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PAGCOR revenue rises over 11% in first four months to P25.09 billion

pagcor revenue rises over 11 in first four months to p25 09 billion - PAGCOR revenue rises over 11% in first four months to P25.09 billion
PAGCOR 053119 - PAGCOR revenue rises over 11% in first four months to P25.09 billion
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THE Philippine Amusement and Gaming Corp. (PAGCOR) said Thursday that revenue rose 11.44% year-on-year to P25.09 billion in the four months to April, amid strong fees from gaming licensees and offshore gaming operators.

In a statement, PAGCOR said these sources of revenue accounted for P23.84 billion of the four-month total. The target revenue period was P23.57 billion.

“We will do our best to sustain this momentum so that the agency can touch the lives of more Filipinos,” PAGCOR Chairman and Chief Executive Officer Andrea D. Domingo said in the statement.

“Right now, we are recording a monthly average of P6.27 billion in revenue. Of this amount, we remit an average of P4.57 billion to the national coffers and PAGCOR’s other mandated beneficiaries,” according to Ms. Domingo.

Earlier, PAGCOR remitted dividends amounting to P16.17 billion to the treasury, making it the top contributor among Government Owned and Controlled Corporations (GOCCs), which are required by law to pay out to the government 50% of their profits.

According to PAGCOR, the total remitted in 2018 is close to the state-run gaming agency’s P17.16 billion dividend total between 2011 and 2017.

PAGCOR’s net profit in the first quarter of 2019 rose 9.51% year-on-year to P1.55 billion. — Reicelene Joy N. Ignacio

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