Pagcor remits additional P1.3B to BTr

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The Philippine Amusement and Gaming Corp. (Pagcor) has turned over P1.345 billion as advance cash dividend to the Bureau of the Treasury last May 28, bringing the agency’s latest dividends remittances to P3 billion.

In a statement yesterday, Pagcor said the remittance of the dividends was in support of the government’s revenue generation effort to fund the various health and economic measures to mitigate the impact of the pandemic.

The state-run gaming firm made its latest remittance only two weeks after it turned over P1.655 billion cash dividends on May 12. The amount represented Pagcor’s entire net earnings in 2020.

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Andrea Domingo, Pagcor chairman and chief executive officer, said the agency is committed to help source more revenues for the government’s COVID-19 response, in spite of huge revenue losses due to the temporary suspension of gaming operations.

“After more than a year into the pandemic, Pagcor is still doing its best to fulfill our mandate and commitment to nation-building. We may be in a very challenging time, but we are all in this together. Because of Pagcor’s prudent use of funds and continuous effort to generate revenues, we are able to help fund necessary government programs amidst the crisis,” she said.

Ed Marino, deputy treasurer-officer-in-charge, said the state-run gaming firm’s latest cash dividends remittance will further boost the government’s initiatives to survive the pandemic.

“The government really needs all the help it can get to be able to set in motion vital steps that are meant to lessen the sufferings of the people who are greatly affected by the pandemic. We are very thankful that Pagcor continues to supply the lifeblood that keeps many important government programs up and running,” Marino expressed.

Last year, Pagcor remitted a total of P18 billion cash dividends for the year 2019.

Domingo said in a recent virtual briefing Pagcor expects a further significant decline in its gaming revenues this year due to the ongoing quarantine restrictions in the country.

“Our earnings have really dipped very low. We are looking at only about P16 billion to P17 billion this year,” Domingo said about a month ago.

“Last year was better because for the first two and a half months, we were in full operation so we were able to… we already have savings from that. But in 2021, we really started negative,” she added.

In the first quarter, Pagcor’s income from gaming operations amounted to P8.36 billion, 51.44 percent down from the P17.22 billion posted in the same period in 2020.

Net income in the first three months of 2021 declined by 80.37 percent to P152.62 million from P777.44 million in the first quarter last year. – Angela Celis

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