The state-run gaming company, the Philippine Amusement and Gaming Corp (PAGCOR), has published its unaudited financial report for 2006 and has announced a record PHP25.4 billion (US$520 million) in revenue, making it the second largest contributor to the country’s finances. Only the Bureau of Internal Revenue remits more to the government. In 2006 PAGCOR paid a total PHP11.95 billion (US$244.6 million) to the Philippine government.

Following the appointment of a new chairman in 2000, the corporation has undertaken cost-cutting measures and innovative marketing strategies, and has aggressively sought to improve revenue. In August 2006 monthly income broke the PHP2 billion (US$40.9 million) mark for the first time. The PAGCOR result for 2006 was the best since it was established in 1977.

PAGCOR chairman and CEO Efraim Genuino was reported by the Philippine Star as saying, “More than our success in business, we are truly pleased to have been able to deliver on our commitment to serve the people. The bottom line is that everything we earn goes back to the government and, in turn, is used for the betterment of the lives of our countrymen.” (E-01.08.07)

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