The Philippine Amusement and Gaming Corp. (Pagcor) has remitted fresh cash dividends to state coffers to support government programs aimed at mitigating the impact of the Russia-Ukraine crisis on the vulnerable sectors.
In a statement, Andrea D. Domingo, Pagcor chair and chief executive officer said Monday, April 11, that the gaming regulator and operator turned over P6 billion in dividends to the Bureau of the Treasury.
Pagcor’s latest remittance represents the declared dividends for 2021 amounting to P1.04 billion and its additional/advance cash dividends, which may be applied against future dividend obligations, worth P4.95 billion.
Domingo said Pagcor made the remittance in response to the Department of Finance’s request for support in funding the higher social expenditures to mitigate the impact of the Russia-Ukraine conflict on the vulnerable sectors.
Pagcor was able to contribute “substantially” to state coffers as the country starts recovering from the economic effects of the global health crisis and gaming operations return to normalcy, Domingo said.
“We are now gaining momentum towards economic recovery as all businesses, including the gaming industry, are now on full operational level and revenues start pouring in once again,” Domingo said.
“This enables us to fulfill our financial obligations with the government and to remain committed as one of its major partners in nation-building,” she explained.
At the height of the pandemic when gaming operations were temporarily halted, the state-run gaming firm was able to perform its corporate social responsibility programs and fund various Covid-19 and non-Covid related projects.
Deputy Treasurer Ed Mariño and OIC-Director Kenneth Ian Francisco formally received Pagcor’s cash dividends contribution at the Bureau of the Treasury office in Intramuros, Manila.
“This latest dividends contribution from PAGCOR will greatly help in our government’s effort to cushion the economic effects of the Russia-Ukraine war and continue our recovery from the pandemic,” Mariño said.
Between 2016 and 2021, Pagcor’s total remittances reached P48.94 billion.
With this contribution, Pagcor maintains its status as one of the government-owned and controlled corporations in the elite “Billionaires’ Club” or agencies that remit cash dividends of at least a billion pesos to the government.
In 2021, Pagcor turned over a total of P5 billion cash dividends and advances, applicable to future obligations, to the Treasury for dividend year 2020. Prior to that, it made its highest remittance of P18 billion, representing cash dividends for years 2019-2020.