Record PAGCOR Contribution to Philippine Government

The Philippine Amusement Gaming Corporation (PAGCOR) continues to report record revenue numbers. The agency has recently announced its contribution to the Philippine government, with PHP 9.039 billion (about $217 million) taxes paid in the first eight months of 2012.

The remittance is a PHP 7.47 billion increase compared year-on-year with 2011. PAGCOR reported revenues PHP 6.855 billion in June, and PHP 8.022 billion in July. The state agency’s August contribution to government coffers was PHP 1.017 billion (about $24.4 million) in August this year alone.

Earlier, the Philippine Department of Finance predicted a total PHP 11.13 billion PAGCOR contribution to the Bureau of Treasury for 2012.

The PAGCOR corporation was formed, is owned and operated by the government to control the land and online casinos in the country. Philippine gambling laws require PAGCOR to pay at least 50 percent tax on its gross revenues to the government.

PAGCOR revenues are expected to hit new records in the holiday season and with the opening of Entertainment City, the gambling mega-project in Manila, also known as Bagong Nayong Pilipino Entertainment City Manila or simply Pagcor City.

Industry experts predict a growth in PAGCOR revenues created from internet betting in Philippines as well as online bingo, with the number of mobile gambling applications users rising steeply.

PAGCOR chairman Cristino Naguiat Jr. recently stated to Philippines gambling news that that he expects his government agency to hit gross revenues of PHP 43 billion this year, with an expectation to reach PHP 46 billion in 2013.