Pagcor posts 11th straight month of record gross revenues

TAGs: Business, Casino News, Gaming, government, PAGCOR, Philippines

pagcor remits philippinesAs folks who have observed all the things the Philippine Amusement and Gaming Corporation (Pagcor) has done recently, it behooves us to even think why some lawmakers still want to mess around with it.

And if Pagcor continues shattering its own records by the month – like they did again in May this year – we’re off the ilk that if it isn’t broken, why try to even fix it?

According to the government agency, gross income from the month of May reached Php 3.71 billion, a staggering increase of 22.44% from their numbers from the same time last year. This marks the 11th straight month where Pagcor has reported a record high in gross earnings.

Pagcor president and CEO Cristino Naguiat credited the agencies nationwide gaming facilities for being a healthy contributor in the record earnings. “We derived 64% or Php 2.36 billion of our May income from PAGCOR’s gaming operations, particularly from the winnings of our gaming facilities nationwide,” he said.

The rest of Pagcor’s total gross earnings for the month of May – Php 1.35 billion – came on income earned from a number of contributors, including licensed casino regulation, bingo franchises, electronic games, and poker operations, among others.

Taking their May figures into account, 2012 has been an extremely positive year for Pagcor as it has earned a five-month gross income of Php 17.43 billion, 23.09% better than what it made last year when it earned a five-month gross income of Php 14.6 billion.

The government agency’s 2012 gross revenue puts it on track to meet the target figures by the end of the year. According to Pagcor, they’ve placed the bar at Php 44 billion in gross revenue for 2012, a number that it is poised to exceed if it continues to perform the way it has for the first five months of the year.

As is always the case, a number of other government agencies stand to benefit from Pagcor’s recent success, including the National Treasury, the Presiden’t Social Fund, the Bureau of Internal Revenue, and the Philippine Sports Commission, to name a few.

Taking all of these things into consideration, Pagcor has been running like a well-oiled machine that appears to have no plans of slowing down, making talks of its abolishment seem more ridiculous by the day.


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