PAGCOR fulfills nation-building functions amidst the pandemic
2 min read
Despite suffering a sharp decline in its revenues due to the suspension of gaming operations, the Philippine Amusement and Gaming Corporation (PAGCOR) still managed to make significant contributions to national coffers and to nation-building amidst the global health crisis.
From a high of P81.97 billion in 2019, the state-run gaming firm’s earnings from gaming operations, regulatory fees and other income dipped to P36 billion in 2020 and P35.48 billion in 2021. This did not prevent the agency, however, from fulfilling its vital obligations and instead ramped up its provision of necessary aid to the government and other beneficiaries.
At the height of strict community quarantine restrictions in 2020 and 2021, PAGCOR remitted a total of P44.53 billion (P21.61 billion in 2020 and P22.91 billion in 2021) to the government through its mandated contributions and other corporate social responsibility programs.
Of these contributions, P29.74 billion went to the Bureau of the Treasury, representing the 50% government share.
The agency’s remittances to the National Treasury include the P60 million annual contributions to the Dangerous Drugs Board (DOB), an agency tasked to create policies and strategies on drug prevention and control.
Half of PAGCOR’s remittances to the National Treasury are also being channeled to the Philippine Health Insurance Corporation (Philhealth) to help fund the Universal Health Care (UHC) Law or Republic Act No. 11223. Aside from funding the UHC law, PAGCOR released a total of P990.982 million worth of grants to the health sector during the height of the pandemic.
Apart from the 50% nation al government share, the state run gaming firm’s remittances in 2020 to 2021 to the Bureau of Internal Revenue (in the form of franchise tax) totaled to P3.13 billion; P7.64 billion to the Socio-Civic Project Fund of the Office of the President; P1.48 billion to the Philippine Sports Com mission (PSC); P22.02 million to the Board of…
Jao Malapo
2022-04-03 21:00:22
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