PAGCOR income grows by P4.38-B in first 3Qs of 2012

Monday | October 29, 2012 | 5:30 PM

Pamaskong Handog 2012 - Day 20 (BAYANIHAN: Pamaskong Handog ng PAGCOR 2012)

THE Philippine Amusement and Gaming Corporation (PAGCOR) raked in a hefty income growth of P4.38 billion during the first three quarters of 2012. The agency’s gross income as of end of September this year stood at a staggering P31.16 billion, surpassing the P26.78 billion total earnings it generated for the same period in 2011.

“This means that since the start of the year, our revenue has been growing at an average of close to half a billion pesos a month or roughly P1.5 billion every quarter,” reported PAGCOR Chairman and CEO Cristino Naguiat, Jr.

The biggest improvement during the period came from PAGCOR’s own gaming operations. “The winnings from our gaming facilities nationwide continue to be the biggest contributor to PAGCOR’s coffers. In fact, we generated winnings of P21.04 billion from the table games and slot machine operations of our casinos and arcades as of end September 2012. This is far higher by P3 billion compared to the P18 billion winnings we earned from our gaming operations from January to September 2011,” Chairman Naguiat added.

During the period in review, the main casinos of PAGCOR posted winnings of P14.92 billion. Meantime, the satellites, arcades and VIP Clubs generated a gaming income of P6.12 billion.

PAGCOR also earned P9.45 billion from other related services and sources like the regulatory fees that the agency collects from licensed casinos and income share from other gaming activities such as e-games, commercial bingo and poker. The amount was bigger by almost P1.12 billion vis-à-vis the 2011 figures.

According to Chairman Naguiat, PAGCOR’s performance during the first nine months of the year “is proof that our operations can stay afloat despite the presence of private casinos. We accomplished this by bringing our strengths into play. We expanded our operations, and we provided our clientele with better gaming amenities, better shows and better marketing promos.”

Apart from growing its revenues, PAGCOR also contributed more to nation building. The January to September 2012 remittances to its mandated beneficiaries totaled P16.15 billion. “This was much higher by P3.35 billion compared to the P12.79 billion contributions allocated to nation building in the same period of 2011,” the PAGCOR Chief said.

The state-owned gaming firm’s contributions to nation building for the three quarters of 2012 were distributed as follows: P1.05 billion in the form of 5% franchise tax to the Bureau of Internal Revenue; P9.99 billion representing 50% of the Government share which was remitted directly to the National Treasury; P499 million as 5% share of the Philippine Sports Commission; P367 million to casino host-cities for their various community projects; P1.74 billion to the President’s Social Fund; P2 billion as direct assistance to socio-civic projects; P21 million representing the 1% Board of Claims’ share; and P456 million for other contributions (payment of Corporate Income Tax to the BIR and Sports Incentives).

Chairman Naguiat said that PAGCOR will continue to support the government in all its initiatives to uplift the lives of Filipinos. “This is the reason why we engage in Corporate Social Responsibility (CSR) projects that go beyond what is expected of PAGCOR. The school buildings project, the P-noy Bayanihan initiative together with the DepEd, DENR and TESDA, the Kasibulan project in partnership with the Philippine Football Federation (PFF), the E-kawayan program, our Pamaskong Handog annual gift-giving activity… all of these address primal concerns of ordinary Filipinos.”

“Tinutulungan natin ang mga kabataang Pinoy na matupad ang kanilang mga pangarap. Nagbibigay tayo ng livelihood opportunities sa ating mga kababayan. Tinutugunan din natin ang simpleng pangarap ng ating mga kapus-palad na mga kababayan,” Chairman Naguiat added.

“We are here to help our government attain its dreams for our countrymen. We will always stay true to our mission of making a difference in the lives of our fellow Filipinos,” he concluded.

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