PAGCOR to donate P2-B worth of public school classrooms in 2013

THE Philippine Amusement and Gaming Corporation (PAGCOR) plans to build an additional 2,000 public school classrooms nationwide for 2013, doubling its P1-billion 1,000 classroom donation in 2011 to boost Philippine education.

This was revealed by PAGCOR chairman and CEO Cristino Naguiat, Jr. during its budget presentation before the House Committee on Appropriations chaired by Rep. Joseph Emilio Abaya on the administration’s proposed P2.006-trillion national budget.

The House appropriations panel is now continuously conducting public hearings scrutinizing the various provisions of the proposed General Appropriations Act for 2013 before it sponsors and defends the same in
plenary in September.

Naguiat said PAGCOR provided a P100-million initial funding for the P-Noy Bayanihan project which aims to manufacture thousands of school chairs for public schools out of confiscated illegally cut logs.

Likewise, Naguiat said PAGCOR also initiated the conversion of old slot machine stands into school desks.

Naguiat said PAGCOR gave a P20-million financial support to the Philippine Football Federation in support of its Kasibulan project to help develop the next generation of Batang Azkals.

“Another vital project is the agency’s subsidy to the nutritional needs of underweight children from community-based day care centers and public elementary schools in cities hosting PAGCOR casinos,” Naguiat said.

On a seasonal basis, PAGCOR also sponsors the Pamaskong Handog ng PAGCOR, a Christmas gift-giving project that aims to bring cheers to the less fortunate and wards of charitable institutions nationwide, including the Hydrocephalous Foundation of the Philippines, Inc.

Earlier, PAGCOR reported that the agency had a gross income of over P73-billion from the period July 2010 to June 2012, higher than the P60-billion total income it generated during the last two years of the previous administration from July 2008 to June 2010.

Furthermore, PAGCOR had more than P35-billion in contributions to the national government and to nation-building programs, higher than the P29.961-billion contributions by the agency from July 2008 to June

Among others, the PAGCOR chief noted that from January 2011 to June 2012 alone, the present PAGCOR management attained a P9-billion increase in total revenues.

The PAGCOR chief informed the Abaya committee that under his leadership, PAGCOR made pre-payment of bank loans made by the past administration amounting to over P1.67-billion as early as May 2011, way ahead of the loan maturity in 2014, resulting in a total savings of P92.95 million in loan interests.

Likewise, PAGCOR paid P857 million to the BIR on December 2011 for fringe benefits taxes from 2004 to 2010 and for Corporate Income Taxes from  2005 to  2010.


About accounting

You must be logged in to post a comment Login

Leave a Reply