State-run Philippine Amusement and Gaming Corp. (PAGCOR) recorded a 49-percent jump in earnings from January to September, reflecting improved performance and stronger revenue generation.
In a statement yesterday, the gaming regulator reported a net income of P14.32 billion during the nine-month period from P9.63 billion in the same period last year.
‘Our financial performance is a clear reflection of PAGCOR’s renewed focus on governance, digital transformation, as well as sustainable and responsible gaming,’ PAGCOR chairman and CEO Alejandro Tengco said.
Total revenue from January to September reached P84.1 billion, marking a 5.9-percent increase from P79.43 billion in the same timeframe last year.
Gaming operations of Pagcor contributed P75.93 billion to the total revenue, while other related services and other income accounted for P8.16 billion.
Tengco said the strong revenue performance highlights the positive impact of the agency’s governance and modernization initiatives.
Meanwhile, PAGCOR paid P3.79 billion in franchise taxes and P609.87 million in corporate income taxes to the Bureau of Internal Revenue as part of its obligations.
The agency’s overall contributions to nation-building grew by 11 percent, amounting to P54.26 billion, up from the P48.88 billion.
Divided into segments, two-thirds of the total or P36 billion went to the national government, in accordance with the provisions under the Presidential Decree 1869.
‘Our focus is to sustain this momentum while ensuring that the gaming industry continues to operate responsibly and contribute to national development,’ Tengco said.
The remitted share, equivalent to 50 percent of PAGCOR’s gaming revenues after deducting a five percent franchise tax, also includes allocations for the Dangerous Drug Board and the Philippine Health Insurance Corp.
PAGCOR also earmarked P11 billion for various socio-civic initiatives, which include remittances to the President’s social fund.
Likewise, the Philippine Sports Commission received its mandated five percent share amounting to P1.8 billion, an increase of 8.7 percent from the previous year, while athletes and coaches who won in international competitions were granted a total of P26.54 million under the Sports Incentives and Benefits Act.