Pagcor remits P890-M to gov't in July

ABS-CBN News

Posted at Aug 25 2010 05:52 PM | Updated as of Aug 26 2010 01:53 AM

MANILA, Philippines - State-run Philippine Amusement and Gaming Corp. (Pagcor) remitted P890 million to government coffers in July.

This was P32 million less than the P922 million that the regulator of the casino gaming industry remitted in July last year.

Pagcor is required to remit 5% of its net winnings to the Bureau of Internal Revenue as franchise tax, and 50% of the balance to the Bureau of Treasury.

During the first 7 months of 2010, the government's share in Pagcor's income fell 7% to P5.93 billion from P6.4 billion in the same period of 2009.

Pagcor is currently operating 13 branches and 25 exclusive clubs in major cities across the country.

The privatization of Pagcor's commercial operations is already being planned, but its regulatory powers will remain with government.

President Aquino has appointed his old friend, Bong Naguiat, as the new chairman of Pagcor.

Naguiat replaced Efraim Genuino who quit his post before the end of President Arroyo's term.