IGB: Online Games Propel Philippines to Record-breaking Revenue

Published on 26 December 2024

The Philippine gaming industry is set to reach a record-breaking PHP350 billion in 2024, driven by a surge in online games. In Q3 alone, electronic gaming revenue grew 464.38% year-on-year to PHP35.71 billion. Pagcor(Philippine Amusement and Gaming Corporation) Chairman Alejandro Tengco credits this to technological advancements and increased mobile gaming adoption.

However, Morgan Stanley warns the growth may be temporary, as over 1,000 new licenses were issued in 2023 following reduced licensing fees. Despite the ban on POGOs(Philippine Offshore Gaming Operations), domestic gaming remains resilient.

Pagcor is also preparing to relocate to a new 40,000 sqm headquarters in Pasay City, signaling its commitment to supporting the gaming sector’s sustainable development.

• Record-breaking Growth in Philippine Gaming Industry

  1️⃣ 2024 GGR projected to reach PHP350 billion ($6 billion), surpassing government targets and last year’s PHP285 billion.
  2️⃣ Online games are the primary growth driver.

• Explosive Growth in Online Games

  1️⃣ Q3 GGR increased by 37.52% to PHP94.61 billion.
  2️⃣ Electronic gaming revenue surged 464.38% year-on-year.

• Policies and Challenges

  1️⃣ Pagcor’s increased licenses and reduced fees contributed to growth.
  2️⃣ Morgan Stanley warns this growth might be short-lived.

• Impact of POGO Ban

  1️⃣ Despite the POGO ban, domestic gaming has sustained robust growth.
  2️⃣ Pagcor confirms remaining POGOs will exit by year-end.

• Pagcor’s New Headquarters

  A 40,000 sqm facility in Pasay City reflects Pagcor’s commitment to modernization and professionalism.

New Reference: iGamingBussiness