Due to the sector’s rapid growth, the Bureau of Internal Revenue (BIR) anticipates collecting up to ₱20 billion from franchise taxes on electronic games (e-games).
During a Senate committee hearing, the Department of Finance (DOF) and the Philippine Amusement and Gaming Corp. (PAGCOR) noted an upward trend in e-games.
Finance Assistant Secretary Karlo Adriano projected a 13 to 50 percent increase in tax revenue, with franchise tax collections reaching ₱10.7 billion from January to July.
PAGCOR Chairman Alejandro Tengco highlighted e-games as a burgeoning industry that could significantly contribute to future revenues, with expectations of e-games making up 35 percent of PAGCOR’s total revenue in 2024.
The BIR’s revenue projections reflect the increasing importance of e-games amid the decline in revenue from Philippine offshore gaming operators (POGOs).
Source: PhilNews24 | September 13, 2024
