For the first three months of 2013, the Philippine government’s share from Pagcor revenues amounted to Php3.433 billion, according to information released by the Bureau of Treasury.
The Php3.433 billion share, which sounds like a lot, is actually 3 percent lower than what the gaming operator remitted to state coffers in the same time last year when it sent Php3.543 billion the government’s way. As required by Republic Act 7656 or the Dividend Law, Pagcor is obligated to remit at least 50 percent of its annual gross revenue figures to the Philippine government
Despite the drop in revenue, the government-run agency isn’t too worried about it affecting its total revenue projections of Php44.15 billion this year. Expectations are higher moving forward, especially now that Bloomberry Resorts’ Solaire Manila is now open. Incidentally, Bloomberry issued its own report earlier this week, announcing that Solaire Manila had already earned Php578.3 million in revenues after just 15 days in operation.
For the year, Pagcor is still optimistic about reaching its target of Php44.15 billion this year, which if the agency hits, would represent an 8 percent increase in gross revenue compared to the Php40.88 billion it earned in 2012. Likewise, projections of how much the agency will send to the government is still at about Php11.1 billion, a number that would be right in line with its projections.
All told, Pagcor chief Cristiano Naguiat Jr. still expects strong gains for the agency as 2013 moves forward. Since a significant chunk of its revenues are derived from its gaming operations, the Pagcor chief remains confident that growth is on the horizon. Projections even call for Pagcor to earn Php29.53 billion from its gaming operations, which if it hits, would represent a steady increase from the Php28.3 billion it earned a year ago.