Philippine Amusement and Gaming Corporation

Pagcor's first semester revenues increase by 9.19%

Thu | 08.01.2019 | 05:00 PM

Pagcor's first semester revenues increase by 9.19%

The Philippine Amusement and Gaming Corporation (PAGCOR) once again demonstrated promising performance after it posted 9.19% revenue growth in the first semester of the year.

The agency recorded P38.08 billion in gross revenues from its January to June 2019 operations. The amount is P3.20 billion higher compared to the P34.88 billion revenues during the same period last year (excluding sale of Solaire land).

With the amount, the agency surpassed its 34.18 billion target for the period in review by 11.41% or P3.90 billion.

Of PAGCOR’s P38.08 billion revenues, P36.56 billion came from the agency’s gaming operations as well as fees from licensees and offshore gaming operators. Further, PAGCOR’s other income as well as its income from other related services amounted to P1.51 billion.

According to PAGCOR Chairman and CEO Andrea Domingo, because of its buoyant performance, the state-run gaming firm once again increased its contributions to nation building.

“In the first semester of 2019, we were able to remit a total of P27.56 billion (contribution to nation building) to the government. This is P2.26 billion or 8.94% higher than the figures we remitted in the same period last year,” she said.

The biggest share of PAGCOR’s contributions to nation-building (P17.36 billion) went to the National Treasury as the 50% government share (inclusive of the P30 million remittance to Dangerous Drugs Board), followed by remittances for the government’s socio-civic projects (P7.23 billion) and the Bureau of Internal Revenue in the form of 5% franchise tax (P1.82 billion).

Among other mandated beneficiaries of PAGCOR are the Philippine Sports Commission, which received P868.46 million; cities hosting a Casino Filipino branch which received a total of P222.85 million; and the Board of Claims under the Department of Justice which received P29.85 million.

PAGCOR also remitted P6.92 million in Corporate Income Tax.

Domingo furthered that in spite of the stiff competition in the local gaming industry, PAGCOR constantly strives to exceed its past revenue performances. “We never rest on our laurels. Our motivation to beat past achievements had always been anchored on the role that PAGCOR plays in nation-building and in the country’s revenue-generation efforts,” she said.

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