Saturday, 29 October 2011

Pagcor Remits P8.2B To NG

Manila Bulletin

MANILA, Philippines — State-owned Philippine Amusement and Gaming Corporation (Pagcor) turned over P8.217 billion to the government as part of its share in the gaming agency’s earning in the first nine-months of the year.

Data from the Bureau of Treasury showed yesterday that Pagcor’s remittance from January to September increased by 7 percent compared with P7.713 billion that the agency remitted in the same period last year.

Meanwhile, Pagcor’s September remittance to the government also increased by 17 percent to P973 million from P834 million in the same month last year.

The gaming agency remitted about P10.343 billion last year, lower by 6 percent compared with P11.05 billion it turned over as part of the government’s share in the previous year.

This year, the Department of Finance expects Pagcor to contribute some P10.94 billion to government coffers.

Pagcor’s first three-quarters contribution to state coffers was above by P133 million compared with the target P8.084-billion target.

As a government-owned and controlled corporation, Pagcor is required by Republic Act 7656 or the Dividend Law to remit at least 50 percent of its annual gross earnings to the government.

Pagcor operates 13 agency-run Casino Filipino facilities and has four licensed casinos – Fontana Casino in Pampanga, East Bay Casino in Rizal, Poro Point Casino in La Union and Fort Stotsenberg also in Pampanga.

Earlier, Pagcor said that it posted a P3.34-billion gross income in September, higher by 31.18 percent compared to the same month last year.

Cristino Naguiat Jr., Pagcor chairman and chief executive said the September earning brought its first nine-month total income to P26.78 billion, higher by 14 percent compared with the same period last year.

Naguiat said the agency’s robust income performance was brought about by complementing factors such as the upbeat operations of Pagcor’s casinos and its other regulated gaming activities, and the prudent management of funds.

“Total winnings from our own gaming operations reached P18.04 billion during the first three quarters of 2011. This exceeded Pagcor’s P16.51-billion winnings for the same period last year by more than P1.52 billion,” Naguiat noted. (CSL)

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