THE Philippine Amusement and Gaming Corp. (PAGCOR) said on Monday that net profit rose 49% to P14 billion in the first nine months, even in the face of calls to crack down on online gambling.
In a statement on Monday, the gaming regulator said:
“Our financial performance is a clear reflection of PAGCOR’s renewed focus on governance, digital transformation, as well as sustainable and responsible gaming,” Chairman and Chief Executive Officer Alejandro H. Tengco said.
PAGCOR revenue rose 5.87% to P84.09 billion at the end of September, with gaming operations accounting for P75.93 billion and the remainder generated by other related services and other income.
Legislators are seeking stiffer regulation or an outright ban on online gaming, the top driver of PAGCOR’s revenue, but no measures have been agreed as yet.
PAGCOR said it remitted P54.26 billion over the same period to support government development projects.
It said that P36.06 billion went to the National Government, as required under Presidential Decree 1869, equivalent to 50% of PAGCOR gaming revenues less 5% franchise tax.
This helped provide funding for the Dangerous Drugs Board and the Philippine Health Insurance Corp.
PAGCOR paid P3.79 billion in franchise taxes and P609.87 million in corporate income tax to the Bureau of Internal Revenue.
The regulator allocated P11 billion to socio-civic projects, including remittances to the President’s Social Fund.
Meanwhile, the Philippine Sports Commission received P1.80 billion, up 8.66% from a year earlier.
Winning international athletes and coaches received P26.54 million.
Some P142.42 million went to the Board of Claims and P201.47 million to the Renewable Energy Trust Fund.
PAGCOR also said cities where Casino Filipino branches are located earned a share of revenue of P508.20 million. — Aubrey Rose A. Inosante