Pagcor remits P12B to Nat’l Treasury

MANILA, Philippines - The Philippine Amusement and Gaming Corp. (Pagcor) remitted P12.18 billion to the National Treasury in the first 11 months of  2012, up 18 percent from the P10.34 billion turned over in the same period in 2011.

Data from the Bureau of Treasury showed that in November alone, Pagcor contributed P1.065 billion to the national coffers, 3.2 percent higher than the previous year’s P1.032 billion.

As a government-owned corporation, Pagcor is mandated to remit five percent of its net winnings to the Bureau of Internal Revenue (BIR) as franchise tax. Half of the 95 percent balance is remitted to the national treasury.

Aside from the BTr and BIR, Pagcor also  provides funding to other government agencies, such as the President’s Social Fund and the Philippine Sports Commission.

Pagcor derives the bulk of its income from the winnings of the gaming tables and slot machine operations in different casinos and arcades. 

It currently operates 13 Casino Filipino facilities as well as the  four licensed casinos in operation – Fontana Casino and Fort Stotsenber, both located in Pampanga, East Bay Casino in Rizal, and Poro Point Casino in La Union.

Pagcor, the government’s third largest revenue earner next  to the BIR and Bureau of Customs, continued its streak of solid gains, posting a 16 percent rise in earnings in the nine months ended September 2012 to P31.16 billion owing to stronger gaming operations.

Pagcor chairman Cristino Naguiat Jr. attributed the impressive run to P21.04 billion winnings derived from table games and slot machine operations nationwide, up 17 percent or by P3 billion.

The main casinos of Pagcor generated winnings of P14.92 billion while the satellites, arcades and VIP clubs generated a gaming income of P6.12 billion.

Pagcor has been generating average revenues of P500,000 a year or roughly P1.5 billion every quarter.