By CHINO S. LEYCO
State-owned Philippine Amusement and Gaming Corporation (Pagcor) turned P3.54 billion to the treasury bureau as part of its share in the gaming agency’s earning in the first-three months of the year, surpassing its P2.54-billion remittance in the same period last year.
Data from the Bureau of Treasury showed that Pagcor’s remittance in January to March of the year was more than 39 percent, or P1 billion higher compared with the end-March contribution to state coffers from a year ago.
As a government-owned and controlled corporation, Pagcor is required by Republic Act 7656 or the Dividend Law to remit at least 50 percent of its annual gross earnings to the government.
In March alone, total Pagcor contributions amounted to P1.22 billion, higher by 44 percent compared with P847 million in the same month last year.
Currently, Pagcor operates 13 agency-run Casino Filipino facilities and has four licensed casinos – Fontana Casino in Pampanga, East Bay Casino in Rizal, Poro Point Casino in La Union and Fort Stotsenberg also in Pampanga.
In 2011, Pagcor remitted P11.437 billion to the government, higher by 4.5 percent compared with the Department of Finance’s (DOF) expected P10.94 billion contribution. Last year’s contribution to state coffers by Pagcor was also higher by 10.5 percent compared with 10.343 billion that the agency remitted in the previous year.
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