Philippines gaming regulator PAGCOR says it will remit Php12 billion (US$233 million) to the National Treasury on Tuesday, timed to assist the government in its fight to cushion the economic impact of community quarantine measures currently imposed on Luzon.
The remittance comprises PAGCOR’s 2019 cash dividends, which are Php5.67 billion higher than are required under Philippines law based on the agency’s 2019 gaming revenues of Php75.75 billion (US$1.49 billion) and profit of Php9.01 billion (US$176.7 million).
“As one of the government’s biggest revenue generators, PAGCOR has always been trying to exceed its past achievements,” said PAGCOR Chairman and CEO Andrea Domingo.
“While this is not an easy feat, we will always do our best to respond to our mandate and call of duty. We support the President’s war against COVID-19.”
PAGCOR has also donated a total of Php2.5 billion to the national government to help curb the spread of COVID-19.