The Philippine gaming regulatory authority PAGCOR announced financial data for the first nine months, with net profits increasing by 49% to 14.32 billion pesos (approximately $244 million), setting a new high in recent years. However, net profits in the third quarter dropped to 3.5 billion pesos (approximately $59.6 million), showing that the central bank's policy requiring e-wallets to disconnect from online gambling platforms has had a significant impact on revenue. Total revenue for the first nine months reached 84.1 billion pesos (approximately $1.43 billion), of which gambling business revenue accounted for 75.9 billion pesos (approximately $1.29 billion). PAGCOR Chairman Tengco stated that the agency is accelerating digital transformation and strengthening responsible gambling management to ensure that revenues continue to be used for national construction projects.
Financial Performance and Revenue Composition
PAGCOR's net profit for the first nine months was 14.32 billion pesos, up 49%, with total revenue of 84.1 billion pesos, up 5.87%. Gambling business was the main source of income, contributing 75.9 billion pesos. However, net profit in the third quarter dropped to 3.5 billion pesos, reflecting the tightening of electronic gambling policies. The central bank's requirement for e-wallets to disconnect from online gambling platforms has led to a decline in digital channel revenue.
Policy Impact and Business Adjustment
The tightening of electronic gambling regulatory policies has significantly affected PAGCOR's profit rhythm. The central bank's new regulations requiring e-wallets to disconnect from online gambling platforms have directly impacted the gambling business, which is highly dependent on digital payments. Chairman Tengco of PAGCOR pointed out that the agency is addressing challenges by accelerating digital transformation, strengthening governance, and responsible gambling management, while maintaining revenue growth momentum and promoting responsible industry development.
Funds Usage and Social Contribution
In the first nine months, PAGCOR contributed a total of 54.3 billion pesos (approximately $924 million) to the national treasury, the Dangerous Drugs Board, and PhilHealth, and paid 3.79 billion pesos in franchise taxes and 609.87 million pesos in corporate taxes. Tengco emphasized that all earnings are returned to society, used for building classrooms, medical facilities, disaster relief support, and community projects, reflecting the close connection between gambling revenue and national development.
