Pagcor earnings hit new record in March

Rappler.com
This was the 10th consecutive time that Pagcor generated record-high monthly income under the new administration.

New record. Pagcor earnings reach P3.67 billion in March. Photo taken from pagcor.ph

 

MANILA, Philippines – Earnings of state-owned Philippine Amusement and Gaming Corp. (Pagcor) hit a new monthly record in March, owing to high revenues from the casinos and other gambling establishments it regulates.

Pagcor chairman and CEO Cristino Naguiat Jr.  said in a statement that Pagcor’s gross earnings reached P3.67 billion in March, 23% higher than its P2.98 billion income in the same month last year and 3% higher than its P3.56 billion target for the month.

Naguiat said this was the 10th consecutive time that Pagcor generated record-high monthly income under the new administration. In February, Pagcor’s gross income was also P3.56 billion.

“Our upbeat operations during the quarter got an added boost from the strong performance of the other gaming establishments we regulate like the private licensed casinos, e-games, commercial bingo and poker clubs,” he said.

He noted that these establishments turned in P1.17 billion to the agency in March, P160 million more than what they contributed last year.

Pagcor is the government’s third-largest revenue source. In March, it said it contributed P1.85 billion to “nation-building,” up 43% from P1.29 billion a year ago.

Among the recipients of Pagcor funds were the Bureau of Treasury, with P1.18 billion; the Bureau of Internal Revenue, with P125 million; and the Philippine Sports Commission, with P59 million. – Rappler.com

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