Philippines gaming regulator PAGCOR has reported a 68.7% increase in income from gaming operations to Php55.1 billion (US$1.0 billion) in 2022, boosted by the reopening of borders and gradual easing of COVID-19 restrictions throughout the year.
The full year figure, up from income of Php32.6 billion (US$597 million) in 2021, was also 2.4% higher than the approved budget for the year by the Department of Budget and Management.
According to information published Monday, PAGCOR finished the year on a high with 4Q22 income from gaming operations climbing by 9.3% over the September quarter to Php15.9 billion (US$291 million).
Total income for the year, including non-gaming and other service income, reached Php59.0 billion (US$1.08 billion), while net profit after tax and mandatory contributions was Php4.45 billion (US$82 million) – a better than 2,000% increase over the Php203.6 million (US$3.73 million) in profit recorded a year earlier.
The Philippines reopened its borders to international tourists in February 2022, eased capacity restrictions in March and ended all lockdowns in April, with newly elected President Ferdinand Marcos Jr later removing mask mandates in early November.
The Philippines Department of Tourism (DOT) recently stated that it hopes to attract around 5 million foreign visitors in 2023, almost double the 2.6 million visitors who arrived last year.
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