THE Philippine Amusement and Gaming Corp. once again made history when it remitted the highest contribution to the government during the Government-Owned and Controlled Corporation’s Dividends Day held at the Malacañang Palace on May 23, 2016.
Pagcor has turned over a total of P8.86 billion to government coffers, P1.89 billion of which accounts for cash dividends for 2015.
Fifty-four GOCCs remitted a total of P40.2 billion in dividends and other forms of contributions during the event.
According to Pagcor president and COO Eugene Manalastas, who led the ceremonial turnover of check to President Benigno S. Aquino III, the state-run gaming firm continuously met its targets and maintained its position as one of the government’s top-revenue earners.
“For the past four years, Pagcor has religiously remitted cash dividends to the national government. From the P1-billion dividends remitted in 2012, our contributions continuously increased, enabling Pagcor to consistently make it to the GOCC Elite Circle or the Billionaires’ Club. These are the corporations that remit at least P1 billion to the government,” he said.
He also shared that from 2012 to present, Pagcor has already remitted a total of P13.39-billion cash dividends to the government.
President Aquino, who received the GOCCs’ check remittances, noted that he wants to leave behind a better nation when he steps down from office this coming June 2016.
Aquino shared that during his term, GOCCs have already remitted a total of P163.33-billion dividends.
The President said the cash dividends remitted by the GOCCs will help fund various projects such as AFP modernization, socioeconomic programs, particularly those related to education, health, agriculture, irrigation, infrastructure and seaports.
Under Republic Act 7656, GOCCs are required to remit at least 50 percent of their annual net earnings as cash, stock or property dividends to the National Government.
Of the 54 GOCCs which remitted cash dividends this year, nine made it to the Billionaires’ Club. Apart from PAGCOR, among those included in the Elite Circle are the Land Bank of the Philippines, which remitted P6.85 billion; the Mactan Cebu International Authority (P5.06 billion); Bases Conversion and Development Authority (P3.93 billion); Development Bank of the Philippines (P2.87 billion); Manila Airports Authority (P2.35 billion); Philippine Deposit Insurance Corp. (P2.27 billion); Philippine Ports Authority (P2.81 billion) and the Philippine Reclamation Authority (P1 billion).
Meanwhile, Manalastas added that apart from cash dividends—which Pagcor started remitting only during President Aquino’s time—the state-run gaming firm has also other remarkable accomplishments during its incumbent management.
“In the past five and a half years [from July 2010 to December 2015], Pagcor generated P221.18 billion in total revenues. Pagcor has also increased contributions to nation-building reaching a staggering P119.09 billion,” Manalastas said.
