Pagcor to build 2,000 classrooms next year

MANILA, Philippines - The Philippine Amusement and Gaming Corp. (Pagcor) plans to build an additional 2,000 classrooms amounting to P2 billion in public schools nationwide next year.

Pagcor chairman Cristino Naguiat Jr. made the disclosure during the recent budget presentation before the House of Representatives committee on appropriations chaired by Cavite Rep. Joseph Emilio Abaya.

Pagcor has provided a P100 million initial funding for the “P-Noy Bayanihan” project to manufacture thousands of school chairs for public schools out of seized illegally cut logs, he added.

The state gaming firm has also initiated the conversion of old slot machine stands into school desks, he added.       

Naguiat said Pagcor has given a P20-million financial support to the Philippine Football Federation to help develop the next generation of Batang Azkals.

“Another vital project is the agency’s subsidy to the nutritional needs of underweight children from community-based day care centers and public elementary schools in cities hosting Pagcor casinos,” he said.

Earlier, Pagcor reported that the agency had a gross income of over P73 billion from the period July 2010 to June 2012, higher than the P60-billion total income generated during the last two years of the previous administration from July 2008 to June 2010.

It had more than P35 billion in contributions to the national government and to nation-building programs, higher than the P29.961-billion contributions by the agency from July 2008 to June 2010.

Naguiat told lawmakers that from January 2011 to June 2012 alone, the present management attained a P9 billion increase in total revenues.

Under his leadership, PAGCOR made pre-payment of bank loans made by the past administration amounting to over P1.67 billion as early as May 2011, way ahead of the loan maturity in 2014, resulting in total savings of P92.95 million in loan interests, he added.

Pagcor paid P857 million to the BIR on December 2011 for fringe benefits taxes from 2004 to 2010 and for corporate income taxes from 2005 to 2010.