Philippines Applauds PAGCOR’s Billions in Fiscal Contributions
The Philippine government has formally recognized the substantial PAGCOR’s fiscal contributions. These are crucial for the nation’s social and economic development initiatives. President Ferdinand R. Marcos Jr. recently highlighted PAGCOR’s role as a vital revenue generator for the state. The gaming regulator and operator has remitted billions of pesos to the national treasury.
PAGCOR’s Significant Fiscal Contributions Highlighted
During the first nine months of 2023 alone, PAGCOR remitted an impressive Php50 billion to the national treasury. This substantial sum underscores the agency’s critical role in funding key government initiatives. These remittances are vital for supporting a wide array of socio-civic projects across the archipelago. They empower the government to address pressing national needs and invest in future growth.
The corporation, a government-owned and controlled corporation (GOCC), consistently channels 50% of its gross earnings directly to the national treasury. This consistent financial support helps bridge funding gaps for various public services. It enables the implementation of programs beneficial to millions of Filipinos.
President Marcos Lauds PAGCOR’s Role
President Ferdinand R. Marcos Jr. publicly lauded PAGCOR, calling it a “strategic partner” in national development. He acknowledged the corporation’s consistent efforts to generate revenue. This revenue directly fuels the government’s nation-building agenda. PAGCOR Chairman and CEO Alejandro H. Tengco affirmed their commitment to this mission. He emphasized their goal to maximize remittances to the national government. Their mandate involves both regulating the gaming industry and operating casinos.
Chairman Tengco highlighted the agency’s dual function. He reiterated PAGCOR’s dedication to improving its systems and operations. This focus aims to ensure greater efficiency and transparency. Ultimately, these improvements lead to enhanced PAGCOR’s fiscal contributions, directly benefiting the Filipino people.
Strong Financial Performance Driving Contributions
PAGCOR’s financial performance has been robust. The agency reported total revenues of Php58.98 billion for 2023. This represented a notable 33.1 percent increase year-on-year. Net income reached Php6.81 billion for the same period. This strong performance enables PAGCOR to fulfill its financial obligations effectively.
Chairman Tengco expects further growth in the coming years. He projects gross gaming revenues for the entire Philippine gaming industry to reach Php332 billion by the end of 2024. PAGCOR’s continued success directly translates into increased financial support for the government. This positions the agency as a cornerstone of national economic stability.
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