Pagcor increases cash dividends remittance to P17 billion
THE Philippine Amusement and Gaming Corporation (Pagcor) recently remitted an additional P5 billion cash dividends to the National Treasury, bringing the agency’s total dividend contribution for 2019 to P17 billion.
The agency’s latest remittance is mainly in support of the government’s fight against the novel coronavirus disease-2019 (Covid-19) pandemic.
On March 23, Pagcor turned over P12 billion to the state coffers. With Pagcor’s additional remittance today, it remains as the third highest contributor of cash dividends for 2019 among the government-owned and controlled corporations ( GOCCs), next to Bangko Sentral ng Pilipinas and Philippine Deposit Insurance Corporation.
According to Pagcor Chairman and CEO Andrea Domingo, the release of additional cash dividends is pursuant to Republic Act 11469, otherwise known as Bayanihan to Heal as One Act, and the Republic Act 7656 which requires GOCCs to “share a substantial amount of their net earnings to the National Government” for revenue generation purposes.
The additional dividends remittance, which was recently requested by Finance Secretary Carlos Dominguez, was taken from Pagcor’s 2019 net earnings and accumulated retained earnings in 2018.
“There’s a need to infuse more funds to the government’s effort in battling the Covid-19 pandemic. With our latest cash dividends remittance, we hope to contribute more significantly to that cause. We might have suffered huge revenue losses but we can’t afford to lose the fight against this global health crisis,” Domingo stated.
Deputy Treasurer Sharon Almanza formally received Pagcor’s additional dividends contributions at the Bureau of the Treasury office in Intramuros, Manila. “This substantial amount is indeed a welcome augmentation of the government’s funds,” Almanza said. Apart from the cash dividends, Pagcor has initially released a total of P14.5 billion to the Socio-Civic Projects Fund of the Office of the President (OP) from March to April 2020. On March 24, Pagcor turned over P6 billion to OP, in addition to the P2 billion and P500 million remittances that were released on March 11 and March 1, respectively. Pagcor, as well as its licensees also donated food packs, personal protective equipment and other medical essentials to frontliners, hospitals and communities in the National Capital Region and some parts of Luzon. The charitable arms of casino licensees have likewise extended direct assistance for the government’s fight against the pandemic.