Pagcor remits P5 B to OP

MANILA, Philippines — State-run Philippine Amusement and Gaming Corp. (Pagcor) has remitted P5 billion to the Office of the President (OP) to finance the government’s socio-civic projects.

The amount will be used as special financial assistance and healthcare assistance for uniformed personnel, as well as medical, burial, educational, livelihood, subsistence and housing assistance to indigent families, according to Pagcor.

This will also provide other forms of assistance for individuals or groups for purposes such as international competition or events, sports development, environment protection, public health and other socio-civic projects.

According to the gaming regulator, the remittance is pursuant to Section 7(a) of Presidential Decree 1869 or the Pagcor Charter, which provides that part of the corporation’s earnings should be distributed to fund infrastructure and socio-civic projects, with the approval of the OP.

Since then, Pagcor said it has contributed a total of P11.5 billion to the socio-civic fund.

Pagcor currently operates 46 casino properties in the Philippines. It is the government’s third largest revenue collecting agency, next to the Bureau of Internal Revenue and the Bureau of Customs.

Aside from the SCPF, the gaming regulator is also required to remit at least half of its net profit to the national government pursuant to Republic Act 7656 or the GOCC Dividend Law.

Based on its first half financial statement, the state corporation remitted P13.34 billion in dividends to the Bureau of the Treasury, while it also paid P2.24 billion in taxes to the Bureau of Internal Revenue (BIR).

Pagcor also recorded a net income of P3.06 billion, about 25 percent higher than the P2.45 billion recorded in the same period last year.