PAGCOR releases P12 billion dividends for COVID-19 response fund

The Philippine Amusement and Gaming Corporation (PAGCOR) has released a P12 billion (US$233.7 million) cash dividend to the National Treasury to cushion the impact of the coronavirus in the country. 

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. 

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 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.”

Aside from the P12 billion cash dividends, PAGCOR has earlier donated a total of P2.5 billion to the national government to help curb the transmission COVID-19 in the country.