MANILA, PHILIPPINES - State-owned gaming authority, Philippine Amusement and Gaming Corporation (PAGCOR), reported netting close to Php 3 billion in gross revenues in January plus around Php 182 million in savings, its official announced earlier this week.
Maricar Bautista, PAGCOR Assistant Vice-President for Corporate Communications, announced that the gaming firm achieved revenues of Php 2.759 billion (US$ 63.252 million) last month, some 11.36% higher versus the Php 2.477 (US$ 56.79 million) billion it posted for the same period last year.
PAGCOR attributed the increased revenues to the aggressive marketing efforts the agency had done in the different Casino Filipino branches it operated nationwide.
According to a statement released by Bautista:
"PAGCOR's gaming revenues during the first month of the year reached Php 1.948 billion, which was higher by Php 222 million compared to last year's Php 1.726 billion gaming income for the same period."
She added that winnings from gaming operations posted a 12.84% increase last month over the same period last year.
PAGCOR also generated substantial gains from its other revenue streams including traditional bingo and its income share from licensed casino and poker operations. Bautista noted that PAGCOR's total income from these other streams was 8.30% higher than the figure posted in January 2010.
Bautista also mentioned that the agency was able to accumulate savings of Php 182 million for the month thanks to tight fiscal management of its marketing (ad, promo, PR), supplies, and materials activities.
Bautista commented:
"Cost-saving measures continue to be implemented in line with our management's campaign to implement austerity measures and judicious spending of the agency's resources."
The result of the higher gaming revenues and lower operating expenses allowed PAGCOR to increase the amount received by its beneficiaries.
Bautista reported:
"For the month of January, we were able to remit a total of Php 1.284 billion to the mandated recipients of PAGCOR funds. This is 13.73% or Php 155 million higher than the Php 1.129 billion remittances for the same period of 2010."
PAGCOR is one of the agencies that the government relies on as a source of fund for various socio-civic projects. The agency's contribution to the government's Social Fund, a special pool used for priority projects of the Office of the President, rose almost 30% to Php 150 million for January 2011 from Php 115 million last January 2010.
The corporate communications official also mentioned that its tax remittance to the national coffers in the form of franchise tax also increased.
Source: Philippine Daily Inquirer
Posted: February 23, 2011
