Philippine Amusement and Gaming Corporation (PAGCOR) to Reduce Tariffs for Operators

Alejandro Tengco, CEO of PAGCOR, has announced a 5% reduction in tariffs for operators in the Philippines, effective April 1. This move is aimed at enhancing the attractiveness of the market for industry players.

Currently, remittance rates constitute approximately 35% of total gaming revenue (GGR), a notable decrease from levels seen in August 2022. Tengco highlighted that the tariff reduction is expected to incentivize illegal operators to seek licenses from PAGCOR. Moreover, it will bring Philippine tariffs more in line with global industry standards.

Tengco emphasized that the growth of the Philippine gaming market hinges on several factors, including integrated casinos, the electronic gaming sector, and the privatization of casinos by the corporation. The privatization process is slated for completion by the end of 2025, allowing PAGCOR sufficient time to prepare for this significant transition.

PAGCOR has previously indicated its intent to privatize casinos to attract investment and foster industry expansion, innovation, and modernization. Addressing recent rumors regarding renovation costs at the Philippine casino in Angeles, the company clarified that all expenses are being covered by the landlord.

Additionally, PAGCOR plans to launch Casinofilipino.com in the first quarter of 2024, although the site is not yet operational.