PAGCOR REMITS P9.54 MILLION TO PSC DESPITE REVENUE LOSSES

Despite suffering a huge blow in its revenue performance due to the temporary suspension of casinos and other gaming operations in the country, the Philippine Amusement and Gaming Corporation (PAGCOR) recently remitted P9.54 million to the Philippine Sports Commission (PSC).

The amount comprised PAGCOR’s mandated contribution to the government sports agency for the month of April.

PAGCOR’s latest remittances brought its total contribution to PSC from January to April 2020 to P418.55 million. Last month, the state-run gaming firm released P99.42 million to PSC for its mandated contributions for the month of March.

PAGCOR Chairman and CEO Andrea Domingo said that despite having no revenues for the month of April due to the suspension of all gaming operations, the state-gaming agency still did its best to remit to the PSC. 

“The amount that PAGCOR remits to its mandated beneficiaries is dependent on our revenues. We practically had zero revenues during the three-month lockdown. Hence, the huge drop of our PSC remittances from P99.42 million in March to only P9.54 million in April. But despite all these, PAGCOR will continue to do its best to uphold the welfare of our Filipino athletes,” she said.

Apart from its remittances to the PSC and other mandated contributions, PAGCOR recently remitted an additional P5 billion to the National Treasury, bringing the agency’s total cash dividends contribution for 2019 to P17 billion.

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