The Philippine Amusement and Gaming Corporation (PAGCOR) experienced a significant drop in revenue, reaching 49%, after e-wallet apps like GCash and Maya removed online gambling links in August.
During a hearing of the House committee on games and amusements on October 22, lawmakers discussed how online gambling has affected the country. According to PAGCOR Assistant Vice President Jessa Mariz Fernandez, the agency's monthly revenue dropped from ₱5.7 billion in May to ₱2.9 billion in September.
Fernandez said a major reason for the decline is the Bangko Sentral ng Pilipinas (BSP) order for payment platforms to remove links to gambling sites. Because of this, PAGCOR is expected to miss its target of ₱60 billion in gross gaming revenue this year.
PAGCOR also shared that its total revenue as of September was ₱40.57 billion. More than 60% of the agency's revenue comes from online gambling, so the impact of the ban is being felt.
Meanwhile, representatives of e-wallet companies explained that they earn 2% to 3% on each transaction of gaming operators. The BSP also issued a policy proposal to limit stakes, top-up windows, and prohibit online loans for gambling.
