Philippines gaming regulator PAGCOR remitted Php17 billion (US$353.7 million) to the Bureau of the Treasury through 15 December 2020, placing it among the nation’s top contributors despite vastly reduced income as a result of the COVID-19 pandemic.
According to numbers published by the Department of Finance, a total of 63 government-owned or controlled corporations (GOCCs) remitted a combined Php160.62 billion (US$3.34 billion) to the Bureau, of which Php133.50 billion (US$2.78 billion) represented cash dividends from 55 GOCCs as mandated by law. GOCCs are required to remit at least 50% of their net earnings to the government each year.
Of those 55 GOCCs, PAGCOR ranked third with a contribution of Php17 billion behind only the Bangko Sentral ng Pilipinas (BSP) with PhpP40.53 billion (US$843.4 million) and Philippine Deposit Insurance Corp. (PDIC) with Php17.98 billion (US$374.1 million).
The Department of Finance said the contributions would help fund the government’s continuing efforts to curb the spread of COVID-19 and provide economic relief to pandemic-hit businesses and individuals.
In October, PAGCOR reported revenue from gaming operations of Php22.33 billion (US$461.1 million) for the first nine months of 2020, down 60.0% on the Php55.77 billion (US$1.09 billion) recorded over the same period in 2019.