PAGCOR issues biggest check in its history

ABS-CBN News

Posted at Mar 30 2015 07:55 PM | Updated as of Mar 31 2015 03:55 AM

Infographic by PAGCOR

MANILA – The Philippine Amusement and Gaming Corporation (PAGCOR) said it has remitted P5 billion in total cash dividends to the National Treasury.

The amount is "the biggest amount in a single check ever issued by our corporation in its history,” according to PAGCOR chairman and chief executive Cristino Naguiat Jr.

He said, with this year's remittance, PAGCOR has fully settled all remaining arrears in cash dividends that were incurred by the previous administration since 2005.

PAGCOR's total cash dividends to the National Treasury have reached roughly P11.5 billion.

Apart from cash dividends, the state-owned gaming firm also remits on a monthly basis the 50 percent government share from PAGCOR's earnings to the National Treasury.

"Our total remittances to the National Treasury in 2014 alone amounted to P14.2 billion," said Naguiat.

Last year, PAGCOR's total contributions to nation-building reached P21.68 billion, the highest contribution ever made by PAGCOR under current management.

"Under our watch, we will continue to ensure that PAGCOR's revenues will go where they are purposely intended - that is, to nation-building and to the Filipinos. Through transparent leadership and judicious use of funds, we will continue to embark on long-term Corporate Social Responsibility (CSR) programs. Foremost of which is the ongoing school building project in public schools. We want to leave to the youth a legacy that will benefit many generations to come," Naguiat said.

PAGCOR said that to date, it has given P7 billion to the Department of Public Works and Highways (DPWH) and Department of Education (DepEd) for the construction of thousands of classrooms in public schools nationwide.