Pagcor remits P8.9B to Malacanang

THE Philippine Amusement and Gaming Corp. (Pagcor) turned over about P8.86 billion to Malacanang during the recent government-owned and controlled corporation (GOCC) dividends day, making history for making the highest contribution among peers.

During the event, 54 GOCCs remitted a total of P40.2 billion in dividends and other forms of contributions during the event. 

About P1.89 billion of the sum remitted by Pagcor represented cash dividends for 2015.
 
Pagcor president and chief operating officer Eugene Manalastas – who led the ceremonial turn-over of check to Pres. Aquino – said in a press statement on Wednesday that good corporate governance had enabled the state-run gaming firm to continuously beat its targets and maintain position as one of the government’s top-revenue earners.
 
“For the past four years, Pagcor has religiously remitted cash dividends to the national government.  From the P1 billion dividends remitted in 2012, our contributions continuously increased, enabling Pagcor to consistently make it to the GOCC elite circle or the Billionaires’ Club. These are the corporations that remit at least P1 billion to the government,” he said.
 
From 2012 to present, Pagcor turned over a total of P13.39 billion cash dividends to the government.
 
President Benigno S. Aquino III, who received the GOCCs’ check remittances, noted that he wanted to leave behind a better nation when he steps down from office this coming June 2016. 
During his term, GOCCs remitted a total of P163.33 billion dividends, nearly double the amount turned over during the nine-year Macapagal-Arroyo administration.

Under Republic Act 7656, GOCCs are required to remit at least 50 percent of their annual net earnings as cash, stock or property dividends to the national government.
 
Of the 54 GOCCs which remitted cash dividends this year, nine made it to the “billionaires’ club.” Apart from Pagcor, among those included in the “elite circle” are the Landbank of the Philippines which remitted P6.85 billion; the Mactan Cebu International Authority (P5.06 billion); Bases Conversion and Development Authority (P3.93 billion); Development Bank of the Philippines (P2.87 billion); Manila Airports Authority (P2.35 billion); Philippine Deposit Insurance Corporation (P2.27 billion); Philippine Ports Authority (P2.81 billion) and the Philippine Reclamation Authority (P1 billion). 
 
From July 2010 to December 2015, Pagcor generated P221.18 billion in total revenues. “PAGCOR has also increased contributions to nation-building reaching a staggering P119.09 billion,” Manalastas said.