PAGCOR, the national gaming regulator of the Philippines, has contributed approximately $155 million in dividends to the Philippines National Treasury in 2021.
The country’s gambling regulator has become one of the biggest contributors and taxpayers in the Philippines. President Rodrigo Duterte is surprisingly lenient towards gambling as an activity, and this leniency has certainly paid off and provided the government with an important financial cushion.
The cumulative $155 million payment to the treasury is divided into declared dividends worth $20 million and cash dividends worth $95 million. Andrea Domingo, PAGCOR chairman, and CEO, commented, “We are now gaining momentum towards economic recovery as all businesses, including the gaming industry, are now on full operational level, and revenues start pouring in once again.”
PACGOR is one of the most important government-regulated agencies and has been remitting at least a billion pesos back to the government annually. Since this remittance practice began in 2016, PACGOR has paid close to $1 billion (or PHP 48.94 billion) to the Philippines National Treasury.
According to the administration, PACGOR has been asked to do more to help the government financially mitigate the impact of the COVID-19 pandemic. It explains Duterte’s reluctance to take any strong steps against the gambling industry.
Now, the administration may have to deal with the aftermath of Russia’s attack against sovereign Ukraine as it is rapidly becoming a premeditated genocide by the Russian army. As the war is affecting all the critical sectors of economies around the world, including food and commodities, the Philippines may also suffer economically.
Domingo said that PACGOR is committed to supporting the government and aiding in what is referred to as a “nation-building” exercise. It will boost the country’s finances and redistribute social goods back to society, which it will generate via gambling operations under PACGOR.