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PAGCOR posts P55.06 billion in 2016 - Highest gross income record

Wednesday | Feb. 15, 2017 | 4:00 PM

 

PAGCOR posts P55.06 billion in 2016 - Highest gross income record

Amid growing competition in the local gaming industry, the Philippine Amusement and Gaming Corporation (PAGCOR) achieved another milestone when it posted its highest income record in history.

 

The state-run gaming firm posted P55.06 billion gross income – a 16.62% or P7.85 billion increase from its P47.21 billion revenues in 2015. The agency attributes this feat to the surge in income from gaming, which includes table games, electronic games and bingo operations, as well as fees from licensed casinos and offshore gaming.

 

PAGCOR Chairman and Chief Executive Officer Andrea Domingo said that with the bullish growth of the agency’s income, consequently, the state-run gaming firm substantially increased its total contributions to nation-building by 25.45%.

 

“From P29.07 billion in 2015, our total contributions to nation-building in 2016 amounted to P36.47 billion. This was P7.40 billion higher than the 2015 figures. With this amount, PAGCOR has once again contributed significantly not only to the national coffers and to its mandated beneficiaries but largely to the benefit of the less privileged Filipinos,” the PAGCOR chief said.

 

Of PAGCOR’s P36.47 billion contribution to nation-building, P25.32 billion went to the National Treasury in the form of 50% government share.

 

The agency also paid P2.66 billion franchise tax to the Bureau of Internal Revenue. This amount is 22.87% or P496.15 million higher than the P2.16 billion franchise tax remitted by PAGCOR in 2015.

 

Meanwhile, the Philippine Sports Commission’s (PSC) share in 2016 reached P1.26 billion – a hefty 22.87% or P235 million increase from the P1.03 billion PSC share during the previous year.

 

Apart from the PSC share, PAGCOR allocated P16.99 million cash incentives to athletes and coaches who brought pride to the country by winning in international sports competitions. These winning sports heroes include Hidilyn Diaz who won a Silver Medal in the 2016 Olympic Games under Women’s Weightlifting category and Luis Gabriel Moreno who brought home a Gold Medal for Archery-Mixed International Team during the 2nd Youth Olympic Games in Nanjing, China. PAGCOR also granted cash incentives to winning athletes during the 8th Asean Para Games in Singapore last December 2015 and retirement benefits to former athletes.

 

Chairman Domingo stressed that on top of these contributions, PAGCOR has its own Corporate Social Responsibility programs which are designed to uplift the plight of Filipinos in need.

 

“PAGCOR has always been a staunch partner of the government in making the lives of Filipinos better through our various socio-civic programs. In 2016, among our notable programs include the provision of financial assistance to victims of calamities, medical assistance to indigent individuals and relief operations in typhoon-stricken areas.

 

The PAGCOR chief added that programs for the education sector—such as the support to Department of Education’s Brigada Eskwela, Feeding Program for undernourished school children and the school building project are still in place. As of 2016, PAGCOR has built a total of 4,051 classrooms in 716 sites nationwide; 2,404 more classrooms in 220 sites are being built while 173 classrooms in 22 sites are under procurement.

 

“We hope to be a part of the change that this country needs – not only in terms of robust revenue generation but also by reaching out to as many marginalized sectors who equally deserve to live a quality life under President Rodrigo Duterte’s administration,” Domingo concluded.

 

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