The Philippine Amusement and Gaming Corporation (PAGCOR) on Monday announced key changes in its leadership, under the administration of President Ferdinand “Bongbong” Marcos Jr.
PAGCOR said the new team of officials are led by Chairman and Chief Executive Officer Alejandro Tengco, and President and Chief Operating Officer Juanito Sañosa Jr.
PAGCOR also announced the new Board of Directors including Gilbert Cesar Remulla, Francis Democrito Concordia, and Jose Maria Ortega.
Under its mandate, PAGCOR is required to regulate the gaming industry, generate revenues for the Philippine government's socio-civic and national development programs, and help promote the tourism industry.
Tengco will take over the agency from former chairperson and CEO Andrea Domingo, who said that the agency could raise as much as P65 billion in gross gaming revenues (GGR) this year.
Latest data available show that PAGCOR recorded a 68.11% annual increase in its first-half revenues to P26.70 billion from P15.88 billion in the same six months of 2021.
Its net income after tax also surged by 2,630.51% to P2.15 billion from the P79.07 million recorded in the comparable period last year.
The agency contributed some P21.23 billion in the first half: P11.71 billion to the National Treasury, P6 billion to national coffers as cash dividends, and P1.23 billion to the Bureau of Internal Revenue as franchise tax. — BM, GMA News