Pagcor posts record net income of P5.41 billion in first quarter

The Philippine Amusement and Gaming Corp. (PAGCOR), adjudged the most profitable Philippine company in 2002, once again reported a record income of P5.41 billion for the first quarter of 2004.

The amount represents a significant 7.31 percent increase from PAGCOR’s income during the same period last year. Its first quarter profits, along with its income of P1.92 billion for the month of March, is the highest-ever registered in the gaming firm’s 21-year history.

Before this, PAGCOR’s highest recorded annual and monthly income were P20.21 billion and P1.85 billion, respectively, all generated in 2002.

PAGCOR chairman and CEO Efraim C. Genuino immediately attributed the agency’s exceptional performance to President Arroyo’s firm and able leadership.

"From Day One, President Arroyo made it clear that her mandate was to make PAGCOR the top revenue earner of the government to spur economic activity, provide jobs and enable US to contribute more substantially to much-needed government programs, especially those that would benefit the poor. We offer this victory to her who has inspired us no end to work harder," Genuino said.

Industry observers said it is to the credit of President Arroyo that she has chosen a dedicated team to manage PAGCOR whose wise policies and sound business decisions have redounded to the good of the company.

With Genuino at the helm, PAGCOR’s income has reached heights never before imagined through efficient management policies, operational reforms and waste-cutting measures.

The state-owned gaming firm started 2004 with a total income of P1.82 billion for January, followed by P1.67 billion in February before hitting a record high of P1.92 billion last March.

PAGCOR’s compounded annual growth rate has considerably risen to P15.10 percent over the past 17 years, from 1987 to 2003. Likewise, its average monthly income has jumped up to P1.7 billion from the 1.3 billion before the Genuino administration took over.

"I am glad that PAGCOR is off to a good start even with the uncertainty brought about by the elections and the unstable security environment worldwide. This would not have been made possible without the efforts and extraordinary performance of PAGCOR’s 11,000-strong managers and employees," Genuino said.

"Our record-breaking income shows that the outlook is bright for the local gaming industry and that we will continue to keep up with the extraordinary boom in gaming venues worldwide. 2004 is definitely the year when we will make it happen in terms of putting PAGCOR on the global map as an acknowledged leader in Asian gaming and entertainment," Genuino declared.