Latest Stories

Pagcor joins gov’t taxpayers’ ‘billionaires’ club’


MANILA, Philippines—The Philippine Amusement and Gaming Corp. (Pagcor) is joining the so-called billionaires’ club of government corporate tax payers as it pays a whopping P5.5 billion in taxes to the government for 2012.

Pagcor, in a statement on Tuesday, announced that its total payment to the Bureau of Internal Revenue (BIR) for 2012 would reach P5.5 billion.

For corporate income tax alone, the state gaming firm will pay P1.07 billion for 2012 after it raked in a whopping P40.88 billion total income last year.

“This is the first time ever that our agency has become part of the billionaires’ club in terms of corporate income tax payments,” Pagcor chairman and CEO Cristino Naguiat Jr. said.

Aside from the corporate income tax,  Pagcor said it will also pay the government P1.37 billion representing the 5-percent franchise tax from its gaming operations, P2.32 billion in franchise tax collections from its licensees, and P778 million in withholding taxes.

With this staggering amount, the statement said Pagcor is expected to remain on the list of the top GOCC (government-owned and -controlled corporation) taxpayers for 2012.

“We support the BIR’s tax collection campaign since this is one of the government’s basic sources in funding its various developmental programs,” Naguiat added.

Based on the Commission on Audit (COA) Annual Report for 2011,  the gaming firm ranked third among top government corporate taxpayers with Bangko Sentral ng Pilipinas (BSP) topping the list and the Power Sector Assets and Liabilities Management Corp. (PSALM Corp)., landing on second place.

The BSP paid BIR P26.7 billion in income, withholding and other taxes in 2011 while PSALM Corp. and Pagcor paid the BIR P5.5 billion and P4.98 billion, respectively, in corporate income and other taxes in the same year.

In December 2011, Pagcor voluntarily settled unpaid back taxes amounting to almost P857 million incurred under the agency’s previous administration from 2004 to 2010. The unpaid back taxes were due to Pagcor’s removal from the list of agencies that were exempted from paying Corporate Income Tax.

Despite the case filed by the previous management, the Supreme Court issued a resolution on April 6, 2011, rendering as constitutional the removal of Pagcor from the list.

With the court’s ruling, Naguiat said the new Pagcor management immediately coordinated with the BIR for an audit of the back taxes that were supposed to have been paid by the agency.

“We immediately coordinated with BIR Commissioner Kim Jacinto-Henares and informed her of our desire to voluntarily comply with Pagcor’s tax obligations,” said the incumbent Pagcor chief.

Since then, Naguiat said, Pagcor has been religiously complying with its tax obligations.

“We are remitting the payments to the BIR on a quarterly basis. For 2011, we paid a total of P960 million in corporate income taxes alone,” Naguiat noted.

Follow Us

Follow us on Facebook Follow on Twitter Follow on Twitter

Recent Stories:

Complete stories on our Digital Edition newsstand for tablets, netbooks and mobile phones; 14-issue free trial. About to step out? Get breaking alerts on your mobile.phone. Text ON INQ BREAKING to 4467, for Globe, Smart and Sun subscribers in the Philippines.

Tags: billionaires’ club , gaming and casinos , Philippine Amusement and Gaming Corp. (Pagcor) , taxes

  • NoWorryBHappy

    We salute  CEO Cristino Naguiat Jr.and PAGCOR employees for their honest and dedicated work. Mabuhay kayong lahat.

  • WeAry_Bat

    *sigh* It’s too good to be true but if it is, I take back my slams on the contract of distilled water brouhaha.

Copyright © 2014, .
To subscribe to the Philippine Daily Inquirer newspaper in the Philippines, call +63 2 896-6000 for Metro Manila and Metro Cebu or email your subscription request here.
Factual errors? Contact the Philippine Daily Inquirer's day desk. Believe this article violates journalistic ethics? Contact the Inquirer's Reader's Advocate. Or write The Readers' Advocate:
c/o Philippine Daily Inquirer Chino Roces Avenue corner Yague and Mascardo Streets, Makati City, Metro Manila, Philippines Or fax nos. +63 2 8974793 to 94


  • Obama, family cause a small stir at Easter service
  • Estrada: Gigi Reyes won’t testify vs JPE
  • Ancient enigmatic carvings in danger of disappearing
  • Tagle: Hope comes with warning on Easter
  • New plant to boost supply of clean energy
  • Sports

  • Goodbye MGM, Las Vegas for Pacquiao?
  • Rain or Shine drops Ginebra in big hole
  • Ateneo whips CSB; Davao debuts with win over FEU
  • PH pug Hipolito Banal decisions Colombian in Aiba
  • Former Pacquiao sparmate Porter keeps IBF title
  • Lifestyle

  • Transitions and resurrection in the performing arts
  • ‘Archaeology tour’ of Cebu’s heritage of faith
  • Historic Fort Bonifacio tunnel converted into a septic tank
  • ‘Imports’ from London, and play of the year
  • Korean animation comes of age
  • Entertainment

  • Easter musings
  • Solenn in shorts
  • Unmerry mix of attention-calling moves on ‘Mini-Me’ TV tilts
  • Persistence pays off for The 1975
  • Special section in LA fest for Filipino films
  • Business

  • BDO seen keen on bidding for Cocobank
  • Bataan freeport investment pledges up 1,302%
  • Golden Week
  • Bourse to woo Cebu stock mart investors
  • Supper power
  • Technology

  • Nasa’s moon-orbiting robot crashes down
  • Netizens pay respects to Gabriel Garcia Marquez
  • Nokia recalls 30,000 chargers for Lumia 2520 tablet
  • Facebook rolls out ‘nearby friends’ feature
  • Netizens seethe over Aquino’s ‘sacrifice’ message
  • Opinion

  • Gigi’s home
  • Palace stonewalls on MRT inquiry
  • Couple of things too
  • There is plenty of water behind Wawa Dam
  • Triduum thoughts of a young boy
  • Global Nation

  • Search for Etihad passengers launched
  • Japan presents $57-B ‘dream plan’ to solve Metro congestion
  • Tim Tebow’s charity hospital in Davao seen to open in 7 months
  • OFW died of Mers-CoV in Saudi Arabia, says family
  • Aquino, Obama to tackle US pivot to Asia during state visit
  • Marketplace