Under the administration of President Ferdinand “Bongbong” Marcos Jr., the Philippine Amusement and Gaming Corporation (PAGCOR) announced major changes in its governance on Monday.
According to PAGCOR, the new team of officials is led by Chairman and Chief Executive Officer Alejandro Tengco and President and Chief Operating Officer Juanito Saosa Jr.
PAGCOR also announced its new Board of Directors, which includes Gilbert Cesar Remulla, Francis Democrito Concordia, and Jose Maria Ortega.
PAGCOR is tasked with regulating the gaming industry, generating revenue for the Philippine government’s social economic and national development projects, and promoting sustainable development.
Tengco will take over the organization from former chairperson and CEO Andrea Domingo, who stated that the agency could generate up to P65 billion in gross gaming revenues (GGR) this year.
According to the most recent data available, PAGCOR’s first-half revenues increased 68.11% year on year to P26.70 billion from P15.88 billion in the same six months of 2021.
Its net income after tax increased by 2,630.51% to P2.15 billion from P79.07 million in the previous year’s comparable period.
In the first half, the agency made a contribution P11.71 billion to the National Treasury, P6 billion to national coffers as cash dividends, and P1.23 billion to the Bureau of Internal Revenue as franchise tax. – OKBet News.
