NEWSFLASH

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CASINOS 3RD BIGGEST REVENUE SOURCE

Manila, Feb. 13, 1998 - The Philippine Amusement and Gaming Corporation (Pagcor) contributed P6.08 billion to government coffers last year, making it the third biggest source of revenue.

Pagcor director Raul Gonzales said gaming operations have also been a steady source of the President's social welfare fund and a generous contributor to the cities and municipalities hosting Pagcor's 11 casinos nationwide.

In 1997, Pagcor scored winnings of P11.9 billion, which paid 5% in franchise fee to the Bureau of Internal Revenue. The national treasury took in 50% of the balance or an equivalent of P6.08 billion.

Pagcor gives 10% of the balance to the National Power Corporation as a subsidy for power projects. This subsidy reached P509 million in 1997.

The Philippine Sports Commission receives 5%, or P229 million last year. The Department of Health receives P6 million a month, the Department of Science and Technology, P66 million a year, and the President's Social Fund P547 million.

Every municipality or city hosting a Pagcor casino receives up to P5 million annually, with Manila getting P10 million because it has two casinos: one at the Holiday Inn and another at the Grand Boulevard Hotel.

"We do not want to call ourselves Robin Hood, but it seems to be that way," Gonzales says.

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