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FinancialIndustry

PAGCOR continues cash dividends contribution to National Treasury

The Philippine Amusement and Gaming Corporation (PAGCOR) turned over P1.35bn ($US28.3m) to the National Treasury on 28 May 2021 as an advance cash dividend, bringing the body’s contribution total to P3bn.

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Despite revenue losses due to the temporary suspension of gaming operations, PAGCOR has committed to helping source more revenue for the government’s Covid-19 response.

Its latest cash dividends remittance came in “support of the government’s revenue generation effort to fund the various health and economic measures to mitigate the impact of the pandemic.”

PAGCOR turned over P1.66bn cash dividends earlier this month, with that figure representing the state-run body’s entire 2020 net earnings.

“After more than a year into the pandemic, PAGCOR is still doing its best to fulfil our mandate and commitment to nation-building,” said PAGCOR Chairman and CEO Andrea Domingo.

“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.”

PAGCOR remitted a total of P18bn cash dividends to the National Treasury in 2019. “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,” a statement from the body read.

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