The Philippine Amusement and Gaming Corp. (Pagcor) remitted P1.6 billion in cash dividends to the Bureau of the Treasury (BTr), which saw a sharp decline from the previous year as gaming revenues dropped due to the impact of the coronavirus disease 2019 (COVID-19) pandemic.
Pagcor said in a statement Wednesday night that the latest cash dividends remitted to the BTr on May 12 represent the agency’s entire net earnings for 2020.
The dividends saw a significant drop from the P18 billion remitted by Pagcor for 2019, which then made it the third highest cash dividends contributor.
Pagcor’s income from gaming operations in 2020 fell by 60.4 percent, to less than P30 billion from P75.76 billion in 2019, as operations were limited due to the various quarantine restrictions that were implemented since mid-March last year as part of the government’s response to the COVID-19 pandemic.
Pagcor’s net income in 2020 amounted to P1.57 billion, 83.75 percent down from the P9.66 billion posted in 2019.
Andrea Domingo, Pagcor chairman and chief executive officer, said the agency’s frugality in spending enabled it to save and remain as one of the government’s major partners in nation-building.
“The current global health crisis is taking its toll on our income generation due to the suspension of gaming operations. But through our prudent use of funds, we are able to support the government’s significant endeavors, especially our battle against COVID-19,” she said.
Ed Mariño, deputy treasurer-officer-in-charge, formally received Pagcor’s cash dividends contributions at the BTr office in Intramuros, Manila.
“This latest dividends remittance from Pagcor will help fuel further the national government’s economic stimulus program in light of the pandemic. We are thankful that Pagcor has been a very responsive partner of the government in coping with the global health crisis,” Mariño said.
