Philippines gaming regulator PAGCOR has remitted an additional Php5 billion in cash dividends to the National Treasury in support of COVID-19, taking the total dividend contribution from its 2019 coffers to Php17 billion (US$341 million).
The remittance, requested by Finance Secretary Carlos Dominguez, was taken from PAGCOR’s 2019 net earnings and accumulated retained earnings in 2018, and cements the agency’s position as third highest contributor of cash dividends among government-owned and controlled corporations behind only Bangko Sentral ng Pilipinas and Philippine Deposit Insurance Corporation.
“There’s a need to infuse more funds to the government’s effort in battling the COVID-19 pandemic,” said PAGCOR chair and CEO.
“With our latest cash dividends remittance, we hope to contribute more significantly to that cause. We might have suffered huge revenue losses but we can’t afford to lose the fight against this global health crisis.”
PAGCOR has already released another Php14.5 billion to the Socio-Civic Projects Fund of the Office of the President (OP).
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