The improved Q1 financial performance of Philippines gaming regulator PAGCOR has also allowed it to increase its contribution to nation-building, the agency said Thursday.
Days after revealing that net revenues had reached Php17.7 billion (US$317 million) in the March 2023 quarter, of which Php16.9 billion (US$303 million) came from gaming operations, PAGCOR revealed that it has infused Php10.98 billion (US$197 million) into the economy for its mandated nation-building projects, representing a 50.6% improvement over the same period 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,” said Chairman and CEO, Alejandro Tengco.
In accordance with the PAGCOR Charter and other governing laws, Php843.9 million (US$15.1 million) or 5% of the agency’s total income haul from in 1Q23 went to the Bureau of Internal Revenue (BIR) as franchise tax, while half of the remaining Php8 billion (US$143 million) went to the National Treasury as government share. The Dangerous Drugs Board (DDB) received Php15 million (US$269,000).
PAGCOR also remitted a total of Php400.8 million (US$7.2 million) to the Philippine Sports Commission to fund the training and preparation of the national athletes for various major international sports competitions, it said, and contributed Php8.2 million (US$147,000) as national athletes and coaches benefits and incentives.
The agency also made contributions to the Board of Claims under the Department of Justice of Php12.2 million (US$219,000), the government’s socio-civic programs and its own corporate social responsibility projects of Php1.58 billion (US$28.3 million) and the cities hosting Casino Filipino of Php112.9 million (US$2.0 million).
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