Pagcor reports small profit gain in 16H1

Philippine casino regulator Pagcor has reported a small profit gain of PHP 2.5 billion (US$52.2 million) for the first half of 2016, up 2.5 percent year-on-year.

According to Pagcor’s latest financial statement ending June 30, 2016, the regulator reported revenue from gaming operations at PHP 26.1 billion, up 19.6 percent year-on-year, while income from other related services came in at PHP 796.1 million.

Earlier this year, Pagcor became the largest contributor among state-controlled corporations to the government’s revenue, remitting PHP 17.4 billion in 16H1.

Last week, the Commission on Audit (COA) announced that the regulator owed the government PHP15.4 billion of income as a result of under-remittances from 2011 to 2015.

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.