PAGCOR revenue up 42% in first 9 months
THE Philippine Amusement and Gaming Corp. (PAGCOR) said revenue rose 42% in the first nine months, driven by collections from the electronic games (e-games) sector.
In a statement, the gaming regulator said revenue for the period was P79.43 billion, of which e-games accounted for over 35%.
“The electronic games sector alone contributed P28.22 billion or 35.52% to the gaming revenue pie, followed by the licensed casino sector, which chipped in 30.84% or P24.5 billion from license fees,” PAGCOR Chairman and Chief Executive Officer Alejandro H. Tengco was quoted as saying.
Gaming operations and license fees accounted for P69.88 billion, while P6.43 billion was generated from related services; and P3.11 billion from other income.
“Our third quarter performance is a strong indication that in spite of the President’s (Ferdinand R. Marcos, Jr.) decision to ban offshore gaming operations, we are still on track to meet our P100-billion revenue target by year’s end,” Mr. Tengco said.
Funds supplied by PAGCOR to support government projects and expenses rose 40.39% to P48.88 billion.
It said P33.19 billion went to the National Treasury as the government’s 50% dividend, Mr. Tengco said. PAGCOR also provided P16.59 billion for the Philippine Health Insurance Corp. to improve access to healthcare.
The regulator also paid P3.49 billion in franchise taxes and P421.35 million in corporate income taxes to the Bureau of Internal Revenue.
The Philippine Sports Commission received P1.65 billion plus P90.68 million in incentives for athletes and coaches that excelled in international competition. Key socio-civic projects under the Office of the President also received P9.26 billion in the first nine months.
PAGCOR also provided funds to cities hosting Casino Filipino branches (P525.95 million); the Board of Claims under the Justice department to support victims of unjust imprisonment (P99.08 million); and the Renewable Energy Trust Fund (P140.2 million). — Beatriz Marie D. Cruz