‘We may be in a very challenging time, but we are all in this together”
Amid the sharp plunge in its gaming revenues due to the impact of the COVID-19 pandemic, The Philippine Amusement and Gaming Corp (PAGCOR) said it has turned over another P1.34 billion to the government as part of its efforts to fund the various health and economic measures.
PAGCOR’s latest cash dividends remittance represents the agency’s entire net earnings for 2020, with the firm making its latest remittance of P1.655 billion cash dividends on May 12, 2020, taking its total contribution to P3 billion.
PAGCOR Chairman and CEO Andrea Domingo said the agency’s thriftiness in spending enabled it to save and remain as one of the government’s major partners in nation-building.
“The current global health crisis is taking its toll on our income generation due to the suspension of gaming operations. But through our prudent use of funds, we are able to support the government’s significant endeavors, especially our battle against COVID-19,” she said.
Ms. Domingo further expressed the agency’s commitment to help source more revenues for the government’s COVID-19 response, and stated, “After more than a year into the pandemic, PAGCOR is still doing its best to fulfill our mandate and commitment to nation-building. We may be in a very challenging time, but we are all in this together.”
PAGCOR’s Vice President for Finance Group Recto Baltazar, Jr. and Assistant Vice President for Fund Management Maria Cynthia Paz led the turnover of the agency’s cash dividends.
Deputy Treasurer-Officer-in-Charge Ed Mariño formally received PAGCOR’s cash dividends contributions at the Bureau of the Treasury office in Intramuros, Manila.
Mariño stated, “This latest dividends remittance from PAGCOR will help fuel further the national government’s economic stimulus program in light of the pandemic. We are thankful that PAGCOR has been a very responsive partner of the government in coping with the global health crisis,”.
In 2019, PAGCOR remitted a total of P18 billion cash dividends, which made it the third highest cash dividends contributor, next to the Bangko Sentral ng Pilipinas and the Philippine Deposit Insurance Corporation.
For 2018, PAGCOR turned over a total of P16.17 billion cash dividends.
Andrea Domingo praises SiGMA during Asia Digital:
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