Pagcor posts record income of P12.75B

The Philippine Amusement and Gaming Corp. (PAGCOR) strengthened its position again as the third biggest revenue earner of the government by posting record-breaking revenues of P1.93 billion for July 2004 and an overall income of P12.75 billion for the first seven months of the year.

PAGCOR Chairman Efraim C. Genuino said the gaming giant will now work even harder in enhancing its operations and improving its services to be able to respond more effectively to President Arroyo’s call to stem the government’s huge budget deficit and ease the fiscal crisis.

"We thank President Arroyo for her trust and confidence in PAGCOR’s integrity and stability as government’s premier revenue-generating institution. We fully support her in her quest to make life better for all Filipinos by funding the delivery of high-impact social-civic projects, especially those that will benefit the poorest sectors of our society," Genuino stressed.

Genuino revealed that PAGCOR’s P12.75-billion income for the first seven months of 2004 is a dramatic 12-percent increase from the P11.38 billion achieved over the same period last year.

He expressed hopes that PAGCOR’s strong performance will enable the corporation to expand further in order to boost tourism and provide employment to a great number of Filipinos. "We hope PAGCOR’s record-breaking feat will spur recovery for the rest of the country’s economy," 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 new heights through efficient management policies, operational reforms and waste-cutting measures.

PAGCOR has posted a high annual growth rate for total income of 15.10 percent over the past 17 years, from 1987 to 2003. Its average monthly income has jumped to P1.8 billion this year from P1.2 billion in year 2000, before the present administration took over.