The Philippines’ growing domestic online gaming industry is now the country’s largest gaming tax contributor, with regulator PAGCOR having collected Php28 billion (US$490 million) in tax from the online sector in 3Q24 alone, according to investment bank Morgan Stanley.
In a note, Morgan Stanley analysts said that, based on PAGCOR numbers, Philippines online gaming’s annualized gaming revenues in Q3 was tracking at US$2.4 billion, equivalent to 70% of land-based GGR.
However, tax collection exceeded land-based due to its higher tax rate of 35% – even through this has been gradually reduced from a rate of 50% two years ago.
