Commission audit finds Pagcor owing $326 million

Philippine gaming regulator Pagcor reportedly owes the government PHP15.4 billion (US$325.5 million) of income as a result of under-remittances from 2011 to 2015, according to the latest report from the Commission on Audit (COA).

According to local media, in its 2015 annual audit report, the COA said that the gaming regulator should have remitted PHP 98.5 billion in total to the Bureau of Treasury (BTR), but only remitted P72.599 billion “resulting in deficient remittance totaling P25.962 billion,” said the commission.

The commission said the miscalculation from Pagcor was due to its wrong interpretation of the law for the under-remittance.

In its reply to the audit, PAGCOR management maintained that it had remitted the correct amount, however, the COA has stood its ground in its conclusion.

“We stand firm with our stance that aggregate gross earnings pertained to the totality of the income from gaming revenues and income from other related services,” said the COA.