PAGCOR posts P3.67 billion gross income in March

Press Release
April 16, 2012

MANILA – THE Philippine Amusement and Gaming Corporation (PAGCOR) continued to enjoy an upward income trend, posting a phenomenal P3.67 billion gross income in March 2012. This is the 10th time under its new management that PAGCOR was able to break its previous monthly income record.

PAGCOR Chairman and CEO Cristino Naguiat, Jr. reported that the agency’s March income “was P686 million higher compared to the P2.98 billion earnings in March 2011. It was also much better than our P3.56 billion target for March by P109 million, and far better by P104 million against our P3.56 billion gross income last February.”

The March record feat, according to Naguiat, now goes down in history as “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.”

According to the PAGCOR Chief, income from PAGCOR’s own gaming operations in March 2012 reached P2.49 billion, which was a huge P526 million increase compared to the same period in 2011. “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.

PAGCOR’s robust income performance enabled the corporation to increase its remittances to its mandated beneficiaries. “Last March, we were able to allocate a total of P1.85 billion as the agency’s contribution to nation-building. This was P556 million or 43% over the P1.29 billion contributions we made in March 2011,” cited Naguiat.

Among the recipients of PAGCOR’s funding contributions in March were the Bureau of Internal Revenue (P125 million for the 5% 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.

According to Naguiat, his management’s basic thrust is to make PAGCOR a reliable government ally in moving the country towards progress. “Our mandate is not only to generate more revenues for the government’s various nation-building projects. We are also committed to help in other areas where we can make a difference and undertake programs that will directly benefit our fellow Filipinos,” he added.

Among PAGCOR’s ongoing major CSR projects are the P1 billion “Matuwid na Daan sa Silid-Aralan” project that will build 1,000 classrooms nationwide; the “P-noy Bayanihan project” for which PAGCOR gave an initial funding of P100 million for the production of armchairs for public schools out of DENR’s confiscated logs from illegal loggers; the P31 million “Hundred Islands e-Kawayan project” that will build a fully functional bamboo factory in Alaminos City, Pangasinan where bamboo furniture and armchairs for public schools will be produced; and the P20 million funding for the Philippine Football Federation’s “Kasibulan” project. It’s a nationwide grassroots development project that aims to train young football players who shall be known as “Batang Azkals”.