The Philippine Amusement and Gaming Corporation (PAGCOR) saw a 49% revenue decline, following the e-wallet ban on online gambling sites.
This was revealed on Wednesday by PAGCOR’s assistant vice president for offshore gaming license, Jessa Fernandez.
Not only that, there was also a dip in new player registrations since the ban last August. It can be recalled that the country’s central bank, Bangko Sentral ng Pilipinas, ordered e-wallet providers to remove online gambling links from their services
“Now that we are implementing an initial minimum deposit, we have also observed that more players or patrons are refusing to continue playing with legal online gaming operators,” Fernandez said.
Despite the Department of Economy, Planning and Development Secretary Arsenio Balisacan pointing out online gambling’s contribution as “minimal,” and could be totally banned, Fernandez argued that it would reduce PAGCOR’s contributions.
Last year, the electronic gaming sector produced a gross gaming revenue (GGR) of ₱372.33 billion. Before the ban, this year’s GGR already reached ₱114.83 billion, accounting for almost 53.5% of the total GGR last year.
But with the decrease in new players and revenue, PAGCOR’s performance dropped. It also affected its funding of government-run programs, including those related to healthcare, disaster relief, education, and more, has been affected.
PAGCOR Chief Alejandro Tengco reiterated that a total ban is not the solution, but a tighter control over operators
