PAGCOR posts P3.05-B income in June 2011

The Philippine Amusement and Gaming Corporation (PAGCOR) achieved another record-breaking feat as it turned in a whopping P3.05 billion total income for the month of June 2011, the biggest income ever earned for a single month in PAGCOR’s history.

PAGCOR posts P3.05-B income in June 2011

Its June 2011 income performance was the second time in a row that PAGCOR posted a new revenue record. Last May, PAGCOR surpassed the P3 billion mark after its earnings reached P3.03 billion.

PAGCOR Chairman and CEO Cristino L. Naguiat, Jr. reported that the state-owned gaming firm increased its revenues by P334 million in June 2011 compared to the same period last year. “We generated more than P2.07 billion from PAGCOR’s own gaming operations, and P984 million from regulated gaming operations like commercial bingo and licensed casino operations, among others,” he said.

The agency’s June revenues brought to P17.22 billion the total income of PAGCOR during the first half of the year. This is P1.68 billion higher than the gross earnings of PAGCOR from January to June 2010.

PAGCOR’s remarkable performance, according to Naguiat, was mainly due to the management’s unrelenting campaign to maximize the company’s resources, implement prudent fiscal policies, and carry out efforts aimed at improving Casino Filipino’s gaming facilities.

Naguiat said the ultimate goal is to transform the casinos from being mere gaming centers into wholesome recreation, entertainment centers for local and foreign tourists alike. “Competition has opened our eyes to the reality that we have to keep improving our operations for our casinos to survive. And we are going towards that direction,” Naguiat noted.

Although PAGCOR’s corporate nature limits it from investing in massive renovations, Naguiat said his management team is exploring cost-efficient means of upgrading gaming equipment, facilities as well as entertainment offerings.

“We are definitely moving forward. We will continue to think of innovative ways on how to further increase our revenues so that we can help our government more in its nation-building efforts. For instance, one major Corporate Social Responsibility project of PAGCOR is the P1 billion funding for the “Matuwid na Daan sa Silid Aralan Project” in partnership with the Department of Education for the construction of 1,000 classrooms nationwide,” Naguiat said.

PAGCOR has significantly reduced operating expenses since July 2010. “Since last year, we have consistently been saving millions of pesos from operational costs. Last June alone, we were able to reduce operating expenses by 5.87%. This translates to a P70.3 million savings versus 2010 figures,” Naguiat said.

Records likewise show that PAGCOR has already saved about P943 million during the first six months of 2011. Meanwhile, from July 2010 to June 2011, the agency has already generated total savings of P2.005 billion.

With higher revenues and bigger savings, PAGCOR was able to substantially increase its contributions to the National Government. For June 2011, PAGCOR’s remittances to the National Treasury, the Bureau of Internal Revenue (BIR) and the Philippine Sports Commission (PSC) amounted to P1.136 billion, up by almost P102 million compared to the June 2010 remittances amounting to P1.033 billion.

PAGCOR also remitted P303 million to the President’s Social Fund, the Board of Claims, host cities and the socio-civic projects of the government for the month of June.

Meanwhile, PAGCOR’s total contributions to the National Treasury, BIR and PSC from January to June 2011 reached P6.35 billion. This is higher by 386 million than the P5.97 billion contributions to the three entities during the same period last year.

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