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The Philippine Amusement and Gaming Corporation (PAGCOR) on Tuesday announced it will be reducing the gross gaming revenue (GGR) remittance rate for online and on-site betting platforms beginning Apr 1, 2024.In a news release, PAGCOR chairman and CEO Alejandro Tengco said the move is aimed to attract more gaming investments in the Philippines.“The remittance rates should then average around 35% (of GGR), which is quite significant because when we assumed office in August 2022, the prevailing remittance rate was over 50%,” Tengco said.“We have gradually lowered them so that by Apr 1, our rates will be at par with global industry standards,” the PAGCOR chief said.Tengco said lowering the remittance rate is seen to encourage even those who are now operating illegally to consider securing licenses from PAGCOR, which in turn should further boost PAGCOR’s licensing and regulatory revenues.The PAGCOR chief also said the sustained growth of the local gaming industry is currently anchored on three major factors.“These are the entry and operation of more integrated casinos, the strong performance of the Electronic Games sector, and the benefits from the planned privatization of PAGCOR casinos,” Tengco said.PAGCOR is projecting that the local gaming industry will generate P336.38 billion in GGR in 2024.The e-games sector alone—which comprises e-casinos, e-bingo, sports betting and specialty games— is projected to contribute P61.75 billion to the 2024 GGR.Meanwhile, licensed casinos from the Entertainment City, Metro Manila, Clark, Cebu and the Fiesta Casinos in Rizal and Poro Point are expected to contribute as much as P256.63 billion to the projected 2024 GGR.“We expect gaming revenues to sustain growth this year and beyond with the increasing demand for leisure, travel and entertainment from both local and foreign tourists,” Tengco said.“We will also have at least one new integrated resort (IR) opening every other year starting with Solaire North in Quezon City which will open it doors in the first half of 2024, followed by another new IR in Clark, with several more in the pipeline including one in Cebu,” he said.Tengco said the plan to privatize the Casino Filipino properties will commence in the late part of 2025 or early 2026.“We need to focus on PAGCOR’s regulatory role through privatization because this will help level the playing field and revitalize the industry. At the same time, this will allow us to ensure safe and responsible gaming while sustaining our contributions to nation-building,” the PAGCOR chief said. — BM, GMA Integrated News
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