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PAGCOR grants P120 million for OVP’s socio-civic initiatives
The MOA stated PAGCOR’s commitment to release the P120 million financial grant in four tranches – or P30 million per quarter to support the OVP’s medical and burial assistance programs nationwide.
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PAGCOR's Role in Fueling the Philippine Gaming Boom
The gaming scene in the Philippines witnessed an unprecedented surge in 2023, marking a significant milestone in the country’s electronic gaming industry. With revenues nearly doubling compared to the previous year, the sector experienced a remarkable boom attributed to pivotal policy reforms. Alejandro Tengco, the esteemed Chairman and CEO of the Philippine Amusement and Gaming Corporation (PAGCOR), shed light on this groundbreaking development during a candid conversation at the prestigious ICE London 2024 Conference held on February 6.
Tengco’s revelation regarding the staggering increase of over 90% in online gaming activities in 2023 sent shockwaves through the industry, underscoring the immense growth potential of the electronic gaming sector. This surge was not limited to a single facet but encompassed a diverse array of gaming activities, including e-games, e-bingo, specialty games, and sports betting. The collective contribution of these segments amounted to a staggering Php58.16 billion in the country’s gross gaming revenues (GGR) for the year 2023, representing a remarkable 92.32% increase from the previous year’s earnings of Php30.24 billion.
The magnitude of this revenue surge was unprecedented, setting a new benchmark for the industry and eclipsing the pre-pandemic high of Php32.24 billion recorded in 2019. The significance of this achievement was further underscored by its discussion on the global stage at the ICE London 2024 Conference. This premier event, often hailed as the Global Gaming Hub for B2B industry experts, provided an unparalleled platform for industry leaders to convene, share insights, and chart the course for the future of gaming.
Against this backdrop of remarkable growth, Tengco highlighted PAGCOR’s pivotal role in spearheading industry reforms and fostering an environment conducive to innovation and expansion. The issuance of over 1,000 licenses for E-Gaming sites in 2023 marked a significant milestone for PAGCOR, signaling a robust influx of gaming establishments into the market. Tengco attributed this surge in licensing applications to the strategic policy changes implemented by PAGCOR’s management, including favorable adjustments in licensing rates.
Indeed, these policy reforms played a pivotal role in catalyzing industry growth, enabling gaming operators to navigate regulatory hurdles more efficiently and allocate resources towards business expansion and innovation. By streamlining the licensing process and reducing associated costs, PAGCOR effectively democratized access to the gaming market, fostering greater competition and innovation within the industry.
Moreover, Tengco emphasized that the positive trajectory of the E-Games sector had far-reaching implications beyond revenue generation, extending to the broader gaming ecosystem and the socio-economic landscape of the Philippines. The sector’s robust performance not only bolstered the country’s gaming industry but also contributed significantly to PAGCOR’s revenue generation efforts, reinforcing its role as a key economic contributor and government revenue source.
Looking ahead, Tengco outlined a strategic roadmap aimed at sustaining the momentum of industry growth and fostering a conducive environment for innovation and expansion. Key initiatives on the horizon include further reductions in licensing rates, aimed at incentivizing new market entrants and fostering a more competitive landscape. Additionally, Tengco underscored the pivotal role of technology in driving future growth, highlighting the importance of embracing digital innovation and leveraging emerging technologies to enhance the gaming experience and broaden market reach.
The convergence of policy reforms, technological innovation, and shifting consumer preferences has paved the way for a new era of growth and opportunity in the Philippine electronic gaming industry. As the sector continues to evolve and expand, stakeholders must remain vigilant in navigating regulatory complexities, fostering responsible gaming practices, and leveraging technology to drive innovation and enhance the overall gaming experience.
In conclusion, the remarkable growth trajectory witnessed by the Philippine electronic gaming industry in 2023 underscores the sector’s resilience, adaptability, and immense growth potential. By fostering an environment conducive to innovation, embracing digital transformation, and prioritizing responsible gaming practices, the industry is poised to sustain its upward trajectory and emerge as a global leader in the gaming landscape. Play and win with BJ88
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