State-run Philippine Amusement and Gaming Corp. (Pagcor) has remitted additional funds to the Bureau of the Treasury for the government’s efforts in curbing the spread of COVID-19 and providing economic relief.
In a statement, Recto Baltazar Jr., Pagcor vice-president, said the gaming regulator remitted additional P1 billion in dividends to state coffers last January 5, bringing the agency’s total contributions to P18 billion in 2020.
“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,” Baltazar said.
He said Pagcor’s latest remittance is mainly intended to help fund the government’s efforts to curb the spread of COVID-19 and provide economic relief to pandemic-hit businesses and individuals.
Eduardo Anthony Mariño, Treasury director for asset management service, meanwhile, said that Pagcor’s contributions are always appreciated especially now.
“As you might already be aware, we need to augment our funds. Tax revenues are down and everyone is having a hard time gathering resources for the government. The funds will be a great help to the national government’s efforts to battle COVID-19,” Mariño said.
In June last year, Pagcor turned over P5 billion to the treasury bureau in addition to the P12 billion remitted in March.
With Pagcor’s latest remittance, the agency is one of the top three government-owned and controlled corporations (GOCCs) with the highest cash dividends contribution, aside from the Bangko Sentral ng Pilipinas (BSP) and Philippine Deposit Insurance Corp. (PDIC).
Earlier, the Department of Finance (DOF) said that dividends remitted by GOCCs nearly doubled in 2020.
Data from the DOF showed that state-owned companies remitted P133.5 billion in dividends to government
offers as of December 15, almost double the P69.2 billion collections in full-year 2019.
Under Republic Act (RA) No. 7656, otherwise known as the Dividends Law, all government-owned firms are required to remit at least 50 percent of their net earnings to the national government.
On top of the dividends, some GOCCs have also remitted P27.12 billion, which represented their unutilized subsidies, payment of guarantee feee, advances, and other forms of contributions to the national government.
The BSP topped the list of GOCCs with the highest dividend contributions, having remitted P40.53 billion, followed by Pagcor and the PDIC. with P17.98 billion.