Pagcor remits P1-B to gov't in May


Posted at Jun 29 2012 03:00 PM | Updated as of Jun 30 2012 03:22 AM

MANILA, Philippines - The Philippine Amusement and Gaming Corporation (Pagcor) remitted P1.014 billion to the Bureau of Treasury, as part of the government's share in its earnings in May.

The May remittance was 20% higher than the P843 million Pagcor remitted during the same month last year.

Pagcor, as a government-owned and controlled corporation, is required by Republic Act 7656 or the Dividend Law to remit at least 50% of its annual gross earnings to the national government.

The total Pagcor contributions reached P5.737 billion in the first 5 months of the year, 32% up from P4.32 billion in the same period last year.

Pagcor operates 13 agency-run Casino Filipino facilities and has four licensed casinos – Fontana Casino and Fort Stotsenberg in Pampanga, East Bay Casino in Rizal and Poro Point Casino in La Union.