Pagcor reducing online platform gaming revenue remittance rate
MANILA, Philippines — The Philippine Amusement and Gaming Corporation (Pagcor) announced on Tuesday that it will reduce the gross gaming revenue (GGR) remittance rate for online and on-site betting platforms starting April 1.
During the opening of the ASEAN Gaming Summit in Taguig, Pagcor Chairman and Chief Executive Officer Alejandro Tengco said that lowered remittance rate by an average of five percent should convince those who are operating illegally to consider securing licenses from the state gaming regulator.
This move, he stressed, could boost Pagcor’s licensing and regulatory revenues.
“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%,” Tengco said in a statement.
“We have gradually lowered them so that by April 1, our rates will be at par with global industry standards,” he added.
Article continues after this advertisementMeanwhile, Tengco also mentioned that the continuous growth of the local gaming industry is currently anchored on 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.”
Article continues after this advertisementGaming revenues
Pagcor earlier estimated that the local gaming industry will generate P336.38 billion in GGR this year.
The e-games sector alone is expected to contribute P61.75 billion to the 2024 GGR, making it the fastest-growing sector for the next few years, according to Pagcor.
Additionally, licensed casinos from the Entertainment City in Parañaque City, Metro Manila, Clark, Cebu, and the Fiesta Casinos in Rizal and Poro Point are projected to contribute as much as P256.63 billion.
“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,” 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,” he added.
