PAGCOR allocates 8B pesos for 2024 infrastructure

Ritu13

The Philippine Amusement and Gaming Corporation (PAGCOR) has pledged an additional 8 billion pesos (approximately $141 million) for the national infrastructure program, increasing its total donations to 56.2 billion pesos (approximately $991 million) by 2024. This increase is due to the agency's anticipation of higher revenue next year, as the Philippine gambling industry has recently rebounded, approaching pre-pandemic levels. In addition, other projects like Solaire North in Quezon City are planned to open in 2024.

PAGCOR's 2024 budget includes 12.1 billion pesos (approximately $213 million) allocated for social civic projects such as community health centers, e-learning centers, school building construction, and mandatory dividends to the national government. PAGCOR Chairman and CEO Alejandro Tengco said, "We are pleased to say that with the full recovery of the gaming industry and the resumption of growth halted by the pandemic, PAGCOR will once again make a significant contribution to nation-building next year."

At the annual planning meeting, the PAGCOR Board approved the allocation and revenue forecast for 2024. The agency projects a net operating income of 61.5 billion pesos (approximately $1.08 billion) for the coming year. If the forecast is accurate, the government's share of PAGCOR's gross revenue, estimated at 50%, is expected to be 37.5 billion pesos (approximately $661 million), making up a significant portion of its 2024 contribution. The social civic portion is estimated at 12.12 billion pesos, ranking second.

The Philippine Sports Commission's share of 1.87 billion pesos (approximately $33 million) and a 5% franchise tax of 3.95 billion pesos (approximately $69.7 million) will also significantly boost the national finances. While sports rewards and prizes will receive 100 million pesos (approximately $1.8 million), cities with PAGCOR casinos will receive 4.51 billion pesos (approximately $80 million). "Let us be inspired because we are truly part of nation-building. As governm

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ent workers, we have a duty to serve the nation, but as Filipinos, our most important mission is to help lay the foundation for a better country."

Janak9955

Are they planning to develop the tourism industry next to recover the investment?

Jiger955

That's indeed a significant investment, isn't it?

Jafar224

They have added quite a substantial amount of funds for development.

Isha000

It seems like the country is making money easily with this.