Tue | 12.4.2018 | 8:30 AM

For more than three decades, the Philippine Amusement and Gaming Corporation (PAGCOR) has been one of the government’s staunch allies in nation building.

Being one of the biggest revenue generators of the government, PAGCOR remits half of its income to the National Treasury. A sizeable portion is also allocated for its mandated beneficiaries and the underprivileged sectors of society.

In 2017, the agency recorded P59.85 billion in gross earnings – a remarkable 8.71% or P4.79 billion growth from its P55.06 billion gross revenues in 2016. This historic revenue upsurge enabled PAGCOR to remit a total of P41.36 billion contributions to nation-building. Of this amount, P27.23 billion went to the National Treasury through the 50% government share (inclusive of the P60 million remittances to Dangerous Drugs Board); P2.86 billion went to the Bureau of Internal Revenue as franchise tax; P8.71 billion for socio-civic projects;  and P1.36 billion  went to the Philippine Sports Commission to fund the country’s sports development projects.

Other mandated beneficiaries which received huge allocation from PAGCOR were the cities hosting a Casino Filipino branch (P441 million); the Board of Claims or the victims of unjust imprisonment (P49.98 million); the National Commission for Culture and the Arts (P100 million) and the Early Childhood Care and Development (P500 million).

PAGCOR Chairman and CEO Andrea Domingo said that the agency is able to provide funds for its various mandated beneficiaries by regulating gaming and preventing the proliferation of illegal gambling in the Philippines.

She added that while more than half of the agency’s revenues go to national coffers in the form of taxes, government share and mandated contributions, PAGCOR also has its self-initiated programs that help define the core of the organization’s existence.

“Striving for business success and beating past achievements have become a way of life in PAGCOR. But what gives us a deeper sense of purpose is the joy of touching lives – especially those who are in the margins of society. At the end of the day, our real mission is to serve the nation and help build a sustainable future for our country,” she said.

PAGsilbi sa bayan... PAGCOR

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