PAGCOR posts P3.67B gross income in March, a new record-high

The Philippine Amusement and Gaming Corporation on Monday said it posted P3.67 billion in gross income last March, an all-time high for a single month.   “[The March results were] PAGCOR’s highest total income ever posted for a single month since the Philippine government went into the direct management of casino operations 26 years ago,” the statement from the state-run corporation read.   PAGCOR’s P3.67 billion gross income in March was P686 million higher than the P2.98 billion recorded a year earlier. Month-on-month, it was P104 million higher from P3.56 billion.   “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,” PAGCOR chair and CEO Cristino Naguiat Jr. said in the statement.   The company noted its March gross income exceeded by P109 million its P3.56-billion target for the month.   The gross income from its own gaming operations totaled P2.49 billion, and the private gaming facilities contributed P1.17 billion.   “Our mandate is not only to generate more revenues for the government’s various nation-building projects. 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 said.   The state-run gaming company remitted P1.85 billion to government agencies, including the following:

• Bureau of Internal Revenue (P125 million in 5 percent franchise tax)

• National Treasury (P1.18 billion)

• Philippine Sports Commission (P59 million)

• Cities hosting PAGCOR casinos (P41 million)

• President’s Social Fund (P200 million)

• Socio-civic projects (P221 million)

• Board of Claims (P3.5 million)

• Contributions to the BIR in fringe benefits tax (P13 million).