Pagcor posts record P25.4-B revenues in 2006

The Philippine Amusement and Gaming Corp. (PAGCOR) emerged as a big winner in 2006, surpassing all other record-breaking incomes set in its 23-year history. Based on its latest, unaudited financial report, the state-run gaming firm posted an unprecedented P25.4 billion in revenues last year.

However, this is nothing new for the corporation, which has been aggressively and consistently building up its revenues year after year.

This was evident when the state-run gaming firm posted a total income of P12.22 billion for the first half of 2006 alone and breached the P2 billion monthly income mark in August.

Under the management of its present board, headed by chairman and CEO Efraim C. Genuino, PAGCOR has grown into one of the most well-run organizations in the country today as well as one of the most transparent and successful casino operators worldwide.

Through a strong leadership and the introduction of stringent cost-cutting measures as well as innovative marketing strategies, the current PAGCOR management has been able to fully maximize the income generating capabilities of the corporation.

PAGCOR’s 2005 total annual income of P23.4 billion was 6.8 percent higher than the P21.9 billion it posted the year before.

On the other hand, PAGCOR’s 2002 income of P20.21 billion propelled the state-run gaming firm to the position of number one money-maker in the Philippines for that year, according to the Securities and Exchange Commission.

But much earlier than that the corporation already turned heads with its P17.46 billion income in 2001, a 19.4 percent higher than the P14.6 billion reported in 2000. What made the feat even more notable was the fact that it was achieved only a year after Genuino took over the helm of the state-run gaming firm.

Of all the legally-mandated beneficiaries of PAGCOR, the National Government is the biggest winner of all. In 2006, a total of P11.95 billion was remitted to the government, making PAGCOR the second biggest contributor to the country’s wealth, next only to the Bureau of Internal Revenue.

"More than our success in business, we are truly pleased to have been able to deliver on our commitment to serve the people. The bottom line is that everything that we earn goes back to the government and, in turn, is used for the betterment of the lives of our countrymen" Genuino said.

"With such a responsibility in mind, we cannot afford to lose. This is the motivation that drives each and every person in our 12,000-strong workforce," he added.

And with the realization of its plans and programs for 2007, Genuino said he is confident that PAGCOR will raise the bar again this year.