Philippine Amusement and Gaming Corporation (PAGCOR) Chairman and CEO Alejandro H. Tengco on Tuesday, March 19, announced that the state gaming regulator will reduce the gross gaming revenue (GGR) remittance rate for online and on-site betting platforms starting April 1, 2024 to attract more gaming investments in the Philippines.
In his keynote address during the opening of the ASEAN Gaming Summit at Shangri-La The Fort, Chairman Tengco said the rates for online and onsite betting platforms will be lowered by an average of five percent from current levels.
“The remittance rates should then average around 35% (of GGR), which is quite significant because when we assumed office in August 2022, the prevailing remittance rate was over 50%.
“We have gradually lowered them so that by April 1, our rates will be at par with global industry standards,” he explained.
The move should encourage even those who are now operating illegally to consider securing licenses from PAGCOR, which in turn should further boost PAGCOR’s licensing and regulatory revenues, he added.
The PAGCOR chief also said the sustained growth of the local gaming industry is currently anchored on three major factors.
“These are the entry and operation of more integrated casinos, the strong performance of the Electronic Games sector, and the benefits from the planned privatization of PAGCOR casinos,” Chairman Tengco told the summit audience.
PAGCOR earlier projected that the local gaming industry will generate Php336.38 billion in GGR in 2024.
The E-Games sector alone – which comprises e-casinos, e-bingo, sports betting and specialty games – is projected to contribute Php61.75 billion to the 2024 GGR, making it the fastest growing sector for the next few years.
Meanwhile, licensed casinos from the Entertainment City, Metro Manila, Clark, Cebu and the Fiesta Casinos in Rizal and Poro Point are expected to contribute as much as Php256.63 billion to the 2024 GGR.
“We expect gaming revenues to sustain growth this year and beyond with the increasing demand for leisure, travel and entertainment from both local and foreign tourists,” Chairman Tengco said.
“We will also have at least one new IR opening every other year starting with Solaire North in Quezon City which will open its doors in the first half of 2024, followed by another new IR in Clark, with several more in the pipeline including one in Cebu.
As for PAGCOR’s operations, he said, the planned privatization of its Casino Filipino properties will commence in the late part of 2025 or early 2026.
“We need to focus on PAGCOR’s regulatory role through privatization because this will help level the playing field and revitalize the industry.
“At the same time, this will allow us to ensure safe and responsible gaming while sustaining our contributions to nation-building,” the PAGCOR chief said.
Recent News
With the onset of summer and DOH/PAGASA warnings of dangerous heat indices, PhilHealth reminds the
Muling ipinapaalala na ang lahat ng mga miyembro ng PhilHealth ay maaaring maka-avail ng Outpatient
The Department of Health announced that for the year 2024, all 426 recorded rabies cases
PhilHealth is committed to holistically addressing the healthcare needs of every Filipino. “Nais naming ipaabot
LUISIANA, Laguna – The Philippine Amusement and Gaming Corporation (PAGCOR) formally inaugurated on Friday, March
The Philippine Amusement and Gaming Corporation (PAGCOR) turned over a Patient Transport Vehicle (PTV) to
Mezzanine Floor Richwell Center
102 Timog Avenue, Quezon City
Philippines 1103
In 2016, the company became a corporation. Started as a television production outfit in 2002, BMUI evolved from one television show titled “BITAG”.
Mezzanine Floor Richwell Center
102 Timog Avenue, Quezon City
Philippines 1103
In 2016, the company became a corporation. Started as a television production outfit in 2002, BMUI evolved from one television show titled “BITAG”.
