The Philippine Amusement and Gaming Corp. (PAGCOR) on Monday formally released P12 billion cash dividends to the National Treasury to help cushion the economic impact of the novel coronavirus 2019 (COVID-19) in the country.
PAGCOR turned over the cheque a day earlier than the set date (March 24).
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.
Pursuant to Republic Act 7656, government-owned and controlled corporations (GOCCs) like PAGCOR are required to remit at least 50% 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 remittance, the agency’s 2019 cash dividends was 44.74% higher than the required 50% annual net earnings of the agency.
In a letter to PAGCOR, Finance Secretary Carlos Dominguez said PAGCOR’s 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.”
PAGCOR has earlier donated total of P2.5 billion to the national government to help curb the transmission of COVID-19 in the country.