State-owned Philippines Amusement and Gaming Corporation (PAGCOR) on Tuesday reported net income of P4.5 billion (US$89.7 million) for the full year 2016, up 18.1 percent year-on-year.
The gaming regulator, which earns income from taxes, issuance of gaming licenses and operation of its own casinos, reported increased revenue from gaming operations, up 22.9 percent year-on-year to P53.3 billion in 2016.
Last week in an interview with The Inquirer, Pagcor chief Andrea Domingo said the regulator saw a boost in revenues after an earlier policy which allowed the Bureau of Internal Revenue to collect income taxes from the regulator and its licensees was reversed by the Supreme Court.
“Not only were we able to maintain our revenues, but we were actually able to improve it,” she said. Pagcor has also been bolstering revenues through the issuance of its newly created Philippine Offshore Gaming Operators (POGO) licenses, which were first announced towards the end of 2016.
Total expenses for the year rose 9.5 percent to P22.6 billion, up from P20.6 billion in 2015.