Pagcor earns P3.67B in March

MANILA, Philippines–The state-owned Philippine Amusement and Gaming Corp. (Pagcor) chalked up record high gross revenues for the 10th straight month in March at P3.67 billion on higher earnings from gaming operations and revenue share from regulated entities.

In a press statement on Monday, Pagcor chair Cristino Naguiat Jr. reported that the agency’s March income had increased by P686 million from the P2.98 billion earnings in the same month last year. The level likewise exceeded the agency’s gross revenues in February this year of P3.56 billion which was adopted as the target for March.

Naguiat said this performance marked “Pagcor’s highest total income ever posted for a single month since the Philippine government went into the direct management of casino operations 26 years ago.”

Income from Pagcor’s own gaming operations in March reached P2.49 billion, up by P526 million from the same period last year. “Our upbeat operations during the quarter got an added boost from the strong performance of the other gaming establishments we regulate like the private licensed casinos, e-games, commercial bingo and poker clubs. They contributed P1.17 billion to our March 2012 earnings, higher by P160 million compared to the same month last year,” he noted.

This income performance allowed the corporation to increase its remittances to mandated beneficiaries. “Last March, we were able to allocate a total of P1.85 billion as the agency’s contribution to nation-building,” Naguiat said, adding this was 43 percent higher than the contribution in the same month last year.

Among the recipients of Pagcor’s funding contributions in March were the Bureau of Internal Revenue (P125 million for the 5 percent franchise tax); the National Treasury (P1.18 billion); the Philippine Sports Commission (P59 million); cities hosting Pagcor casinos (P41 million); the President’s Social Fund (P200 million); socio-civic projects (P221 million); Board of Claims (P3.5 million); and contributions to the BIR in fringe benefits tax amounting to P13 million.