THE Philippine Amusement and Gaming Corporation (PAGCOR) has formally released on March 23, 2020 P12 billion cash dividends to the National Treasury to help cushion the economic impact of the Novel Corona Virus-2019 (COVID-19) in the country.
PAGCOR turned over the P12 billion cheque a day earlier than the set date (March 24, 2020).
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 P12 billion 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 P12 billion 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.”
Aside from the P12 billion cash dividends, PAGCOR has earlier donated total of P2.5 billion to the national government to help curb the transmission COVID-19 in the country.