State-run Philippine Amusement and Gaming Corp. (Pagcor) has remitted an advance cash dividend to the state coffers to help the national government in mitigating the impact of the prolonged pandemic.
In a statement, Andrea D. Domingo, Pagcor chairman and chief executive officer said on Monday, May 31, that the gaming regulator turned over P1.34 billion to the Bureau of the Treasury late last week.
Domingo said the remittance represents Pagcor’s “advance cash dividend” and was in “support of the government’s revenue generation effort to fund the various health and economic measures to mitigate the impact of the pandemic.”
The latest contribution brought Pagcor’s total cash dividend remittances this year to P3 billion. Last May 12, the gaming firm turned over P1.6 billion, which represented its entire net earnings in 2020.
Domingo said Pagcor is seriously committed to help source more revenues for the government’s COVID-19 response, in spite of huge revenue losses due to the temporary suspension of gaming operations.
“After more than a year into the pandemic, Pagcor is still doing its best to fulfill our mandate and commitment to nation-building,” Domingo said.
“We may be in a very challenging time, but we are all in this together. Because of Pagcor’s prudent use of funds and continuous effort to generate revenues, we are able to help fund necessary government programs amidst the crisis,” she added.
Recto Baltazar Jr., Pagcor vice president, led the turnover of the agency’s latest cash dividends contribution to Deputy Treasurer-Officer-in-Charge Ed Marino at the Treasury headquarters in Manila.
Marino said the state-run gaming firm’s latest cash dividends remittance will further boost the government’s initiatives to survive the pandemic.
“The government really needs all the help it can get to be able to set in motion vital steps that are meant to lessen the sufferings of the people who are greatly affected by the pandemic,” Marino said.
“We are very thankful that Pagcor continues to supply the lifeblood that keeps many important government programs up and running,” he added.
Last year, Pgacor remitted a total of P18 billion cash dividends to the Treasury for the year 2019.
For 2018, Pagcor turned over a total of P16.17 billion cash dividends. With its remittances, the state-run gaming firm has been consistently included in the top three cash dividends contributors among other government-owned and controlled corporations.