Pagcor reports P3.71-B gross income

Posted at 06/17/2012 8:44 PM | Updated as of 06/18/2012 7:00 AM

MANILA, Philippines -- State-run Philippine Amusement and Gaming Corp. (Pagcor) reported a gross income of P3.71 billion in May, already the 11th straight month it posted record-breaking numbers.

This puts Pagcor’s January-to-May total income at P17.43 billion, or P3.26-billion higher compared with the P14.16-billion earnings generated by the agency from January-to-May 2011.

In a statement, chairman and CEO Cristino Naguiat Jr. said the May gross income beat by 22% the P3.03-billion revenues recorded in the same month last year.

“Our May performance is the third time this year to have posted a new revenue record. We earned P3.56 billion in February and P3.67 billion last March,” Naguiat said.

Pagcor, he said, derived 64% or P2.36 billion of the May income from gaming operations, particularly from the winnings of gaming facilities nationwide.

“Gaming action in our tables and slot machines remains upbeat. In fact, our earnings from Pagcor’s own gaming operations in May increased by almost P350 million or 17% compared to our P2-billion gaming income in May 2011,” he said.

Pagcor generated P1.35 billion from other income sources like regulation of licensed casinos, bingo franchisees, e-games and poker operations, among others.

“The branches’ dynamic performance allows us to give bigger remittances to government for its nation-building programs. Of the P3.71-billion income generated last May, we have allocated P1.61 billion as Pagcor’s contributions to nation-building. This is higher by P245 million or 1% more than the P1.36 billion in remittances we made in May 2011,” Naguiat said.

The amount will be distributed to the following: P118 million to be paid as franchise tax to the Bureau of Internal Revenue; P1.12 billion to the National Treasury representing 50 percent government’s share from Pagcor’s gross income; P200 million to the President’s Social Fund; P56 million to the Philippine Sports Commission; P40 million to Pagcor’s casino-host cities for their community development programs; P70 million for socio-civic projects; and P6.64 million to the Board of Claims to help victims of injustice.

The agency, Naguiat said, is projecting to generate P44 billion for 2012, about 70% or P31 billion of which is expected to come from Pacgor’s own gaming operations.