MANILA, Philippines - Philippine Amusement and Gaming Corporation (PAGCOR) on Monday said it exceeded its gross income target in March, as its gaming outlets reported strong growth.
In March, Pagcor posted P3.67 billion gross income, 3% higher than its P3.56 billion target. It was also a 23% growth over the P2.98 billion it posted during March last year.
Cristino L. Naguiat Jr., Pagcor chairman, said the state-run agency’s solid performance for March will allow it to increase remittances to its mandated beneficiaries.
"Last March, we were able to allocate a total of P1.85 billion as the agency’s contribution to nation-building. This was P556 million or 43% over the P1.29 billion contributions we made in March 2011," he said.
Naguiat added this was the 10th time Pagcor broke its previous monthly income record under new management. In February, Pagcor posted P3.56 billion in gross income.
Also in March, Pagcor's own gaming operations hit P2.49 billion, a P526 million increase from the same period last year.
"Our upbeat operations during the quarter got an added boost from the strong performance of the other gaming establishments we regulate like the private licensed casinos, e-games, commercial bingo and poker clubs,” Naguiat added.
The agency's other gaming establishments added P1.17 billion to March earnings, which was P160 million higher than the same month in 2011.