Manila: The Philippine Amusement and Gaming Corporation (PAGCOR) reported a 49 percent increase in its net income in January to September this year. In a statement Monday, PAGCOR said net income during the period went up to PHP14.32 billion from the PHP9.63 billion in the same period last year.
According to Philippines News Agency, total revenues rose 5.8 percent to PHP84.09 billion from PHP79.43 billion. PAGCOR said gaming operations accounted for PHP75.93 billion of the total revenues, while other related services and other income contributed PHP8.16 billion. ‘Our financial performance is a clear reflection of PAGCOR’s renewed focus on governance, digital transformation, as well as sustainable and responsible gaming,’ PAGCOR Chairman and CEO Alejandro Tengco said.
The agency’s total contributions to nation-building (CNB) increased by 11 percent to PHP54.26 billion from PHP48.88 billion. Out of the total, PHP36.06 billion went to the national government as mandated by Presidential Decree 1869. PAGCOR also paid PHP3.79 billion in franchise taxes and PHP609.87 million in corporate income taxes to the Bureau of Internal Revenue. The agency also allocated PHP11 billion for its socio-civic projects, including remittances to the President’s Social Fund.
The Philippine Sports Commission received its mandated 5 percent share worth PHP1.80 billion, up by 8.66 percent from the same period last year, while athletes and coaches who won in international sports competitions received PHP26.54 million under the Sports Incentives and Benefits Act. Other mandated PAGCOR beneficiaries include the Board of Claims, which received PHP142.42 million, and the Renewable Energy Trust Fund which got PHP201.47 million.
Cities hosting Casino Filipino branches also received a total of PHP508.20 million in revenue shares. ‘Every peso that PAGCOR earns goes back to the people through classrooms, health facilities, disaster response programs, and other community projects. Our focus is to sustain this momentum while ensuring that the gaming industry continues to operate responsibly and contribute to national development,” Tengco said.
