Pagcor posts highest monthly income of P3.05 B in June

MANILA, Philippines - The Philippine Amusement and Gaming Corp. (Pagcor) earned P17.22 billion in the first half of 2011, up 11 percent from P15.54 billion in the same period last year.

In June alone, the state-run gaming firm generated a total of P3.05 billion, the highest income achieved in a single month since it was established in 1986. It also surpassed its May income of P3.03 billion.

“We generated more than P2.07 billion from Pagcor’s own gaming operations, and P984 million from regulated gaming operations like commercial bingo and licensed casino operations, among others,” Pagcor chairman Cristino Naguiat Jr. said.

He attributed Pagcor’s higher revenues to management’s unrelenting campaign to maximize the company’s resources, implement prudent fiscal policies, and carry out efforts aimed at improving Casino Filipino’s gaming facilities.

He said his management team is exploring cost-efficient means of upgrading gaming equipment, facilities as well as entertainment offerings.

“We are definitely moving forward. We will continue to think of innovative ways on how to further increase our revenues so that we can help our government more in its nation-building efforts,” he said.

He said the agency has significantly reduced operating expenses since July 2010.

“Since last year, we have consistently been saving millions of pesos from operational costs. Last June alone, we were able to reduce operating expenses by 5.87 percent. This translates to a P70.3 million savings versus 2010 figures,” Naguiat said.

Pagcor has already saved about P2.005 billion from July 2010 to June 2011.

With higher revenues and bigger savings, Pagcor was able to substantially increase its contributions to the National Government, Naguiat said.

For June 2011, Pagcor’s remittances to the National Treasury, the Bureau of Internal Revenue (BIR) and the Philippine Sports Commission (PSC) amounted to P1.136 billion, up by almost P102 million compared to the June 2010 remittances amounting to P1.033 billion.

Pagcor also remitted P303 million to the President’s Social Fund, the Board of Claims, host cities and the socio-civic projects of the government for the month of June.

Meanwhile, Pagcor’s total contributions to the National Treasury, BIR and PSC from January to June 2011 reached P6.35 billion, higher by P386 million than the P5.97 billion contributions to the three entities during the same period last year.