PAGCOR provides aid for Typhoon Ofel victims

PAGCOR has given more than 21,000 food and non-food relief packs to affected communities.

The Philippines.- The Philippine Amusement and Gaming Corporation (PAGCOR) has handed over a consignment of more than 21,000 food and non-food relief packs to communities affected by Typhoon Ofel. The agency donated 1,000 packs to displaced residents in Apayao, 2,000 packs to residents in Cagayan, 5,000 packs to residents of Isabela and 2,000 packs to residents of Pagudpud, Ilocos Norte.

A total of 11,000 food and non-food packs are also scheduled for delivery to severely affected municipalities in Cagayan including Aparri, Baggao, Ballesteros, Buguey, Calayan, Sanchez Mira, and Santa Teresita.

PAGCOR chairman and CEO Alejandro H. Tengco said: “We have been in close coordination with the Office of Civil Defense to facilitate the distribution of these relief aids to severely affected communities.

“We understand the need of these local communities to receive all the help they can get and enable them to rise above their dire situation.”

PAGCOR’s chairman also noted that throughout the peak of Typhoon Ofel, the agency maintained ongoing communication with local government units (LGUs) to guarantee the prompt delivery of relief aid.

“We have been actively working with affected LGUs to determine the number of displaced families that needed help and to ensure that no community is left behind,” he added.

Super Typhoon Ofel, which is the 15th tropical storm to strike the Philippines this year, caused significant destruction in Northern Luzon. The province of Cagayan alone has reported agricultural damages amounting to PHP1.4bn (US$23.95m) due to the recent series of typhoons.

PAGCOR reports net income of US$165.6m for first nine months of the year

In October, the PAGCOR shared its financial results for the first nine months of the year. Income was up 98.1 per cent in year-on-year terms to PHP9.63bn (US$165.6m).

Gross income reached PHP79.43bn (US$1.37bn), up by 42 per cent in year-on-year terms. The majority of revenue, PHP69.88bn (US$1.2bn), was generated from gaming operations, with 35.52 per cent, PHP28.22bn (US$487.9m), from online gaming, which includes E-Games, E-Bingo, and bingo grantees.

Integrated resorts and licenced casinos contributed PHP24.50bn (US$423m), comprising 30.84 per cent of gaming revenues, while PAGCOR-operated casinos under the Casino Filipino brand generated PHP44.97bn (US$776.8m). PHP6.43bn (US$110m) from total revenue came from other related services; and PHP3.11bn (US$53m) from other income. Operating expenses for the first nine months of 2024 grew by 29.5 per cent year-on-year to PHP24.41bn (US$421.6m).

Tengco said: “Our third quarter performance is a strong indication that in spite of the President’s decision to ban offshore gaming operations in the country, we are still on track to meet our PHP100bn (US$1.73bn) revenue target by yearend.”

PAGCOR’s contributions increased by 40.39 per cent to PHP48.88bn (US$$838m) compared to last year’s PHP34.82bn (US$597m). PHP33.19bn (US$569m) went to the National Treasury as 50 per cent government share.

PAGCOR contributed PHP3.49bn (US$59.87m) in franchise taxes and PHP421.35m (US$7.23m) in corporate income taxes to the Bureau of Internal Revenue. The Philippine Sports Commission (PSC) received PHP1.65bn (US$28m) as its 5 per cent share, while PHP90.68m (US$1.56m) was allocated as incentives for athletes and coaches who excelled in international sports events.

PAGCOR provided PHP9.26bn (US$159m) for the Office of the President’s socio-civic initiatives. Cities hosting Casino Filipino branches received PHP525.95m; the Board of Claims under the Department of Justice PHP99.08m to compensate victims of unjust imprisonment and the Renewable Energy Trust Fund PHP140.2m (US$2.4m)

PAGCOR has given more than 21,000 food and non-food relief packs to affected communities. The Philippines.- The Philippine Amusement and Gaming Corporation (PAGCOR) has handed over a consignment of more than 21,000 food…