Pagcor expects P6-B revenue increase in 2013

Pagcor president and COO Lawyer Jorge Sarmiento. INQUIRER FILE PHOTO

MANILA, Philippines—The Philippine Amusement and Gaming Corporation (Pagcor) expects to gain revenues up to P42 billion this year and around P45 billion in 2013.

Lawyer Jorge Sarmiento, Pagcor president and COO, told the House committee on appropriations on Thursday that they expected a P6-billion increase in revenues this year that would result in P42.64 billion.

The agency saw its revenues increasing by P2.6 billion more next year which could result in P45.3 billion.

The Pagcor official gave this statement during the second day of the committee deliberations on the proposed P2.006 trillion national budget for 2013.

“We want to emphasize that we are a major contributor to national treasury with income milestones from July 2010 to June 2012,” said Sarmiento, pointing out that they had more than P73-billion worth of gross income, which was higher than the P60-billion income generated in the last two years of the previous administration.

He informed the committee that the Pagcor has also made more than P35 billion in contributions to the government for nation building as well and have monitored 12 record breaking revenues when they assumed office, leading to a cumulative growth of 43 percent.

Sarmiento said they are also updated in payment of taxes, following a ruling by the Supreme Court that Pagcor pay taxes. Bank loans amounting to more than P1.6 billion have also been paid, he added.

Pagcor also intends to continue nation-building projects such as converting confiscated logs into chairs for schools, feeding programs as well as funding the training of football players.

House committee on appropriations chair, Cavite 1^st District Representative Joseph Emilio Abaya, clarified that Pagcor and PCSO officials were not there to be scrutinized for their budget as they were GOCCS outside the jurisdiction of the committee.

Philippine Charity Sweepstakes Office chair Margarita Juico and Pagcor chair Cristino Naguiat Jr. and other officials from their agencies were there, said Abaya, to present their significant contributions to government revenues this year and to discuss with the panel what they could still contribute in 2013.

Department of Agrarian Reform Secretary Virgilio de los Reyes is expected to appear before the panel in the afternoon.