Pagcor earnings hit P25B in Jan-April

Philippine Amusement and Gaming Corporation

Philippine Amusement and Gaming Corp. (Pagcor) conveyed on Thursday its gross revenue increased to P25.09 billion in the first four months of 2019.

Run by the government, Pagcor stated the amount was an 11.4-percent or P2.57-billion surge from its P22.51 billion revenues in the first four months of 2018.

Pagcor exceeded the P23.57-billion target for the period in review by 6.4 percent or P1.51 billion.

Pagcor noted the P23.84 billion of its revenues were from its income from gaming including fees from licensees and offshore gaming operators. Other income, as well as profit from other related services, amounted to P1.24 billion.

Andrea Domingo, Pagcor Chairman and Chief Executive Officer is confident the state-gaming agency will continue beyond its revenue targets for the year.

“Right now, we are recording a monthly average of P6.27 billion revenues. Of this amount, we remit an average of P4.57 billion to the national coffers and Pagcor’s other mandated beneficiaries.” She stated, “We will do our best to sustain this momentum so that the agency can touch the lives of more Filipinos.”

Pagcor added it sent a total of P18.29 billion contributions to nation building from January to April, a 12.22 percent increase from the P16.30 billion contributions during the same period last year.

Many of these mandated contributions to the government, it stated P11.32 billion went to the National Treasury as 50 percent government share; P1.19 billion to the Bureau of Internal Revenue in the form of 5 percent franchise tax; P566.41 million for the 5 percent Philippine Sports Commission share; P148.57 million for cities hosting a Casino Filipino branch; P5.03 billion for various socio-civic programs of the government; P18.74 million for the Board of Claims; and P6.93 million for corporate income taxes.

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