The Philippine Amusement and Gaming Corporation has earmarked P12 billion for remittance to the National Treasury on March 24 as the government heightens its revenue generation efforts to cushion the economic impact of the novel coronavirus (COVID-19) in the country.
The amount, which comprises the agency’s 2019 cash dividends, is P5.67 billion higher than the P6.33 billion dividends that Pagcor is required to remit, based on the agency’s 2019 financial report.
In 2019, Pagcor recorded P75.75 billion in gaming revenues.
Pursuant to Republic Act No. 7656, government-owned and/or -controlled corporations like Pagcor are required to remit at least 50 percent of their annual net earnings as cash, stock or property dividends to the national government.
Pagcor chairman and CEO Andrea Domingo said that with the P12 billion remittance, the agency’s 2019 cash dividends will be 44.74 percent higher than the required annual net earnings.
“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.
From 2011 to 2018, Pagcor has already remitted a total of P33.33 billion cash dividends to the National Treasury, which solidified the state-run gaming agency’s standing in the GOCC Elite Circle or the Billionaires’ Club which includes agencies that remit at least P1 billion cash dividends annually to the government.
In a letter to Pagcor, Finance Secretary Carlos Dominguez 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.”