PCSO remits P2.5-billion dividend to national government for year 2017

The Philippine Charity Sweepstakes Office remitted P2.5 billion as dividends to the national government for CY 2017 which made it to the 6th top-paying GOCC. In addition, the Agency also recently remitted to DOF the amount of P744 million as dividends for CY 2018, pursuant to RA 7656.

On the report that PCSO has not declared and remitted dividends from 1994 to 2016, the agency said it did not have any annual retained earnings for the years in question, but only generated savings from its operating fund, which were automatically reverted and transferred to the agency’s Charity Fund, in accordance with its Charter. As mandated under RA 1169, as amended, all balances of any funds in the PCSO shall revert to and form part of the Charity Fund.

From this Charity Fund, PCSO was able to give assistance to over one million beneficiaries under its Individual Medical Assistance Program from 2012 to 2016. Further, for the period 2007 to 2016, PCSO remitted more than P25 billion to the national government as mandatory contributions; provided almost P500 million for calamity assistance and P1.8 billion for its Ambulance Donation Program.

The PCSO, being a GOCC directly under the Office of the President, is and will remain committed in abiding and complying with existing accounting rules, regulations and other relevant laws affecting the operations of PCSO.

For questions and clarifications please contact: Atty. Marissa O. Medrano PCSO Spokesperson or Pilar Pinga Cruz PCSO alternate spokesperson at 9970245.

Topics: Philippine Charity Sweepstakes Office , Charity Fund , Office of the President
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