BUSINESS

Pagcor remittance to Philippines government down 9% in 2010

TAGs: PAGCOR, Philippines

pagcor-remits-philippinesPagcor, the state-owned Phillipine Amusement and Gaming Corporation, has remitted 7.7b Philipines pesos ($180m US) to government coffers in the first nine months of 2010. That’s down 9% from the nearly 8.5b pesos ($198m US) remitted during the same period last year. Estimates for the total year contribution are expected to be off 10% from 2009’s tally.

Pagcor oversees 13 casinos, 28 satellite casinos, 25 exclusive clubs and four Arcades across the country. The casino gaming regulator is required to kick 5% of net winnings to the Bureau of Internal Revenue as franchise tax, with half of the remaining 95% going to the Bureau of Treasury. With the government trying to get its escalating deficits under control, President Benigno Aquino is looking to privatize Pagcor, and perhaps get all the golden eggs out of that goose’s belly all at once.

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