THE Philippine Amusement and Gaming Corp. (PAGCOR) said it remitted P5 billion in additional dividends to the Treasury Friday to increase government funding for the coronavirus disease 2019 (COVID-19) containment effort.
In a statement late Friday, PAGCOR said the latest dividend contribution brings its total contributions to P17 billion so far this year.
“The agency’s latest remittance is mainly in support of the government’s fight against the COVID-19 pandemic,” it said.
PAGCOR turned over P12 billion on March 23.
PAGCOR is the third government-owned and controlled corporation (GOCC) to make major dividend payments. The other two are the Bangko Sentral ng Pilipinas and Philippine Deposit Insurance Corp.
“We might have suffered huge revenue losses but we can’t afford to lose the fight against this global health crisis,” PAGCOR Chairman and Chief Executive Officer Andrea D. Domingo.
GOCCs are required by law to remit 50% of their profits to the Treasury.
PAGCOR’s net profit dropped 49.8% year on year to P777.44 million in the first quarter after gaming was suspended due to the lockdown.
Gaming revenue declined 5.7% to P17.22 billion. — Beatrice M. Laforga
