Gaming

PAGCOR’s P17.70 billion haul for 1st quarter sparks 50.59% surge in contribution to nation-building

Published

2 years ago

April 28, 2023

Reading Time: 2 minutes

THE Philippine Amusement and Gaming Corporation (PAGCOR) came up with another record-breaking income performance after it posted a total revenue of P17.70 billion for the first quarter of 2023, surpassing by 42.8% its P12.4 billion production during the same period last year.

Of the agency’s P17.70 billion income haul for the first three months of the year, P16.87 billion came from gaming operations. Said amount is 49.43% higher than the P11.29 billion earnings from gaming in 2022.

PAGCOR Chairman and CEO Alejandro Tengco said that the state-run gaming and regulatory firm’s outstanding revenue for the first quarter of the year was fueled by the local gaming industry’s robust performance in 2022.

“The local gaming industry picked up from where it left off in 2022, and this is good news for our mandated beneficiaries as it means bigger remittances from us this year,” he explained.

With PAGCOR’s latest income feat, the agency was able to infuse P10.98 billion to nation-building – a huge 50.59% leap from its P7.29 billion total contribution during the first quarter of 2022.

In accordance with the PAGCOR Charter and other governing laws, P843.87 million or 5% of the agency’s total income haul from January to March (P16.87 billion) went to the Bureau of Internal Revenue (BIR) as franchise tax, while half of the remaining 95% or P8 billion went to the National Treasury as government share. The Dangerous Drugs Board (DDB), meanwhile, received P15 million.

PAGCOR also remitted a total of P400.84 million to the Philippine Sports Commission to fund the training and preparation of the national athletes for various major international sports competitions. It likewise contributed P8.19 million as national athletes and coaches benefits and incentives.

The agency also made huge contributions to the Board of Claims under the Department of Justice (P12.16 million), the government’s socio-civic programs and its own corporate social responsibility projects (P1.58 billion) and the cities hosting Casino Filipino (P112.92 million).

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Hunor Pal

Hunor is a Content Editor at Hipther Agency and studies biomedical engineering at the Technical University of Cluj-Napoca, Faculty of Electrical Engineering. He is an open-minded person, always willing to try new things and give back something to the community through his work. He has participated in several volunteering activities and is currently working in event organization of the Hungarian Students Union of Cluj (HSUC), the Hungarian Students’ Union of Romania (HSUR), and ÉRTED, a Transylvanian Hungarian student initiative working in the fields of culture, science, economy, and environment. You can reach Hunor at [email protected].