MANILA - The Philippine Amusement and Gaming Corporation (PAGCOR) said Saturday it will remit P12 billion to the National Treasury, as the country braced for the economic impact brought by the coronavirus disease (COVID-19).
In a statement, PAGCOR said the amount comprises of the agency's cash dividends last year.
"This is P5.67 billion higher than the P6.33 billion dividends that PAGCOR is required to remit, based on the agency’s 2019 financial report," the statement said.
PAGCOR's cash dividends will be 44.74 percent higher than that required of the law, its chairman and chief executive officer Andrea Domingo said in a statement.
"As one of the government’s biggest revenue generators, PAGCOR has always been trying to exceed its past achievements. 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," Domingo added.
The remittance will "make a substantial contribution" to help businesses cope while the country imposes measures to contain the spread of the virus, Finanance Secretary Carlos Dominguez said in a letter to PAGCOR.
Accredited POGOs also pledged to donate P150 million worth of personal protective equipment (PPEs) for the same cause, PAGCOR said in a separate statement.
Included in the pledge are P90 million worth of three-ply surgical face masks, 20,000 personal protective equipment and 20,000 face shields and other medical supplies; while P60 million were allocated for "food supplies of low-income families," it said.
Food supplies were ordered from two different supermarkets, and were paid for by POGOs, Domingo said.