The Philippine offshore gaming operations are expected to deliver a robust performance this year despite their declining presence, buoyed by positive numbers reported by tax and gaming regulators last year.
Data from the Department of Finance showed that tax payments made by POGOs to the Bureau of Internal Revenue surged 127 percent in 2022 to P8.88 billion from P3.91 billion in 2021. The bulk of payments to the BIR consisted of withholding taxes amounting to P4.35 billion, followed by gaming taxes at P3.65 billion.
POGO companies contributed P805.99 million in income taxes, P43.2 million in business taxes, P19.42 million in documentary tax stamps and P9 million in other taxes.
Philippine Amusement and Gaming Corp. chairman and chief executive Alejandro Tengco predicted that the gross gaming revenue generated from POGOs would reach P24 billion by end-2023, more than double the P11 billion achieved in 2022.
PAGCOR made the projection despite the steady decline in the number of registered POGOs to 32 as of July 18 from its pre-pandemic peak of 281 in 2019.