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MANILA - The Philippine Amusement and Gaming Corporation announced over the weekend that its gross profit in May grew 22 percent to P3.71 billion, setting a new monthly record high for the state-run firm.
In a statement, Pagcor chairman and chief executive Cristino Naguiat Jr. said the company’s May gross income was higher by P680 million compared with the P3.03 billion posted the same period last year.
“Our May performance is the third time this year to have posted a new revenue record. We earned P3.56 billion in February and P3.67 billion last March,” he said.
Naguiat attributed the better performance to Pagcor's gaming operations - which contributed 64 percent - particularly the winnings of its gaming facilities nationwide.
Earnings from the gaming operations last month increased by almost 17 percent from the P2 billion last May.
Pagcor's other sources income such as regulation of licensed casinos, bingo franchisees, e-games and poker operations generated P1.35 billion.
For the first five months, Pagco's total income already reached P17.43 billion, or P3.26 billion higher than the P14.16 billion earnings last year.
Because of this, the company was able to remit P8.86 billion, higher by P2.37 billion compared to last year’s P6.54 billion, to the national government.
In May alone, P1.61 billion went to the national coffers. This is 18 percent more than the P1.36 Pagcor remitted last year. The amount will be distributed to the following:
- P118 million to be paid as Franchise Tax to the Bureau of Internal Revenue;
- P1.12 billion to the National Treasury representing 50 percent government’s share from Pagcor’s gross income;
- P200 million to the President’s Social Fund;
- P56 million to the Philippine Sports Commission in support of the country’s sports program;
- P40 million to Pagcor’s casino-host cities for their community development programs;
- P70 million for socio-civic projects; and
- P6.64 million to the Board of Claims to help victims of injustice.
“We are definitely performing far better compared to last year. With this upward income trend, we are optimistic that we will surpass our achievements in 2011 and reach our operational targets this year,” Naguiat said.
For this year, Pagcor projects that it would be able to generate P44 billion, about 70 percent of which is expected to come from its own gaming operations.
Naguiat said that from January to May, the company's gaming income rose above target, adding that it hopes to maintain this bullish performance for the rest of the year through more aggressive marketing and entertainment programs, improved gaming mix and delivery of better customer service.
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