Despite the ban on Philippine Offshore Gaming Operations (POGOs), the country’s gaming industry is “robust,” according to the Philippine Amusement and Gaming Corporation (PAGCOR).
PAGCOR chairman and CEO Alejandro H. Tengco said, as he delivered his keynote address at the ASEAN Gaming Summit in the country’s capital, Manila, that the country’s Gross Gaming Revenue (GGR) in 2024 surged to Php410bn, a 25 per cent increase from the previous year's figure of Php329bn.
“As offshore gaming exits, PAGCOR recognises that the future of Philippine gaming will continue to become more technology-driven,” he said. “This is why PAGCOR will continue to closely regulate electronic gaming while ensuring strict oversight to combat illegal operators.”
While land-based casinos contributed Php201bn - nearly half of the 2024 GGR - the igaming sector generated Php154.51bn, a 165 per cent year-on-year increase.
“We partly attribute the strong performance of the local gaming industry to the strategic policy adjustments that we have implemented, such as the gradual reduction of fee rates for igaming since 2023,” he said.
“At that time, PAGCOR was collecting between 50 to 55 per cent licence fees, thus deterring expansion. But effective January 1, 2025, our fee rates for igaming stand at only 30 per cent of GGR.”
These reductions, according to the PAGCOR chief, encouraged unregistered operators to join the regulated market while preventing voluntary closures and sustaining profitability among licensed operators.
As a result, the igaming sector achieved its 2024 GGR target of Php100bn as early as September last year.
