Philippines: Entire PAGCOR board submits courtesy resignations ahead of palace directive

The full leadership of the Philippine Amusement and Gaming Corporation (PAGCOR) has voluntarily stepped down, aligning with a broader government reorganization initiative led by President Ferdinand Marcos Jr.

Chairman and CEO Alejandro H. Tengco confirmed on May 29 that he, along with President and COO Wilma Eisma and Directors Jose Maria Ortega, Francis Democrito Concordia, and Gilbert Cesar Remulla, submitted their courtesy resignations last week.

The announcement came just days before Malacañang issued an official directive instructing officials of government-owned and controlled corporations (GOCCs) to offer their resignations as part of the President’s efforts to overhaul key leadership positions.

“We serve at the pleasure of the President and we will accept whatever the Chief Executive’s decision will be,” Tengco said in a statement.

While the Office of the President has yet to confirm whether the current PAGCOR board will be reappointed or replaced, affected officials have been advised to continue performing their duties until further notice.

The resignations come at a time when PAGCOR has been actively engaged in both regulatory operations and social development initiatives. On May 24, Tengco attended a Rites of Passage ceremony at Camp O’Donnell in Tarlac, reiterating the agency’s support for the Armed Forces of the Philippines.

PAGCOR has also been funding the construction of military training facilities, including barracks and gyms, as part of its corporate social responsibility programs.

Earlier this month, PAGCOR announced a remittance of PHP 12.67 billion ($228 million) to the National Treasury, exceeding its statutory requirement by contributing 75% of its 2024 net income.

Tengco’s tenure has been marked by heightened public engagement and support for responsible gambling and infrastructure development. President Marcos previously called for the courtesy resignations of all Cabinet secretaries.

Meanwhile, PAGCOR posted PHP28 billion (USD502.9 million) in earnings for the first quarter of 2025, up 11.2% year-on-year. This is 4.45% higher than the government target of PHP26.88 billion (USD483.5 million).

Gaming operations and license fees generated PHP25.53 billion (USD458.9 million), or 91% of the total. Business income and service fees accounted for the remaining 9%. Expenses dropped 15.5% to PHP6.22 billion (USD111.9 million) from PHP7.36 billion (USD132.3 million) a year ago. Net income climbed 23% to PHP4.22 billion (USD75.9 million).