PAGCOR TARGETS P244.84-BILLION GGR IN 2023

As the local gaming industry continues to gain momentum, the Philippine Amusement and Gaming Corporation (PAGCOR) is optimistic that performance growth remains on the horizon as the agency aims for P244.84 billion industry gross gaming revenues (GGR) for 2023.

In the 2023 Performance Scorecard submitted by PAGCOR to the Governance Commission for GOCCs (GCG), the forecasted GGR for this year is 33.13% or P60.934 billion higher than the 2022 GGR target of P183.906 billion.

The GGR target is also P30.51 billion or 14.23% higher than the actual 2022 industry GGR of P214.33 billion.

According to PAGCOR Chairman and CEO Alejandro H. Tengco, the state-run gaming firm’s increased GGR targets is fueled by the gaming industry’s robust performance in 2022, which has been largely attributed to the opening of Philippine borders to local and foreign tourists.

“Since the lockdowns were eased in the country late last year and gaming venues reopened, customer confidence slowly returned and the attendance in our owned casinos slowly improved. Our licensed casinos likewise recorded a major revenue growth,” he said.

Because of this, PAGCOR, for its part, targeted P68.490 billion revenues from its gaming operations by the end of 2023. “This amount is 36.6% increase from our P50.13 billion target in 2022 and 24.41% higher than our 2022 income from gaming,” Tengco explained.

Also part of PAGCOR’s commitment, as cited in its 2023 Performance Scorecard, are “100% payment of mandatory contributions to recipient agencies; attainment of P1.022 billion net income (less income tax); and 98% collection efficiency of license and regulatory fees from PAGCOR’s regulated gaming entities.”

PAGCOR also endeavors to “retain its ISO:9001:2015 certification; 100% attainment of 2023 deliverables; 100% completion of transactions within the prescribed period; revision of the agency’s Board-approved Competency Framework; and establishment of competency baseline for employees.”

To achieve these, Tengco shared that PAGCOR, under the current management, will endeavor to improve its regulatory functions and business operations.

“We will ensure that our plans and programs for 2023 will be generally beneficial to our industries, putting foremost the interests of responsible gaming and of nation-building,” he said.