Yt Framework

Philippine Amusement and Gaming Corporation (PAGCOR) chair Cristino Naguiat Jr. said Thursday the state-run gaming firm’s income reached P73 billion in the first two-and-a-half years of President Benigno S. Aquino’s administration and had contributed more than P35 billion to the national government.

Naguiat made the statement to the House Appropriations Committee chaired by Cavite Rep. Joseph Emilio Abaya during the resumption of public deliberations at the House of Representatives on the proposed 2013 national budget.

Abaya said PAGCOR was invited to the budget hearings due to its role as a revenue-generating government firm and major contributor to the national treasury.

Naguiat told the House panel that the P73 billion gross income of the government-owned corporation from July, 2010 to June of the present year is 43 percent higher than the corporation’s income during the last two years of the past administration.

“Besides contributing half of the amount to the government coffers, PAGCOR also paid about P1 billion to the Bureau of Internal Revenue (BIR) in the form of fringe benefit taxes and corporate income taxes - something that was not attained during the past government because PAGCOR did not pay fringe benefit taxes then contrary to law,” he said.

Another milestone is the P1 billion cash dividend it gave to the national government as provided for by RA 7656 requiring government- owned or- controlled corporations (GOCCs) to declare dividends to the government.

The PAGCOR chair also highlighted to the Appropriations Committee the corporate social responsibility programs of the firm that focused mainly on the education sector.

Chief among them is the Matuwid na Daan sa Silid-aralan project that aimed to construct 1,000 classrooms nationwide with a budget of P1 billion in 2011.

Naguiat said the project was enhanced until next year to build an additional 2,000 classrooms from 2012 to 2013.

Another project being funded by PAGCOR is the P100-million P-Noy Bayanihan Project, a joint project with the Department of the Environment and Natural Resources (DENR) and the Technical Education and Skills Development Authority (TESDA), which build classroom chairs and desks from illegal lumber confiscated by the DENR.

In the meantime, Naguiat said PAGCOR is projected to record incomes in the next two years based on record-breaking monthly growths for the past twelve months.

From a P36.6 billion income in 2011, he said they are projecting a P42.6 billion income for 2012 and P45.3 billion income for 2013.

“We expect to sustain this growth in the coming years and contribute more to the national government and in nation building,” he said. 

By PNA