Pagcor targets to remit P23B to gov’t in 2014

MANILA, Philippines—The Philippine Amusement and Gaming Corporation (Pagcor) on Thursday said it was targeting to remit P23 billion to the government in 2014.

Pagcor president and COO Jorge Sarmiento told the House committee on appropriations that the state gaming firm saw a 5.99 percent increase in its total revenue next year and expected to earn P45.47 billion from 2013 to 2014.

This was higher than Pagcor’s target income of P42.9 billion.

Pagcor was mandated to hand over 50 percent of its earnings to the national treasury and Sarmiento told lawmakers that the firm has so far been able to remit P11 billion to the national government for purposes of nation building.

He said that Pagcor’s remittances to the national government were being used for feeding programs and in building classrooms and converting confiscated logs and old slot machines into school desks.