The Philippine gambling industry is poised to achieve record revenues of over P350 billion ($6.03 billion) this year, fueled by significant growth in the electronic gaming sector, according to Philippine Amusement and Gaming Corp (Pagcor) Chairman Alejandro Tengco.
This projection surpasses the regulator’s P334 billion target and marks a substantial rise from last year’s gross gaming revenue (GGR) of P285 billion.
GGR represents the total amount wagered by players minus their winnings, serving as a key indicator of industry performance.
Increased gambling revenues bolster the country’s national budget, as Pagcor, which operates under the Office of the President, contributes a large share of its earnings to government coffers.
Manila’s vibrant gambling sector, featuring integrated casino resorts owned by major players like Universal Entertainment Corp and Melco Resorts & Entertainment Ltd, continues to draw high-spending tourists from China, Japan, South Korea, and beyond.
Tengco revealed that Pagcor is on track to revoke all licenses for Philippine offshore gambling operators (POGOs) by the end of the year.
This follows President Ferdinand Marcos Jr.’s directive to ban POGOs amid a wave of crimes linked to the sector, including human trafficking, kidnapping, and fraud.
The Philippines became a hub for online gambling in 2016 due to its permissive gambling laws, which allowed operators to target Chinese customers where gambling is prohibited.
However, growing reports of criminal activities associated with POGOs led to mounting domestic and international scrutiny, culminating in the government’s decision to phase out the industry.
With the ban on POGOs, the Philippine gaming industry is expected to focus on its integrated resort sector and electronic gaming platforms to sustain growth.
The shift underscores efforts to regulate and strengthen the industry while addressing concerns over illegal activities.
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