Pagcor City
The company's newest project is Bagong Nayon Polopino-Entertainment City Manila Project, also known as Pagcor City. Stretching over more than 3,000 hectares, the new project will, in line with the new paradigm shift, focus on entertainment rather than on gambling. Mr. Genuino's brainchild will be home to arcades, wellness spas, malls, hotels, cultural centers, sports arenas, residential villages, a state-of-the-art monorail system, theme parks, and more, forming an integrated recreation and leisure complex. But this unique, educational, interactive park, patterned after Macao, will do more than just offer wholesome fun for everyone. It will work towards solving the nation's economic problems in terms of employment, tourism and foreign investment. By generating 25,000 jobs and increasing tourism, ' Pagcor City could give the Philippines the boost it needs.
This focus on improving the quality of life comes as no surprise, as Pagcor is a driving force behind social activities nationwide. "There's a bit misconception about us," says Mr. Genuino. "People do not realize Pagcor's contribution to the national economy.
We're the third biggest –revenue earner for the government." This revenue, in part goes towards initiatives for public health and other social issues. While 50 percent of the company's revenue goes to the national treasury, Pagcor enables the government to carry out priority projects for the poor. The funds to implement various laws come from Pagcor, such as the Early Childhood Care and Development Program and the Comprehensive Dangerous Drugs Act of 2002. Also 80 percent of the budget for the Philippine Sports Commission comes from Pagcor. Without it there wouldn't be sports.
Another of its big projects, Serbisyo Muna!, is a public initiative that brings together sociocivic and community development programs from different agencies, local government units and representatives from various sectors. Serbisyo Muna! provides caravans with free medical and dental care, and gives seminars on road ethics, energy conservation, urban gardening and values education, among other functions.
Whatever Pacgor's next move is, be it new entertainment ventures, new tourism attractions or new public initiatives, it's clear that 2005 was a success story that is set to continue. Results for 2006 show that last year was even more lucrative for the organization, with total income reaching P12.22 billion ($250 million) for the first six months alone. It certainly looks like Pagcor's playing its cards right.