Pagcor remits P8.86 billion to government on GOCC Day
The Philippine Amusement and Gaming Corp. (Pagcor) again made history when it remitted the highest contribution to the government during the Government-Owned and Controlled Corporation’s (GOCC) Dividends Day held at Malacañang Palace on May 23.
Pagcor turned over P8.86 billion to government coffers, P1.89 billion of which accounts for cash dividends for 2015.
Fifty-four GOCCs remitted a total of P40.2 billion in dividends and other forms of contributions during the event.
Pagcor president and COO Eugene Manalastas who led the ceremonial turn-over of check to President Aquino, Pagcor’s good corporate governance enabled the state-run gaming firm to continuously beat its targets and maintain its position as one of the government’s top-revenue earners.
“For the past four years, Pagcor has remitted cash dividends to the national government. From the P1 billion dividends remitted in 2012, our contributions continuously increased, enabling Pagcor to consistently make it to the GOCC Elite Circle or the Billionaires’ Club. These are the corporations that remit at least P1 billion to the government,” he said.
From 2012 to present, Pagcor has remitted P13.39 billion cash dividends to the government.
Aquino said that during his term, GOCCs have remitted P163.33 billion dividends.
The President said the cash dividends remitted by the GOCCs will help fund various projects such as AFP modernization, socioeconomic programs, particularly those related to education, health, agriculture, irrigation, infrastructure and seaports.
“In the past five and a half years (from July 2010 to December 2015), Pagcor generated P221.18 billion in total revenues. Pagcor has also increased contributions to nation-building reaching a staggering P119.09 billion,” Manalastas said.