The Philippine Amusement and Gaming Corporation (PAGCOR) posted P11.13 billion in revenues for the first four months of 2011, up by more than P1 billion from the P10.07 billion the state-owned gaming firm earned in the same period last year.
“For the month of April alone, PAGCOR’s gross revenues rose to P2.75 billion or P285 million higher compared to the P2.46 billion income in April 2010,” said PAGCOR Chairman and CEO Cristino L. Naguiat, Jr.
He said the revenue upswing was the result of remarkable increases in winnings from gaming operations and other income sources like shares from regulated gaming operations. “During the period in review, PAGCOR’s gaming income was up by P449 million while other income was better by P601 million,” Naguiat pointed out.
PAGCOR’s sterling performance during the first four months of its fiscal year enabled the gaming firm to remit higher contributions to its mandated agencies. Total remittances from January to April 2011 reached P4.94 billion – P176 million higher than the P4.77 billion contributions made during the same period last year.
“We paid P374 million in franchise taxes to the Bureau of Internal Revenue and remitted P3.56 billion to the National Government as mandated share. Other mandated recipients which received substantial funding from PAGCOR include the Philippine Sports Commission (P178 million) and President’s Social Fund (P608 million),” Naguiat added.
PAGCOR also continues to reap tremendous benefits from prudent fund management and other cost saving initiatives. “From January to April, PAGCOR slashed its operating expenses by almost 14% which led to savings of about P688 million. For April alone, we had savings of about P140 million,” Naguiat stressed.
The PAGCOR CEO expressed confidence that through sound business policies and prudent spending, the state-run gaming agency would continue to surpass previous performance milestones. “By generating more revenues, PAGCOR would be able to respond better to its mandate of helping government in its nation-building efforts,” he said.
High on PAGCOR’s priority list is to assist President Benigno Simeon Aquino III in his campaign to improve the quality of education in the country. One of PAGCOR’s major undertakings is the P-Noy Bayanihan project which seeks to reduce school furniture shortage in public schools nationwide.