Pagcor posts P15.5-billion income in first half

MANILA, Philippines - The Philippine Amusement and Gaming Corp. (PAGCOR) posted another record-breaking unaudited income of P15.54 billion from January to June 2010, exceeding its P14.6 billion income for the same period last year by 6.43 percent. 

PAGCOR attributed much of its financial success this year to the increase in winnings of its 13 casino branches nationwide, fueled by the commitment of its 12,000-strong workforce, the implementation of sound marketing strategies and the economy’s recovery from the global financial crisis. 

But while a big chunk of its total revenue comes from casino operations, almost one-third also comes from other sources such as share from business franchises and licenses, hotel operations, rent from proponents and entertainment — such as paid performances within the gaming premises, among others.

In 2009, PAGCOR posted a total annual income of P30.31 billion. With this year’s promising outlook, the PAGCOR management is optimistic that the corporation can match, if not surpass last year’s performance.

As mandated by law, P8.06 billion or more than half of PAGCOR’s profit in the first semester goes to government-mandated contributions. The largest chunk of this amount goes to the national treasury in the form of remittances (P5.16 billion) and the President’s Social Fund (P1.01 billion).

Meanwhile, PAGCOR’s other legally mandated beneficiaries include the Philippine Sports Commission (P258 million) and the Board of Claims (P6.4 million), an agency under the Department of Justice that evaluates and conducts independent hearing for victims of violence and unjust imprisonment. The state-run gaming firm also earmarked substantial portions of its income to fund vital laws such as the Museum Endowment Fund for the preservation and promotion of the country’s history and cultural heritage; Early Childhood and Development Fund for the psychosocial development of preschool children in the country; sports benefits and incentives for Filipino sportsmen; National Book Development and trust fund for Filipino schoolchildren; Pagkaing Alalay Para sa Pamilyang Pilipino (PAMANA) project to promote food production for urban poor families; and host cities’ share to fund the socio-civic programs of localities where PAGCOR casinos operate.