PAGCOR Leadership Resigns as Observers Weigh Intentions

The entire leadership of PAGCOR has stepped aside, submitting courtesy resignations just as a national directive pushes for leadership changes across government-owned corporations. Whether these resignations signal cooperation or political maneuvering remains open to interpretation.

Good to know

• All top PAGCOR officials have submitted courtesy resignations.
• PAGCOR earnings for Q1 2025 exceeded government targets.
• The agency recently contributed 75% of its net income to the Treasury.

On May 29, PAGCOR Chairman and CEO Alejandro Tengco confirmed that he and four other top executives handed in their resignations. President and COO Wilma Eisma, along with directors Jose Maria Ortega, Francis Democrito Concordia, and Gilbert Cesar Remulla, also stepped down. Tengco clarified that their decision aligns with the national government’s push to reorganize leadership within government-owned and controlled corporations (GOCCs).

“We serve at the pleasure of the President and we will accept whatever the Chief Executive’s decision will be,” Tengco said in a public statement.

The resignations followed a directive from Malacañang that called for voluntary exits from GOCC leaders as part of President Ferdinand Marcos Jr.’s broader management reshuffle. As of now, the Office of the President has not confirmed whether any of the PAGCOR board members will return. Until a final decision is made, all have been told to continue performing their roles.

Performance and Financial Results Stay Strong

Despite the leadership shake-up, PAGCOR remains financially solid. In Q1 2025, it posted PHP28 billion ($502.9 million) in revenue—an 11.2% year-on-year increase and well above the government target of PHP26.88 billion ($483.5 million). Most of the income came from gaming operations and license fees, which accounted for 91% of the total.

Expenses dropped 15.5% compared to the same period last year, totaling PHP6.22 billion ($111.9 million). Net income grew 23% to PHP4.22 billion ($75.9 million).

Earlier in May, the agency transferred PHP12.67 billion ($228 million) to the National Treasury, contributing 75% of its 2024 net income—far above its required share.

Social and Military Support Projects Continue

Outside of gaming, PAGCOR has maintained involvement in national development. On May 24, Tengco attended a military Rites of Passage event in Tarlac, where he restated the agency’s backing for the Armed Forces of the Philippines. The agency has also helped fund construction projects for the military, including gyms and barracks.

Tengco’s time in office has included visible support for infrastructure efforts, responsible gambling programs, and social services.

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