PAGCOR, a GOCC, to turn over P12b
PAGCOR to remit P12 billion to national government
MANILA – The state-run Philippine Amusement and Gaming Corporation (PAGCOR) has prepared a check for P12 billion for its remittance to the National Treasury on Tuesday, March 24, as the Duterte administration moves to generate revenues to fund the impact of the COVID-19 threat to the country.
In a PAGCOR statement today, it was learned that the amount comprises the agency’s 2019 cash dividends which is P5.67 billion higher than the P6.33 billion dividends that PAGCOR is required to remit according to the agency’s financial report. In 2019, PAGCOR recorded P75.75 billion in gaming revenues.
According to Republic Act 7656, government-owned and controlled corporations (GOCCs) are required to remit at least 50% of their annual net earnings as cash, stock or property dividends to the national government.
PAGCOR Chairperson and CEO Andrea Domingo said with the P12 billion remittance, the agency’s 2019 cash dividends will be 44.74% higher than the required 50% annual net earnings of the agency.
“As one of the government’s biggest revenue generators, PAGCOR has always been trying to exceed its past achievements. While this is not an easy feat, we will always do our best to respond to our mandate and call of duty. We support the President’s war against COVID-19,” she said.
Finance Secretary Carlos G. Dominguez III wrote to PAGCOR where he said the P12 billion remittance will “make a substantial contribution to the efforts of the national government ] to cushion the impact of severe drop in government revenues, brought about by the slowdown in business activities due to measures taken to contain the spread of COVID-19.”
PAGCOR has already donated P2.5 billion to the national government to help curb the deadly virus in the country. (Melo M. Acuña)
(PAGCOR File Photo)