THE Philippine Amusement and Gaming Corporation (PAGCOR) recorded 11.44% revenue growth after its gross earnings from January to April 2019 reached P25.09 billion.
This amount is notably P2.57 billion higher than P22.51 billion revenues in the first four months of 2018.
Meanwhile, the agency surpassed its P23.57 billion target for the period in review by 6.45% or P1.51 billion.
A huge bulk of PAGCOR’s revenues (P23.84 billion) came from its income from gaming including fees from licensees and offshore gaming operators. Further, PAGCOR’s other income as well as its income from other related services amounted to P1.24 billion.
PAGCOR Chairman and CEO Andrea Domingo is hopeful that the state-gaming agency will once again exceed its revenue targets for the year. “Right now, we are recording a monthly average of P6.27 billion revenues. Of this amount, we remit an average of P4.57 billion to the national coffers and PAGCOR’s other mandated beneficiaries. We will do our best to sustain this momentum so that the agency can be able to touch the lives of more Filipinos,” she said.
Following PAGCOR’s promising revenue performance, the agency posted a total of P18.29 billion contributions to nation building from January to April – a 12.22% increase from the P16.30 billion contributions during the same period last year.
Of these mandated contributions to the government, P11.32 billion went to the National Treasury as the 50% government share; P1.19 billion was remitted to the Bureau of Internal Revenue in the form of 5% franchise tax; P566.41 million was allotted for the 5% Philippine Sports Commission share; P148.57 million for cities hosting a Casino Filipino branch; P5.03 billion for various socio-civic programs of the government; P18.74 million for the Board of Claims; and P6.93 million for Corporate Income Taxes.