Easing boosts Pagcor’s H1 income to ₧26.7B

STATE-RUN Philippine Amusement and Gaming Corp. (Pagcor) finally showed signs of recovery from the impact of the Covid-19 pandemic as it earned more revenues in the first half of this year.

Pagcor said its total income from January to June this year hit P26.7 billion, jumping by 68.1 percent from P15.88 billion in revenues in the same period last year.

likewise, the state-run gaming firm also exceeded its P24.4 billion revenue target by 9.39 percent.

Its net income after tax hit P2.15 billion, soaring by 2,630.51 percent from P79.07 million net income in the first semester last year.

“The promising gaming outlook in the country was fueled by the easing of community quarantine and travel restrictions, increased vaccination rate among gaming personnel and guests, and implementation of strict health protocols in all Pagcor-operated and regulated gaming venues,” Pagcor’s statement read.

Due to the improved gaming revenues in the first six months of this year, Pagcor’s “contributions to nation-building” also leaped by 62.69 percent to reach P21.23 billion from P13.05 billion in the same period last year.

Of the P21.23 billion contributions to nation building, the lion’s share of P11.71 billion went to the National Treasury as 50-percent government share; P6 billion also went to the national coffers as cash dividends (for dividend year 2021); and, P1.23 billion went to the Bureau of Internal Revenue as franchise tax.

This year, Pagcor has also remitted significant contributions to the Philippine Sports Commission (P587.18 million); Dangerous Drugs Board (P30 million); Board of Claims under the Department of Justice (P22.70 million); and, National Government Agencies (P52.39 million). On top of this, the agency also allocated P1.23 billion to fund the government’s sociocivic programs as well as Pagcor’s own corporate social responsibility projects.

Earlier this year, outgoing Pagcor Chairman and CEO Andrea D. Domingo said they are on track to hit P60 billion to P65 billion in gross gaming revenues this year on the back of easing movement restrictions.