Pagcor posts close to P3B in gross revenues in Jan.

MANILA, Philippines – The Philippine Amusement and Gaming Corporation (Pagcor) posted close to P3 billion in gross revenues last month and some P182 million savings for the same period, its official revealed on Tuesday.

Pagcor Assistant Vice President for Corporate Communications Maricar Bautista said the agency posted P2.759 billion revenues in January 2011, higher by 11.36 percent or P282 million compared to the P2.477 billion gross income posted for the same period last year.

Bautista said the substantial increase in revenues was due to intensified marketing and entertainment efforts in different Casino Filipino branches in the country.

Winnings from Pagcor’s own gaming operations last January, she said, yielded a 12.84% increase compared to the total gaming income it generated for the same month in 2010.

“Pagcor’s gaming revenues during the first month of the year reached P1.948 billion, which was higher by P222 million compared to last year’s P1.726 billion gaming income for the same period,” Bautista said in a statement.

Aside from gaming revenues, Bautista said, the state gaming firm also generated substantial earnings from its other related services such as traditional bingo, income share from the operations of licensed casinos, and poker operations.

“Total income from other related services was 8.30% or P59 million higher compared to January 2010 figures,” she said.

Bautista said Pagcor’s total savings for the month of January reached P182 million or 15.12% lower vis-à-vis allocated budget.

Most of the savings, she said, were generated from marketing, supplies and materials, and Ads/PR/Promotions.

“Cost-saving measures continue to be implemented in line with our management’s campaign to implement austerity measures and judicious spending of the agency’s resources,” she pointed out.

Because of its higher gaming revenues and lower operating expenses, Bautista said the agency was able to increase its remittances to its mandated beneficiaries.

“For the month of January, we were able to remit a total of P1.284 billion to the mandated recipients of Pagcor funds. This is 13.73% or P155 million higher than the P1.129 billion remittances for the same period of 2010,” she said.

Bautista said remittances of Pagcor to the Bureau of Internal Revenue in the form of franchise tax, to the National Treasury in the form of 50% government share, and the PSC share all rose by 12.84% for the month under review.

“The franchise tax paid to BIR was higher by P11 million (total remittance of PAGCOR is P97 million), the national government’s share was higher by P105 million (total remittance of P925 million), and the PSC share was higher by more than P5 million (total remittance of P46 million),” she pointed out.

Pagcor’s remittances to the Social Fund, which is being utilized for the priority projects of the Office of the President, also rose by 29.89% from P115 million in January 2010 to P150 million in January 2011.

“We are happy to note that under the new PACGOR leadership, our corporation is beginning to be more responsive and efficient in its mandate of being an active partner of our government in its nation-building efforts,” Bautista added.