The Philippine Amusement and Gaming Corporation (PAGCOR) has consistently posted a steady increase in its gross earnings and continues to record hefty savings since July 2010 under the leadership of Chairman and CEO Cristino Naguiat, Jr.
The state-gaming firm posted gross revenues of P2.759 billion in January 2011, higher by 11.36% or P282 million compared to the P2.477 billion gross income it posted for the same period last year.
The substantial increase, according to PAGCOR Assistant Vice President for Corporate Communications Maricar Bautista, was primarily brought about by intensified marketing and entertainment efforts in the different Casino Filipino branches which resulted in better gaming income for the agency.
Winnings from PAGCOR’s own gaming operations last January yielded a 12.84% increase compared to the total gaming income it generated for the same month in 2010. “PAGCOR’s gaming revenues during the first month of the year reached P1.948 billion, which was higher by P222 million compared to last year’s P1.726 billion gaming income for the same period,” Bautista said.
According to Bautista, PAGCOR also generated substantial earnings from its other related services such as traditional bingo, income share from the operations of licensed casinos, and poker operations. “Total income from other related services was 8.30% or P59 million higher compared to January 2010 figures,” she said.
Meantime, the state-gaming firm’s total savings for the month of January reached P182 million or 15.12% lower vis-à-vis allocated budget. According to Bautista, most of the savings were generated from marketing, supplies and materials, and Ads/PR/Promotions. “Cost-saving measures continue to be implemented in line with our management’s campaign to implement austerity measures and judicious spending of the agency’s resources,” she said.
“This campaign under the leadership of Chairman Naguiat has put PAGCOR in a much better fiscal position which enabled our corporation to comply with its mandate of raising the much-needed revenues for the government,” Bautista added.
With the higher gaming revenues and lower operating expenses, PAGCOR was able to increase its remittances to its mandated beneficiaries. “For the month of January, we were able to remit a total of P1.284 billion to the mandated recipients of PAGCOR funds. This is 13.73% or P155 million higher than the P1.129 billion remittances for the same period of 2010,” Bautista noted.
Comparing January 2011 and 2010 figures, remittances of PAGCOR to the BIR in the form of franchise tax, to the National Treasury in the form of 50% government share, and the PSC share all rose by 12.84% for the month under review. “The franchise tax paid to BIR was higher by P11 million (total remittance of PAGCOR is P97 million), the national government’s share was higher by P105 million (total remittance of P925 million), and the PSC share was higher by more than P5 million (total remittance of P46 million),” she added.
PAGCOR’s remittances to the Social Fund also rose by 29.89% from P115 million in January 2010 to P150 million in January 2011. Said Fund is being utilized for the priority projects of the Office of the President.
“We are happy to note that under the new PACGOR leadership, our corporation is beginning to be more responsive and efficient in its mandate of being an active partner of our government in its nation-building efforts,” Bautista said.
“PAGCOR was basically created not only to regulate games of chance or to raise revenues for our government’s socio-civic projects. It was also created to help boost the country’s tourism industry. Efforts are currently underway to study the repositioning of our casinos not only as mere gaming and entertainment centers, but also as premium destinations for foreign tourists and travelers in the near future,” she added.