Malacañang lauds Pagcor's record P3.67-B income

MANILA, Philippines - Malacañang has commended the record P3.67-billion gross income of the Philippine Amusement and Gaming Corp. (Pagcor) which it said will be useful for the various projects of the government.

A portion of the revenues, or around P200 million, was donated as contribution to the Social Fund of President Aquino last March.

Pagcor chairman Cristino Naguiat Jr. said the current income was P686 million higher compared to the P2.98 billion earnings in March 2011. “It was also much better than our P3.56 billion target for March by P109 million, and far better by P104 million against our P3.56 billion gross income in February.”

“The higher the revenues generated by Pagcor, the better for us. It is not just the President’s Social Fund that would benefit from this because Pagcor revenues fund a lot of other projects,” deputy presidential spokesperson Abigail Valte said.

According to her, this was the result of better fiscal management and prudent spending where Pagcor hit the highest total income ever posted for a particular month since the government went into the direct management of casino operations 26 years ago.

”This unprecedented and record high gross income gives us an indication of how Pagcor is run now. Whereas before it was embroiled in various controversies, now there is a very deliberate shift from the old landmines,” Valte added.

Pagcor‘s revenue posted last month was the 10th time under its new management that the agency was able to break its previous monthly income record.

Aside from the President’s Social Fund, beneficiaries of Pagcor’s March earnings include the Bureau of Internal Revenue (P125 million for the five percent franchise tax); the National Treasury (P1.18 billion); and the Philippine Sports Commission (P59 million).

Cities hosting Pagcor casinos (P41 million); socio-civic projects (P221 million); Board of Claims (P3.5 million); and contributions to the BIR in fringe benefits tax amounting to P13 million.

Pagcor is currently funding several social projects, including the P1 billion Matuwid na Daan sa Silid-Aralan project that aims to build 1,000 classrooms across the country; the P-noy Bayanihan project where an initial P100 million seed fund was put up for the production of armchairs for public schools using confiscated logs from illegal loggers; and the P31 million Hundred Islands e-Kawayan project for the construction of a bamboo factory in Alaminos City, Pangasinan for bamboo furniture and armchairs for public schools will be produced.

The agency has also allocated P20 million for the Philippine Football Federation’s Kasibulan project, a nationwide grassroots development project that aims to train young football players who shall be known as Batang Azkals.

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

“They contributed P1.17 billion to our March 2012 earnings, higher by P160 million compared to the same month last year,” he added.

He said his management’s priority is to make Pagcor a reliable government ally in nation-building projects. “We are committed to help in other areas where we can make a difference and undertake programs that will directly benefit our fellow Filipinos.”