PAGCOR turns over P8.9 billion to Malacanang

The Philippine Amusement and Gaming Corp. (PAGCOR) remitted over P8.9 billion to Malacanang during the recent government-owned and controlled corporation (GOCC) dividends day, local media reports.

Pagcor president and chief operating officer Eugene Manalastas 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.

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