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Pagcor’s March Income Exceeds Target

Manila Bulletin

(Photo) PAGCOR Chairman Cristino L. Naguiat, Jr. (center) and PAGCOR Entertainment Head Bong Quintana (right) congratulate Marie Joyce Tañaña from Angeles City (left), the grand winner of the OPM@PAGCOR Nationwide Talent Search, during the recent grand finals night held at the PAGCOR Grand Theater in Parañaque City. Tañaña won P300,000 in cash, a P500,000 performance contract with PAGCOR and a recording contract.

State-owned Philippine Amusement and Gaming Corporation (Pagcor) said yesterday that it exceeded its gross income target in March this year due to strong performance of other gaming establishments it regulates.

In a statement, Cristino L. Naguiat Jr., Pagcor Chairman and Chief Executive said the gaming agency’s robust income performance during the month will enable them to increase the com¬pany’s remittances to its mandated beneficiaries.

In March, Pagcor registered a P3.67-billion gross income, higher by 3 percent compared with the P3.56 billion target.

Pagcor’s gross income in March was also higher by 23 percent com¬pared with P2.98 billion in the same period last year.

Naguiat said the March period was the 10th time under its new manage¬ment that the gaming agency was able to break its previous monthly income record. In February, Pagcor in¬curred P3.56 billion in gross income.

During the month, Pagcor’s own gaming operations reached P2.49 billion, up by P526 million increase from the same period last year.

“Our upbeat operations during the quarter got an added boost from the strong performance of the other gam¬ing establishments we regulate like the private licensed casinos, e-games, commercial bingo and poker clubs,” Naguiat said.

Pagcor’s other gaming establishments contribut¬ed P1.17 billion to March earnings, higher by P160 million compared with the same month last year.

“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 percent over the P1.29 billion contri¬butions we made in March 2011,” Naguiat said.

Among the re¬cipients of Pagcor’s funding contribu¬tions in March were the Bureau of Inter¬nal Revenue with P125 million for the 5 percent franchise tax, the National Treasury with P1.18 billion and the Phil¬ippine Sports Com¬mission with P59 million.

Also, the agency has remitted to cit¬ies hosting Pagcor casinos with P41 million, the President’s Social Fund with P200 million, socio-civic projects with P221 million, Board of Claims with P3.5 million and contributions to the BIR in fringe benefits tax amounting to P13 million.

“Our mandate is not only to gen¬erate more revenues for the govern¬ment’s various nation-building proj¬ects. 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,” Naguiat added.

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Posted by on Apr 17 2012. Filed under Articles, Business, News from the Motherland. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry

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