PAGCOR revenue down 23% through nine months

PAGCOR reported total revenues of Php64.4 billion (approximately US$1.01 billion) for the first nine months of 2026, a 23.4% decline year-on-year. The regulator attributes the contraction primarily to weaker e-gaming results. This is the third consecutive quarter of e-gaming weakness, confirming the trend is not temporary.

Two structural shifts are driving the decline. First, the POGO shutdown removed a revenue floor that had supported headline numbers through prior periods. Second, Bangko Sentral ng Pilipinas deposit friction has made it harder for players to fund accounts with licensed online operators, compressing licensed market share from roughly 75% to around 50%.

Php64.4 billion across nine months annualises to roughly Php86 billion. That compares unfavourably with prior full-year figures and signals PAGCOR is unlikely to recover lost ground before year-end 2026.