State-run Philippine Amusement and Gaming Corp (Pagcor) reported net income of approximately PHP624.7 million (US$11.8 million) for the first three months of 2022. It compared with net income of around PHP152.6 million in the prior-year period.
The body saw its revenue from gaming operations rise significantly during the period, as many casinos in the Philippines have resumed full business activity after having remained closed or operating with limitations for a significant portion of 2021, as part of efforts to stem the further spread of the Covid-19 pandemic in the country.
Pagcor’s total revenue from gaming operations for the first three months of 2022 increased by 35.0 percent year-on-year to just above PHP11.29 billion, compared to approximately PHP8.36 billion in the first quarter of 2021.
The gaming regulator said it paid out a total of PHP6.73 billion in taxes and contributions in the first quarter. Among other payments, Pagcor is required by law to pass at least 50 percent of its gross earnings to the national government.
Pagcor’s total expenses increased by 53.9 percent year-on-year to nearly PHP5.07 billion in the first three months of 2022, according to a financial statement posted on its website on Friday.
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