Pagcor revenues up despite POGO exit

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THE Philippine Amusement and Gaming Corp. (Pagcor) saw a 42 percent increase in its revenues despite the ban placed on the Philippine offshore gaming operators (POGO) sector.

In a statement, Pagcor said revenues in the first nine months of the year reached P79.43 billion, up from the P55.95 billion revenues in the same period last year.

Net income was at P9.63 billion, nearly double last year’s P4.85 billion.

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“Our third quarter performance is a strong indication that in spite of the President’s decision to ban offshore gaming operations in the country, we are still on track to meet our P100- billion revenue target by yearend,” said Alejandro Tengco, Pagcor chairman and chief executive officer.

“The electronic games sector alone contributed P28.22 billion or 35.52 percent to the gaming revenue pie, followed by the licensed casino sector which chipped in 30.84 percent or P24.5 billion from licensee fees,” Tengco added.

Of Pagcor’s P79.43 billion revenues, P69.88 billion came from gaming operations and license fees; P6.43 billion from other related services and other income at P3.11 billion.

Tengco said bigger revenues means Pagcor’s contributions to nation-building also increased by 40.39 percent to P48.88 billion compared to last year’s P34.82 billion.

“From our total contributions to nation-building, P33.19 billion went to the National Treasury as 50 percent government share,” he said.

“Half of the remittances to the national coffers, or P16.59 billion, has been earmarked for PhilHealth (Philippine Health Insurance Corp.) to fund the Universal Healthcare Law,” he added.

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