The Philippine Amusement and Gaming Corporation was able to remit P1 billion to the National Treasury on Wednesday, bringing to P18 billion its total dividend contribution for the year 2019.
That was even if its income performance continued to be affected by the COVID-19 pandemic
The agency’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.
PAGCOR’s VP for Finance and Treasury, Recto Baltazar Jr., handed the check representing the agency’s cash dividends to Officer-In-Charge and Director for Asset Management Service Eduardo Anthony MarIño III in a simple turnover ceremony at the Bureau of the Treasury office in Intramuros, Manila.
“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.
Mariño said “PAGCOR’s contributions are always appreciated especially now. As you might already be aware, funds need to be augmented. 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.”
PAGCOR turned over P5 billion to the state coffers on June 6, 2020, in addition to the P12 billion remitted on March 23, 2020. With its latest remittance, the agency remains one of the top three government-owned and -controlled corporations with the highest cash dividend contribution aside from the Bangko Sentral ng Pilipinas and the Philippine Deposit Insurance Corporation.