momentum as we fortify our regulatory policies to attract more investors in the Philippines.”

The main sources of income for the gaming regulator were gaming operations and regulatory fees from licensees. The H1 profit figures also revealed that the regulator earned Php34.12 billion (US$625 million) from gaming and regulatory fees. The figure represents an increase of 38 per cent year-over-year, thanks to a huge improvement in gaming revenues.

All that led to an impressive rise in contributions to nation building as the regulator offered Php22.62 billion (US$414 million) in H1, of which amount of Php16.20 billion (roughly US$297 million) was sent to the National Treasury as the government’s share of 50 per cent. Another Php8 billion (US$146 million) will be given to the Philippine Health Insurance Corp. to provide financial assistance to Universal Healthcare perks.

Encouraged by impressive growth in gaming income, PAGCOR has meanwhile announced that it intends to launch its own online gaming brand, dubbed "casinofilipino.com,” by the end of the first quarter (Q1) of 2024. The online gaming brand is part of the regulator’s various measures that are under consideration to further boost its growth.