The Philippine Amusement and Gaming Corp. (Pagcor) remitted P1 billion to the Bureau of the Treasury last Tuesday, bringing to P18 billion its total dividends contribution for the year, the agency said in a statement.
Pagcor said its latest remittance is intended to help fund government efforts to curb the spread of the coronavirus disease 2019 (COVID-19) and provide economic relief to pandemic-hit businesses and individuals.
“Our agency remains financially challenged due to our limited gaming operations, but this won’t prevent us from fulfilling our obligations to the national government especially in this time of the pandemic.” Recto Baltazar, Pagcor vice president for finance and treasury, said.
Pagcor turned over P5 billion to the state coffers on June 6, 2020, in addition to the P12 billion remitted on March 23, 2020.
With its latest remittance, the agency remains as one of the top three government-owned and -controlled corporations (GOCC) with the highest cash dividends contribution, aside from the Bangko Sentral ng Pilipinas and Philippine Deposit Insurance Corp.
“Pagcor’s contributions are always appreciated especially now. Tax revenues are down and everyone is having a hard time gathering resources for the government,” Eduardo Anthony Marin?o, officer-in-charge and director for the Treasury’s asset management service, said.
“The funds will be a great help to the national government’s efforts to battle COVID-19,” he added.
Otherwise known as the Dividends Law, Republic Act 7656 requires GOCCs to remit at least 50 percent of their net earnings to the national government.