Pagcor nears P2-B monthly income

The President’s war chest against poverty gets the lion’s share of the Philippine Amusement & Gaming Corp.’s record breaking P1.85-billion income for September this year.

Pagcor chairman Efraim Genuino said he thought it was next to impossible to achieve another record breaking performance this year after Pagcor’s modest expansion program was downsized in compliance with the President’s wishes. "But we did again, vindicating the President’s belief that if we do an excellent job we can beat the odds," Genuino said.

Pagcor has again outperformed itself with earnings well in excess of the previous record of P1.81 billion set last May. The September posting is also its highest monthly record to date in its 16-year history.

For the first nine months this year, Pagcor hit P14.95 billion in gross earnings, up 13.1 percent compared to the P13.02 billion posted in the same period last year.

Most Pagcor observers believe the consistent uptick in Pagcor’s earnings is bound to strengthen President Arroyo’s resolve to pursue vigorously her administration’s development projects, particularly those meant to benefit the marginalized sectors of society.

The President recently announced in a radio interview that the government is launching a four-pronged program aimed at winning the fight against poverty. During the interview, the President enjoined the different government departments and agencies like Pagcor to unite in meeting the minimum basic needs of the poor: education, food, shelter, job and medicine.

Responding to the call of President Arroyo, Genuino said in a statement that P1.13 billion, or 61.44 percent of the company’s record breaking income in September, is going directly to government coffers and mandated beneficiaries. In particular, the President’s Social Fund can continue to provide robust support to President Arroyo’s socio-civic and charitable projects.

Relatedly, Genuino said he sees two areas in the President’s economic agenda in which Pagcor’s resources can be put to good use. One is in the development of small- and medium-sized enterprises (SMEs) through the President’s "Isang Bayan, Isang Prudukto, Isang Milyong Piso" program, and the other is in boosting the country's tourism industry.

Genuino said: "We have actively supported President Arroyo’s pro-poor programs. In the same manner, we will support the President’s efforts to develop the SMEs as the next logical step. We used to give fish to the poor, now the President wants to teach them how to fish," Genuino added.

It is also the priority of the President to transform Makati and Roxas Blvd. into primary tourist destinations. Genuino pointed out that the alignment of Pagcor’s 120-hectare flagship project to the government’s program of raising much- needed revenue via tourism is under way.

In a bid to make the Philippines a major tourist destination in the region, Pagcor has pinpointed ground for its multi-billion dollar Theme Park Manila along the coastal bay. A major component of the project is the construction of roads, mass transit system and waste management system. "We have lined up foreign investors who will infuse billions of dollars into the project," Genuino said, "These investments will benefit hundreds of thousands of our poor countrymen via good paying jobs."