Posted: Thursday | June 21, 2012 | 1:00 PM
THE Philippine Amusement and Gaming Corporation (PAGCOR) continues to beat the odds and stay afloat despite a more intense competition both in the local and international front. In fact, the agency attained another record performance last May generating a gross income of P3.71 billion - the 11th time under its new management that PAGCOR posted its highest earnings for a single month.
PAGCOR Chairman and CEO Cristino Naguiat, Jr. reported that the agency’s May income was higher by P680 million or more than 22% compared to its P3.03 billion income for the same period last year. “Our May performance is the third time this year to have posted a new revenue record. We earned P3.56 billion in February and P3.67 billion last March.”
Naguiat attributed the agency’s bullish performance to the buoyant gaming operations of PAGCOR. “We derived 64% or P2.36 billion of our May income from PAGCOR’s gaming operations, particularly from the winnings of our gaming facilities nationwide. Gaming action in our tables and slot machines remains upbeat. In fact, our earnings from PAGCOR’s own gaming operations last May increased by almost P350 million or 17% compared to our P2 billion gaming income in May 2011.”
The state-run gaming firm meantime generated P1.35 billion from other income sources like its regulation of licensed casinos, bingo franchisees, e-games and poker operations, among others.
“The branches’ dynamic performance allows us to give bigger remittances to government for its nation-building programs. Of the P3.71 billion income generated last May, we have allocated P1.61 billion as PAGCOR’s contributions to nation-building. This is higher by P245 million or 18% more than the P1.36 billion remittances we made in May 2011,” Naguiat shared.
The amount will be distributed to the following: P118 million to be paid as Franchise Tax to the Bureau of Internal Revenue; P1.12 billion to the National Treasury representing 50% government’s share from PAGCOR’s gross income; P200 million to the President’s Social Fund; P56 million to the Philippine Sports Commission in support of the country’s sports program; P40 million to PAGCOR’s casino-host cities for their community development programs; P70 million for socio-civic projects; and P6.64 million to the Board of Claims to help victims of injustice.
“We are definitely performing far better compared to last year. With this upward income trend, we are optimistic that we will surpass our achievements in 2011 and reach our operational targets this year,” Naguiat related.
The agency is projecting to generate P44 billion for 2012, about 70% or P31 billion of which is expected to come from PAGCOR’s own gaming operations. “We are happy to report that from January to May 2012, we have been above target in terms of our gaming income projection. We hope to maintain this bullish performance for the rest of the year through more aggressive marketing and entertainment programs, improved gaming mix and delivery of better customer service,” Naguiat said.
From January to May this year, PAGCOR’s total income has already reached P17.43 billion. This is higher by P3.26 billion compared to the P14.16 billion earnings generated by the agency from January to May 2011.
PAGCOR’s increased revenues during the first five months of 2012 also led to bigger government contributions. PAGCOR’s share to its mandated beneficiaries during the first five months of 2012 reached P8.86 billion, higher by P2.37 billion compared to last year’s P6.54 billion.
“More than the revenues, what is truly important is that we are able to contribute greatly in nation-building. Nagpapasalamat ako sa mga empleyado ng PAGCOR dahil kasama namin silang lahat sa pagtupad ng ating misyon na mapabuti ang buhay ng ating mga kapwa Pilipino sa pamamagitan ng PAGCOR (I am grateful to our employees because they all help us fulfill our mission to improve the lives of our fellow Filipinos through PAGCOR),” Naguiat concluded.