Pagcor exceeds NG contribution goal by 32%

State-run Philippine Amusement and Gaming Corp. (Pagcor) said that its revenue contribution to the national government has exceeded its target in the first nine-months of the year.

According to Pagcor, it contributed a total of 22.11 billion to the government from January to September this year, higher by 32 percent against 16.75 billion goal for the period.

Pagcor’s total contributions at endSeptember also increased by 32 percent from 16.74 billion in the same period last year.

In the first three-quarters, the biggest recipient of Pagcor’s funding was the Bureau of the Treasury with 15.44 billion, or an increase of 45 percent year-on-year from 10.59 billion.

As a government-owned and controlled corporation, Pagcor is required by Republic Act 7656 or the Dividend Law to remit at least 50 percent of its annual gross earnings to the government, through the treasury bureau.

On the other hand, Pagcor spent 3.36 billion for direct assistance to socio civic and other projects, and paid 1.63 billion in franchise taxes to local government units (LGUs) hosting the operations of Casino Filipino.

Meanwhile, Pagcor also contributed 774.33 million to Philippine Sports Commission, representing the latter’s five percent share from the gaming-firm’s gross income.

The company also provided 375 million for early childhood care and development, and another 338.09 billon in subsidies to Casino Filipino’s host cities.

Other recipients of Pagcor financial assistance were National Commission for Culture and the Arts ( 75 million), Dangerous Drugs Board ( 45 million), Board of Claims ( 31.98 million), and National Sports Development Fund ( 1.49 million).

Pagcor also paid 42.65 million in income taxes to the Bureau of Internal Revenue (BIR) in the first three-quarters of 2015.

Meanwhile, Pagcor did not contribute any funding to the Office of the President’s Social Fund.

Earlier, Pagcor reported that its gross revenues reached 35.73 billion from January to September this year, higher by 16 percent compared with 30.68 billion target for the period.

The end-September income is also stronger by 18 percent year-on-year from 30.1 billion.

According to Pagcor, the higher than expected revenue is attributable to strong gaming income, which exceeded its target by 42 percent in the first threequarters.

Pagcor’s gaming income amounted to 32.63 billion at end-September, way above compared with the 22.94 billion goal and 46 percent higher than 22.39 billion generated a year ago.

On the other hand, the gaming firm’s income from related services, which included license fees from privately owned-casinos, fell short of the 5.44 billion target for the period by 84 percent to 1.4 billion.

Pagcor’s income from related services in the first three-quarters also dropped 84 percent year-on-year from 6.42 billion.

Other income of Pagcor, meanwhile, reached 2.06 billion, which is 60 percent above the 1.29 billion goal and 60 percent higher compared with 1.29 billion in the same period last year.