The Philippine Amusement and Gaming Corporation (PAGCOR) announced today that its revenues for the first nine months of the year have reached Php79.43 billion, up 42% from the Php55.95 billion revenues year-on-year.
The state gaming agency’s notable performance, according to PAGCOR Chairman and CEO Alejandro H. Tengco, was again driven by the robust Electronic Games sector followed by the country’s licensed casinos and integrated resorts.
“The Electronic Games sector alone contributed Php28.22 billion or 35.52% to the gaming revenue pie, followed by the licensed casino sector which chipped in 30.84% or Php24.50 billion from licensee fees,” he said.
Net income for the first nine months, meanwhile, was at Php9.63 billion, nearly double last year’s Php4.85 billion.
“Our third quarter performance is a strong indication that in spite of the President’s decision to ban offshore gaming operations in the country, we are still on track to meet our Php100 billion revenue target by yearend,” Chairman Tengco said.
Of PAGCOR’s Php79.43 billion revenues, Php69.88 billion came from gaming operations and license fees; Php6.43 billion from other related services; and other income at Php3.11 billion.
Mr. Tengco said bigger revenues means PAGCOR’s contributions to nation-building also increased by 40.39% to Php48.88 billion compared to last year’s Php34.82 billion.
“From our total contributions to nation-building, Php33.19 billion went to the National Treasury as 50% government share,” he said.
“Half of the remittances to the national coffers — or Php16.59 billion – has been earmarked for PhilHealth to fund the Universal Healthcare Law,” Mr. Tengco said.
Aside from remittances to the National Treasury, PAGCOR also paid a total of Php3.49 billion in franchise taxes and Php421.35 million in Corporate Income Taxes to the Bureau of Internal Revenue.
The Philippine Sports Commission (PSC), meanwhile, received Php1.65 billion as 5% PSC share while Php90.68 million was released as incentives for athletes and coaches who won in international sports competitions.
PAGCOR also continued to fund significant programs under the Office of the President totaling Php9.26 billion for the OP’s socio-civic projects in the first nine months.
Other recipients of PAGCOR’s mandated contributions are the cities that host Casino Filipino branches (Php525.95 million); the Board of Claims under the Department of Justice (Php99.08 million) to compensate victims of unjust imprisonment; and the Renewable Energy Trust Fund which was earmarked Php140.20 million.
Started in 1927, the Philippines Graphic is the longest-running printed magazine of national circulation that provides relevant news and features and promotes Philippine literature.
