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Manila Bulletin devider Business devider Pagcor gets new board members

Pagcor gets new board members

Published Aug 25, 2022 01:40 pm

The Philippine Amusement and Gaming Corp.’s (Pagcor) new board members have sworn into office, with Alejandro H. Tengco at the helm of the government’s gaming regulatory agency.

In a statement released by Pagcor, the regular announced that President Marcos sworn into office the new members of its board of directors in simple oathtaking ceremonies held recently.

According to Pagcor, Tengco is now the new chairman and chief executive officer, replacing Andrea D. Domingo who held the position during former President Duterte’s six-year term.

Tengco is a known businessman, who owns building contractor Nationstar Development Corp. He was also former vice mayor of Malolos, Bulacan.

Juanito L. Sañosa, meanwhile, was appointed as president and chief operating officer of Pagcor.

Sañosa is no strange to Pagcor, having been the company’s vice president, corporate secretary and compliance officer during the Duterte administration.

President Marcos also sworn into office Pagcor’s new members of the board of directors, comprising Gilbert Cesar C. Remulla, Francis Democrito C. Concordia and Jose Maria C. Ortega.

Remulla is a journalist and politician, as well as brother of Justice Secretary Jesus Crispin C. Remulla.

Pagcor is a major revenue generating agency of the government, ranking third after the Bureau of the Internal Revenue and Bureau of Customs.

In the first six-months of the year, Pagcor generated P26.7 billion in revenues, up 68 percent from P15.88 billion in the period in 2021.

Pagcor’s end-June income also exceeded by nine percent its P24.41 billion target.

In the first semester, Pagcor raised P24.7 billion from gaming operations, an increase of 67 percent compared with P14.77 billion a year earlier. Likewise, this amount surpassed the P24.21 billion target.

Income from other services and business also improved, registering P890 million. This was 18 percent higher than the previous year’s P753.63 million and more than the P191.34 million goal.

Pagcor also booked P1.03 billion gains and P56.73 million from other non-operating income in the first half of the year.

In 2021, Pagcor net income dropped nearly 87 percent to P203.6 million from P1.55 billion in the previous year.

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