Philippine Amusement and Gaming Corporation

PAGCOR remits P8.86-B to gov't on GOCC day

Wednesday | May 25, 2016 | 4:00 PM

The Philippine Amusement and Gaming Corporation (PAGCOR) once again made history when it remitted the highest contribution to the government during the Government-Owned and Controlled Corporation’s (GOCC) Dividends Day held at the Malacañang Palace on May 23, 2016.

PAGCOR remits P8.86-B to gov't on GOCC day
(From left) Finance Secretary Cesar Purisima, Senate President Franklin Drilon and President Benigno S. Aquino III receive the cash dividends from PAGCOR officials led by President and COO Eugene Manalastas (4th from right) during the GOCC Dividends Day held at the Malacañang Palace on May 24, 2016. Also in photo are Director Eric Nuguid (3rd from right), Asst. VP for Corporate Communications Maricar Bautista (2nd from right) and VP for Gaming, Licensing and Development Francis Hernando (extreme right).

PAGCOR turned over a total of P8.86 billion to government coffers, P1.89 billion of which accounts for cash dividends for 2015.

Fifty four GOCCs remitted a total of P40.2 billion in dividends and other forms of contributions during the event.

According to PAGCOR President and COO Eugene Manalastas who led the ceremonial turn-over of check to President Benigno S. Aquino III, PAGCOR’s good corporate governance enabled the state-run gaming firm to continuously beat its targets and maintain its 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 ₱1 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 ₱1 billion to the government,” he said.

He also shared that from 2012 to present, PAGCOR has already remitted 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 wants to leave behind a better nation when he steps down from office this coming June 2016.

“Ang panata ko po sa ating mga Boss: Iwan ang ating bansa na talagang napakalayo ang sitwasyon kaysa ating dinatnan. At ang pagtitipon nga po natin tuwing GOCC Dividends Day ang isa sa mga patunay nito,” he said.

Aquino shared that during his term, GOCCs have already remitted a total of P163.33 billion dividends. “Halos dobleng pag-angat ito kung ikukumpara sa naabot ng nakaraang administrasyon na P84.18 billion mula 2001 hanggang 2010. Idiin ko lang po: Siyam at kalahating taong nasa poder ang ating sinundan,” he explained.

The President said the cash dividends remitted by the GOCCs will help fund various projects such as AFP modernization, socioeconomic programs, particularly those related to education, health, agriculture, irrigation, infrastructure and seaports.

Under Republic Act 7656, GOCCs are required to remit at least 50% 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).

Meanwhile, COO Manalastas added that apart from cash dividends – which PAGCOR started remitting only during President Aquino’s time – the state-run gaming firm has also other remarkable accomplishments during its incumbent management.

“In the past 5 ½ years (from July 2010 to December 2015), PAGCOR generated ₱221.18 billion in total revenues. PAGCOR has also increased contributions to nation-building reaching a staggering ₱119.09 billion,” Manalastas said.

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