PAGCOR releases P12B cash dividends to help cushion the economic impact of COVID-19
Good news, Philippines! Yesterday, March 23, the Philippine Amusement and Gaming Corporation (PAGCOR) released P12 billion (US$233.7 million) cash dividend to the National Treasury to help in the government’s response to the coronavirus disease (COVID-19) crisis in the country.
As a matter of fact, the said check turnover was done earlier than the scheduled date. The total amount is composed of the agency’s cash dividends — P5.67 billion higher than the P6.33 billion dividends that PAGCOR is required to remit based on the agency’s 2019 financial report.
PAGCOR Chairperson and CEO Andrea Domingo said that with the P12 billion remittance, the agency’s 2019 cash dividends were 44.74% higher than the required 50% annual net earnings of the agency.
Moreover, Finance Secretary Carlos Dominguez said PAGCOR’s P12 billion remittance will “make a substantial contribution to the efforts of the national government to cushion the impact of a severe drop in government revenues, brought about by the slowdown in business activities due to measures taken to contain the spread of COVID-19.”
On top of this, PAGCOR reported that accredited Philippine offshore gaming operators also pledged to donate P150 million worth of personal protective equipment (PPEs) for the same cause. Included in the pledge are P90 million worth of three-ply surgical face masks, 20,000 personal protective equipment and 20,000 face shields and other medical supplies; while P60 million were allocated for “food supplies of low-income families.”
