Pagcor posts P107-B revenues under Naguiat leadership

MANILA, Philippines - The Philippine Amusement and Gaming Corp. (Pagcor) recorded a gross revenue of P107 billion from July 2010 to April this year.

“We are happy to note that in less than three years of our administration, Pagcor has already generated over P107 billion in gross revenues from July 2010 to April 2013,” Pagcor chairman and chief executive officer Cristino Naguiat Jr said yesterday.

Of that amount, at least P54 billion was remitted to the government.

Just last Monday, Pagcor turned over a total of P1.4 billion in cash dividends to the national coffers. The amount brings the state-run gaming firm’s total remittances to the National Treasury to over P7 billion to date.

Pagcor was among the 38 government-owned and controlled corporations which remitted cash dividends and other forms of contributions to the government.

During the turnover ceremony, President Aquino lauded Pagcor’s contribution to government coffers and also highlighted the gaming firm’s role as a partner in pushing for the country’s progress.

Under Naguiat’s leadership, Pagcor was able to fund big-ticket projects that are geared towards the improvement of the welfare of the Filipino youth. The agency has so far allocated P3 billion for building thousands of classrooms in public schools nationwide. It has also provided a P100 million funding for the “Pnoy Bayanihan” project, which produces armchairs out of confiscated logs and donated to public schools.