Pagcor Net Income Rises 49% to PHP14.3B in First Three Quarters of 2025

he Philippine Amusement and Gaming Corp (Pagcor) reported strong financial results for the first nine months of 2025, posting PHP14.32 billion (US$243.7 million) in net income — a 48.7 percent increase year-on-year, according to the state-run gaming regulator’s latest statement.

Good to Know

• Pagcor’s total revenue reached PHP84.1B from January to September 2025.
• Gaming operations contributed PHP75.94B, up 8.7% year-on-year.
• Expenses dropped nearly 21%, improving overall profitability.

The report highlights continued growth across the Philippine gaming sector despite new restrictions on online gambling and payment systems introduced in recent months.

Strong Gains From Core Gaming Operations

From January to September, Pagcor’s total revenue climbed 5.9 percent year-on-year to nearly PHP84.10 billion, largely driven by gaming operations, which accounted for PHP75.94 billion of the total.

Operating expenses fell sharply to just over PHP19.3 billion, down 20.9 percent from the same period last year. The regulator said the improvement reflects tighter fiscal controls and efficiency measures across its gaming and licensing divisions.

Chairman and CEO Alejandro Tengco said the agency’s improved performance reflects its evolving approach to governance and modernization:

“Our financial performance is a clear reflection of Pagcor’s renewed focus on governance, digital transformation, as well as sustainable and responsible gaming.”

Rising National Contributions

Pagcor’s contributions to nation-building programs — which include education, health, and disaster relief funding — reached PHP49.86 billion, representing a 10.9 percent increase from last year.

The agency also paid PHP3.79 billion in franchise taxes and PHP609.9 million in corporate income taxes to the Bureau of Internal Revenue.

E-Wallet Restrictions Hit Online Revenues

Despite the strong overall performance, Pagcor has faced a notable drop of up to 50% in income since August after the Bangko Sentral ng Pilipinas (BSP) ordered e-wallet providers to remove direct access to gambling platforms from their apps.

Pagcor’s Assistant Vice President for Offshore Gaming Licensing, Jessa Fernandez, told lawmakers that the policy caused revenue to plummet by nearly 49 percent, as many players abandoned legal online platforms due to payment barriers and new deposit requirements.

“Now that we are implementing an initial minimum deposit, we have also observed that more players or patrons are refusing to continue playing with legal online gaming operators,” Fernandez said during a House hearing.

The BSP order was part of broader financial reforms aimed at separating payment systems from online gambling amid concerns about consumer protection and money flow oversight.

FAQ

How much did Pagcor earn in the first nine months of 2025?

Pagcor posted a net income of PHP14.32 billion, up nearly 49% from the previous year.

Why did Pagcor’s income drop after August?

E-wallet restrictions imposed by the central bank reduced player access to licensed online gambling sites, causing a sharp decline in online gaming revenue.

What are Pagcor’s main sources of income?

Most of Pagcor’s earnings come from gaming operations, including casinos, e-gaming, and regulatory fees from licensed operators.

What is Pagcor’s stance on online gambling regulation?

The agency supports stricter oversight but opposes a total ban, arguing that legal online gaming is vital for public funding and economic growth.

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