Pagcor profit soars to P4.45 billion in 2022

MANILA, Philippines — Earnings of state-run Philippine Amusement and Gaming Corp. (Pagcor) soared last year amid the continued reopening of the economy that led to better performance of various sectors.

Latest data from Pagcor showed that its net income surged by over 2,000 percent to reach P4.45 billion in 2022.

This is in comparison with the P203.57 million that Pagcor earned in the whole of 2021.

Its income was also a huge jump from the P440.44 million target for the year as set by the Department of Budget and Management.

Pagcor revenues picked up by 66 percent to P58.96 billion from the 2021 level of P35.49 billion.

A huge chunk of the revenues at P55.05 billion came from its income from gaming operations which went up by nearly 70 percent in 2022.

Last year, the government allowed casinos and offshore gaming operations to return to their operations at much bigger capacities as COVID cases continued to drop and as the population got more vaccines.

Pagcor chairman and CEO Alejandro Tengco noted that the gaming industry will continue its growth momentum moving forward.

“We are confident that the Philippine gaming sector will be able to fully recover, or even surpass its pre-pandemic earnings soon,” Tengco said.

Tengco emphasized that such is the trend from the start of 2022 until year end.

Last year’s performance was also attributed to the opening of Philippine borders to local and foreign tourists, which resulted in the improved performance of the travel, entertainment, and hospitality sectors.

“Since the lockdowns were eased in the country and gaming venues reopened, customer confidence slowly returned and the attendance in our owned casinos slowly improved,” Tengco said.

On the other hand, Pagcor’s expenses increased by 61.4 percent to P22.59 billion last year as against the P14 billion recorded in 2021. This is also slightly higher than its target of P22.42 billion.

Much of the increase was due to personnel services and maintenance and other operating expenses.

Following the strong 2022 performance, Pagcor’s contribution to nation-building also jumped by 51 percent to P34.67 billion.

Bulk of this at P26.15 billion went to the Bureau of the Treasury. Pagcor also allocated P3.63 billion for the government’s socio-civic programs.

Some P2.75 billion was likewise remitted to the Bureau of Internal Revenue as part of its franchise tax and P1.3 billion to the Philippine Sports Commission.

Cities hosting Pagcor’s casino Filipino branches also received P451.72 million while the Board of Claims under the Department of Justice got P33.76 million.

As mandated by law, Pagcor is tasked to provide portions of its earnings to various government agencies.